EXHIBIT  23


                    CONSENT OF INDEPENDENT ACCOUNTANTS




We consent to the incorporation by reference in the registration statement
of First Albany Companies Inc. on Form S-8 related to the First Albany
Companies Inc. Stock Bonus Plan (File No. 014140)  of our report dated
February 13, 1998, on our audits of the consolidated financial statements
and financial statement schedule of First Albany Companies Inc. as of
December 31, 1997 and 1996, and, for the years ended December 31, 1997
and 1996, the three months ended December 31, 1995, and the year ended
September 29, 1995, which report is included in this Annual Report on Form 10-K.






                              COOPERS & LYBRAND L. L. P.




Albany, New York
March 23, 1998



                     CONSENT OF INDEPENDENT ACCOUNTANTS

We consent to the incorporation by reference in the registration statement of
First Albany Companies Inc. on Form S-8 related to the First Albany Companies
Inc. Executive Officers Deferred Compensation Plan and Investment Executives 
Deferred Compensation Plan (File No. 014140) of our report dated February 13,
1998, on our audits of the consolidated financial statements and financial
statement schedule of First Albany Companies Inc. as of December 31, 1997 and
1996, and for the years ended December 31, 1997 and 1996, the three months ended
December 31, 1995, and the year ended September 29, 1995 which report is 
included in this Annual Report on Form 10-K.






                                 COOPERS & LYBRAND L. L. P.




Albany, New York
March 23, 1998