<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, D.C.

                                    FORM 10-Q


[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
For the quarterly period ended    JANUARY 27, 1996   
                                       OR
[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
For the transition period from                    to            

                        Commission File Number 0 - 1653

                              GENESEE CORPORATION
        (Exact name of registrant as specified in its charter)

 STATE OF NEW YORK                                             16-0445920    
 (State or other jurisdiction of                             (I.R.S. Employer
  incorporation or organization)                            Identification No.)

 445 St. Paul Street, Rochester, New York                         14605  
 (Address of principal executive offices)                       (Zip Code)

Registrant's telephone number, including area code       (716)  546-1030   

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 
during the preceding 12 months(or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing 
requirements for the past 90 days.   Yes  X      No      


As of the date of this report, the Registrant had the following shares of 
common stock outstanding:

                                                        Number of Shares 
                        Class                             Outstanding  


        Class A Common Stock (voting),                      209,885
          par value $.50 per share


        Class B Common Stock (non-voting),                1,406,466
          par value $.50 per share

<PAGE>
<TABLE>
               GENESEE CORPORATION AND CONSOLIDATED SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                      January 27, 1996 and April 30, 1995


                                                                         UNAUDITED           AUDITED
(Dollars in Thousands)                                               January 27, 1996    April 30, 1995
<S>                                                                        <C>                 <C>
ASSETS
   Current assets:
     Cash and cash equivalents                                        $   2,820              10,422      
     Marketable securities available for sale, at market                 36,816              34,300 
     Trade accounts receivable, less allowance for doubtful accounts
       of $585 at January 27, 1995; $565 at April 30, 1995                8,828              11,067 
     Inventories, at lower of cost (FIFO) or market;
       Finished goods                                                     3,311               3,933
       In process                                                         1,480               1,190 
       Raw materials                                                      7,136               8,493 
          Total inventories                                              11,927              13,616 
     Deferred income tax assets - current                                 1,783               1,680 
     Real estate mortgage receivable - current                              -                 5,807 
     Other current assets                                                 1,892               1,460 
          Total current assets                                           64,066              78,352 

   Property, plant and equipment, at cost                               124,306             119,444 
     Less accumulated depreciation                                       94,401              91,053 
       Net property, plant and equipment                                 29,905              28,391 
       
   Investment in and notes receivable from unconsolidated real                            
      real estate investments                                             8,469               4,305          
   Investment in:
       Direct financing leases                                            3,713               3,511 
       Leveraged leases                                                  23,022              19,646 
          Total investments in leases                                    26,735              23,157 
   Deferred income tax assets - long term                                12,105              12,539 
   Other non current assets                                               2,189               1,955 
          Total assets                                                 $143,469             148,699   
                                            

LIABILITIES AND SHAREHOLDERS' EQUITY
   Current liabilities:
     Current installments of long term debt of consolidated real
     estate partnerships                                               $    -                4,038 
     Accounts payable                                                     8,488              9,278 
     Accrued expenses and other liabilities                               4,778              5,986 
     Federal and state income and excise taxes payable                      296                742
     Federal and state beer taxes                                         1,338              2,226 
     Deferred income taxes - current                                        835                828
     Accrued postretirement benefits - current                              582                582
       Total current liabilities                                         16,317             23,680 

   Deferred income taxes - long term                                     19,479             18,635 
   Accrued postretirement benefits - long term                           15,698             15,698 
   Other liabilities                                                        428                308
       Total liabilities                                                 51,922             58,321 
       
   Minority interests in consolidated subsidiaries                        1,477              1,428 
   Shareholders' equity: 
     Common stock Class A                                                   105                105
     Common stock Class B                                                   753                753
     Additional paid-in capital                                           5,839              5,882 
     Retained earnings                                                   85,954             86,870 
     Unrealized gain / (loss) on marketable securities, net of              954               (652)
     income taxes
     Less treasury stock, at cost                                         3,535              4,008 
        Total shareholders' equity                                       90,070             88,950 
       
        Total liabilities and shareholders' equity                     $143,469            148,699   
<FN>
     See accompanying notes to consolidated financial statements.
</FN>
</TABLE>

<PAGE>
<TABLE>
                        GENESEE CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                   CONSOLIDATED STATEMENTS
                              OF EARNINGS AND RETAINED EARNINGS
                 Thirteen Weeks Ended January 27, 1996 and January 28, 1995

(Dollars in Thousands,
Except Per Share Data)                                                         UNAUDITED
                                                                           1996          1995
<S>
                                                                           <C>           <C>
Revenues                                                                $42,320        41,464
 Less:
   Federal and state beer taxes                                           8,990         8,867
   Sales returns and allowances                                             962           813
                                                                          9,952         9,680

Net revenues                                                             32,368        31,784

  Cost of sales                                                          25,638        22,947

Gross profit                                                              6,730         8,837

  Selling, general and administrative expenses                            7,486         7,092

Operating income / (loss)                                                  (756)        1,745

  Investment income                                                         959           837
  Other income / (expense), net                                              99           (34)
  Interest of minority partners in earnings of
    consolidated subsidiaries                                              (204)         (162)
                      
Earnings before income taxes                                                 98         2,386

  Income taxes                                                               39           942

Net earnings - $.04 per share
  in 1996, $.90 in 1995                                                      59         1,444

Retained earnings at beginning of period                                 85,895        86,477


Retained earnings at end of period                                      $85,954        87,921

<FN>
See accompanying notes to consolidated financial statements.
</FN>
</TABLE>

<PAGE>
<TABLE>
                        GENESEE CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                    CONSOLIDATED STATEMENTS
                              OF EARNINGS AND RETAINED EARNINGS
                    Thirty-Nine Weeks Ended January 27, 1996 and January 28, 1995

(Dollars in Thousands,
Except Per Share Data)                                                         UNAUDITED
                                                                           1996          1995
<S>
                                                                           <C>           <C>
Revenues                                                              $ 139,671       131,148
 Less:
   Federal and state beer taxes                                          30,824        29,196
   Sales returns and allowances                                           2,790         2,419
                                                                         33,614        31,615

Net revenues                                                            106,057        99,533

 Cost of sales                                                           82,612        71,460

Gross profit                                                             23,445        28,073

 Selling, general and administrative expenses                            24,366        22,850

Operating income / (loss)                                                  (921)        5,223

  Investment income                                                       2,561         2,420
  Other income / (expense), net                                             175          (194)
  Gain on sale of interest in real estate partnership                        -          1,670
  Interest of minority partners in earnings of
    consolidated subsidiaries                                              (519)         (483)

Earnings before income taxes and cumulative
  effect of change in accounting principle                                1,296         8,636

  Income taxes                                                              518         3,418

Net earnings before cumulative effect of change
  in accounting principle - $.48 per share in
  1996 and $3.26 per share in 1995                                          778         5,218

 Cumulative effect to May 1, 1994 of change in accounting
   for investments in debt and equity securities                              -           760

Net earnings - $.48 per share
  in 1996, $3.73 in 1995                                                    778         5,978  

Retained earnings at beginning of period                                 86,870        83,385

  Less: Dividends - $1.05 per share in 1996
    and $.90 per share in 1995                                            1,694         1,442

Retained earnings at end of period                                      $85,954        87,921

<FN>
See accompanying notes to consolidated financial statements.
</FN>
</TABLE>

<PAGE>
<TABLE>
                                 GENESEE CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                           Thirty-Nine Weeks Ended January 27, 1996 and January 28, 1995


                                                                                                      UNAUDTIED
(Dollars in Thousands)                                                                                           
                                                                                                  1996          1995
<S>
                                                                                                   <C>           <C>
Cash flows from operating activities:
  Net Income                                                                                    $  778         5,978
  Adjustments to reconcile net income to net
    cash provided by operating activities:
     Cumulative effect of change in accounting principle                                           -            (760)
     Depreciation                                                                                3,348         3,835
     Other                                                                                         538        (1,187)
  Changes in non-cash assets and liabilities:
     Trade accounts receivable                                                                   2,219         2,253
     Inventories                                                                                 1,689        (3,107)
     Deferred income tax assets                                                                    331         1,444
     Other assets                                                                                 (666)         (912)
     Accounts payable                                                                             (790)         (348)
     Accrued expenses and other liabilities                                                     (1,208)        1,130
     Income taxes payable                                                                         (446)          809
     Federal and state beer taxes                                                                 (888)         (687)
     Deferred income tax liabilities                                                              (220)          255
     Accrued postretirement benefits                                                                -            603
     Other liabilities                                                                             120           238
               Net cash provided by operating activities                                         4,805         9,544

Cash flows from investing activities:
  Capital expenditures                                                                          (4,862)       (2,667)
  Proceeds from sale of property, plant, and equipment                                              -         10,947
  Sale of marketable securities                                                                  8,568         9,434
  Purchases of marketable securities                                                            (8,407)      (12,250)
  Investments in and advances to unconsolidated real estate investments, net of distributions   (4,164)          156
  Net investment in direct financing and leveraged leases                                       (3,578)       (1,327)
  Repayment of real estate mortgage receivable                                                   5,807           193
  Withdrawals by minority interest                                                                (470)         (476)
               Net cash (used in) provided by investing activities                              (7,106)        4,010

Cash flows from financing activities:
  Principal payments on long term debt of consolidated real estate partnerships                 (4,038)       (5,771)
  Dividends paid                                                                                (1,693)       (1,442)
  Net proceeds from treasury stock transactions                                                    430            14
               Net cash (used in) provided by financing activities                              (5,301)       (7,199)

Net increase / (decrease) in cash and cash equivalents                                          (7,602)        6,355

Cash and cash equivalents at beginning of period                                                10,422         7,159

Cash and cash equivalents at end of period                                                     $ 2,820        13,514

<FN>
See accompanying notes to consolidated financial statements.
</FN>
</TABLE>
                                                                               
<PAGE>
                              GENESEE CORPORATION


Notes to Consolidated Financial Statements


NOTE (A)  The Corporation's consolidated financial statements enclosed herein 
          are unaudited with the exception of the Consolidated Balance Sheet at
          April 30, 1995 and, because of the seasonal nature of the business and
          the varying schedule of its special sales efforts, these results are
          not necessarily indicative of the results to be expected for the 
          entire year. In the opinion of management, the interim financial 
          statements reflect all adjustments, consisting of only normal 
          recurring items which are necessary for a fair presentation of the 
          results for the periods presented.  The accompanying financial 
          statements have been prepared in accordance with GAAP and SEC 
          guidelines applicable to interim financial information.   These 
          statements should be reviewed in conjunction with the annual report
          to shareholders for the year end April 30, 1995.

NOTE (B)  The weighted average number of Class A and Class B shares outstanding
          used in the computation of net earnings per share is 1,616,250 for
          the thirteen week period ended January 27, 1996 and 1,602,021 for the
          thirteen week period ended January 28, 1995. The weighted average
          number of Class A and Class B shares outstanding used in the 
          computation of net earnings per share is 1,609,121 for the thirty
          nine weeks ended January 27, 1996 and 1,601,781 for the thirty nine
          weeks ended January 28, 1995.

 
<PAGE>
                              GENESEE CORPORATION

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations


Comparison of 13 weeks ended January 27, 1996 to 13 weeks ended January 28, 1995


Consolidated net revenues for the thirteen weeks ended January 27, 1996 were 
$32.4 million, an increase of $600,000 over the consolidated net revenues
reported for the same period last year.  The higher revenues were primarily the
result of higher private label sales at Ontario Foods.

On a consolidated basis, the Corporation reported a $756,000 operating loss for
the third quarter compared to an operating profit of $1.7 million for the same 
period last year.  The unfavorable performance relative to last year is 
attributable to Genesee Brewing Company's $1.2 million operating loss in the
third quarter this year which, in turn, is attributable primarily to a 
substantial increase in the cost of aluminum cans and slightly lower barrel 
sales.
 .
As a result of the operating loss, the Corporation reported consolidated net 
earnings of $59,000, or $.04 per share in the third quarter this year, compared
to net earnings of $1.4 million, or $.90 per share, for the same period last
year.

Genesee Brewing Company

Genesee Brewing Company's net sales in the third quarter were $26.5 million, 
down $301,000 from last year's third quarter net sales as the result of a 15,000
barrel decline in unit sales volume.  The decrease in net sales and barrel sales
for Genesee Brewing Company was partly due to a decline in sales of can packages
sold overseas as part of Genesee Brewing Company's export sales efforts. 
Products sold outside the United States generally carry a lower profit margin 
due to high freight and handling costs.  The increase in aluminum can costs 
adversely affected Genesee Brewing Company's willingness to be price competitive
in these export markets.  The lower sales volume is also attributable to 
generally poor sales during the 1995 holiday season this year compared to the 
prior year.  The company believes its sales performance over this period 
mirrored the sales performance of all major domestic brewers during the same 
period.

Genesee Brewing Company's gross profit declined to $5.7 million or 21.4% of net
sales in the third quarter of fiscal 1996, compared to $7.9 million or 29.3% of
net sales in the third quarter of fiscal 1995.  The decrease in gross profit 
was primarily the result of lower volume and the aluminum can cost increase that
went into effect January 1, 1995.  The aluminum can cost increase adversely
affected all major domestic brewing companies in calendar year 1995 and
accounted for approximately $525,000 of the decline in Genesee Brewing Company's
gross profit in the third quarter of fiscal 1996.  However, due to recent 
declines in aluminum prices, Genesee Brewing Company has been able to negotiate 
a new pricing formula with its aluminum can supplier that is expected to result 
in over $1 million of cost savings (relative to January 1, 1995 can prices) for 
calendar year 1996.  The new pricing for aluminum cans did not become effective
until January 1, 1996 and therefore had only a minor impact on Genesee Brewing
Company's third quarter performance.

<PAGE>
                              GENESEE CORPORATION


Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations (continued)


Genesee Brewing Company's selling, general and administrative expenses were up 
$428,000 in the third quarter of fiscal 1996 compared to the same period last 
year.  The increase reflects planned increases in sales and marketing 
expenditures to support the company's HighFalls brands.  Sales of HighFalls 
brands in the third quarter this year were up over 47,000 barrels compared to 
the same period last year.

The aluminum can cost increase, lower volume, and higher sales and marketing 
expenditures resulted in a third quarter operating loss of $1.2 million for 
Genesee Brewing Company compared to an operating profit of $1.4 million reported
in the third quarter last year.

During the second quarter of fiscal 1996, Genesee Brewing Company began 
production under a contract to brew and package malt beverage products for 
Boston Beer Company.   Genesee Brewing Company's third quarter sales include 
approximately 15,000 barrels of produced for Boston Beer Company. Although 
initial volumes are small, production on this contract is expected to grow.  


Ontario Foods

Net sales for Ontario Foods were $5.2 million in the third quarter of fiscal 
1996, compared to $4.5 million for the third quarter last year.  The sales 
increase is attributable to continued growth in side dish sales and higher sale
of hot cocoa mix.  Private label sales were up more than $1 million compared to
the third quarter last year.

Although sales increased, Ontario Foods reported a third quarter operating loss
of $40,000, compared to $12,000 of operating income reported in the third
quarter last year.  Ontario Foods' operating loss is attributable to an 
unfavorable shift in product mix during the quarter.  In particular, a major
contract customer moved production of its infant cereal product to its own 
production facility. This is typical of the contract manufacturing business in
that contract customers often move volume back into their own plants once a 
product has attained general market acceptance and sufficient volume.  Loss of
the infant cereal volume (which carried a higher profit margin) accounted for
approximately $100,000 of Ontario Foods' lower third quarter profitability.  
Ontario Foods is seeking other potential contract business to replace the lost 
infant cereal volume.

Genesee Ventures

Genesee Ventures, Inc., the Corporation's equipment leasing and real estate 
investment subsidiary, reported operating income of $583,000 for the third 
quarter of fiscal 1996, compared to $487,000 for the third quarter of fiscal 
1995.  The higher operating income was primarily due to favorable equipment
lease residual experience and to the revenue derived from higher than normal 
lease originations in December 1995.

                                                                               
<PAGE>
                                GENESEE CORPORATION


Item 2. Management's Discussion and Analysis of Financial Condition and Results 
        of Operations (continued)


Comparison of 39 weeks ended January 27, 1996 to 39 weeks ended January 28, 1995

Consolidated net revenues for the 39 weeks ended January 27, 1996 were $106.0
million, an increase of $6.5 million over the consolidated net revenues reported
for the same period last year.  The higher revenues were the result of higher 
sales by Genesee Brewing Company and Ontario Foods.

On a consolidated basis, the Corporation reported a $921,000 operating loss for
the first three quarters compared to an operating profit of $5.2 million for the
same period last year.  This year's loss is attributable to a substantial 
increase in the cost of aluminum cans and to planned increases in Genesee 
Brewing Company's sales and marketing expenditures.

As a result of this operating loss, the Corporation reported consolidated net 
earnings of $778,000, or $.48 per share, for the first three quarters this year,
compared to net earnings of $6.0 million, or $3.73 per share, for the same
period last year.  Last year's net income included a $1.7 million pre-tax gain 
on the sale of a real estate investment and a $760,000 after-tax benefit from a
change in accounting treatment for debt and equity securities required by
Statement of Financial Accounting Standards No. 115 (SFAS 115), Accounting
for Certain Investments in Debt and Equity Securities.

Genesee Brewing Company

Genesee Brewing Company's net sales in the first three quarters were $89.3 
million, an increase of $4.8 million or 5.7% from last year's net sales of $84.5
million.  Volume increased by 53,000 barrels in the first three quarters this 
year compared to the prior year.  The increase in net sales and barrel sales for
Genesee Brewing Company was the result of continued growth in the sales of 
HighFalls brands and the popularity of the new, value-priced 30 and 36 can
"multi-paks" Genesee Brewing Company introduced in February 1995.

The growth in HighFalls brands and multi-pak sales offset the volume decline in
Genesee Brewing Company's more established "core" brands.  In recent years,
Genesee Brewing Company and most other brewers have experienced volume declines
in their established brands due to changing consumer preferences that favor new 
brands and "niche" products targeted at specific consumer markets. In response 
to the growth opportunities in the specialty beer segment, Genesee Brewing
Company recently formed the HighFalls Brewing Company division which is now the
umbrella entity for all of Genesee Brewing Company's specialty brand sales 
efforts.   The HighFalls brands (which include JW Dundee's Honey Brown Lager
and the Michael Shea's family of brands) have increased their penetration
in Genesee Brewing Company's traditional markets and have expanded distribution
into new markets such as Arizona, Kansas, Texas and Nebraska.  As a result,
HighFalls volume increased 146,000 barrels in the first three quarters this year
compared to the same period last year.

                                                                                
<PAGE>
                              GENESEE CORPORATION


Item 2. Management's Discussion and Analysis of Financial Condition and Results
        of Operations (continued)


Despite higher barrel sales, Genesee Brewing Company's gross profit was $20.2
million or 22.6% of net sales in the first three quarters of fiscal 1996,
compared to $24.9 million or 29.5% of net sales in the first three quarters of 
fiscal 1995. The effect of increased barrel volume was offset by an unfavorable
shift in package mix away from higher margin returnable, refillable packages and
into lower margin, value-priced multi-paks.  However, the decrease in gross 
profit was primarily the result of a substantial increase in the cost of
aluminum cans that went into effect January 1, 1995 and has adversely affected 
all domestic brewing companies that use aluminum cans.  The can cost increase 
accounted for approximately $3.5 million of the decline in Genesee Brewing 
Company's gross profit in the first three quarters this year.  

Genesee Brewing Company's selling, general and administrative expense increased 
by $1.7 million in the first three quarters of fiscal 1996 compared to the same
period last year.  The increase reflects the planned increases in sales and
marketing expenditures primarily to support the HighFalls brands.

The aluminum can cost increase, shift in package mix, and the higher sales and 
marketing expenditures resulted in an operating loss of $2.3 million for Genesee
Brewing Company for the first three quarters of fiscal 1996 compared to an 
operating profit of $4.1 million reported in the first three quarters last
year.  

In recent months, world aluminum prices have been declining.  Based on these 
falling prices, Genesee Brewing Company negotiated a new pricing formula with
its aluminum can supplier that is expected to result in over $1 million of cost
savings (relative to January 1, 1995 can prices) for calendar year 1996.  The
new can costs did not become effective until January 1, 1996 and therefore had 
only a minor impact on Genesee Brewing Company's year to date performance
through January 27, 1996.

During the second quarter of fiscal 1996, the Genesee Brewing Company began 
production under a contract to brew and package malt beverage products for the
Boston Beer Company.  The year to date volume for fiscal 1996 includes 
approximately 20,000 barrels of production under this contract.  Although 
initial volumes are small, production is expected to grow.  Production for
Boston Beer Company will allow Genesee Brewing Company to make greater 
utilization of its existing plant capacity.

Ontario Foods

Net sales for Ontario Foods were $15.2 million in the first three quarters of
fiscal 1996, compared to $12.7 million for the first three quarters last year. 
The sales increase is attributable to continued growth in side dish sales,
higher sales of iced tea mix, soup, hot cocoa mix and the addition of the 
private label product lines acquired from a New Jersey food processing company
in the third quarter of fiscal 1995.

<PAGE>
                              GENESEE CORPORATION


Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations (continued)


Due to the increased sales, Ontario Foods reported operating income of $276,000 
for the first three quarters of fiscal 1996, compared to operating income of
$108,000 for the same period last year.

Genesee Ventures

Genesee Ventures, Inc., the Corporation's equipment leasing and real estate 
investment subsidiary, reported operating income of $1.5 million for the first
three quarters of fiscal 1996, compared to $1.8 million for the first three 
quarters of fiscal 1995.  Last year's operating income included three months of
operating income from Genesee Venture's majority interest in a Columbus, Ohio
apartment project that was sold in August 1994.  Year-to-date lease equipment 
revenues are up $150,000 compared to last year due to favorable lease residual 
experience.


LIQUIDITY AND CAPITAL RESOURCES

Cash, cash equivalents, and marketable securities totaled $39.6 million at 
January 27, 1996, compared to $44.7 million at April 30, 1995.  The lower 
balances were primarily due to the decreased profitability of Genesee Brewing
Company as a result of the higher cost of aluminum cans, capital spending for
major modifications to one of Genesee Brewing Company's bottling lines, the use
of funds in August 1995 to acquire a 50% interest in a 125 unit apartment
complex located in a suburb of Rochester, New York, and an increase in 
investments in the Corporation's equipment leasing portfolio.

Trade receivables at January 27, 1996 were approximately $2.2 million lower
than the balances reported at April 30, 1995.  The peak selling season for 
Genesee Brewing Company is typically April through August.  Genesee Brewing
Company's receivables are traditionally higher at fiscal year end and throughout
the summer months.

Inventories at January 27, 1996 were approximately $1.7 million lower than the
balances reported at April 30, 1995.  Ontario Foods typically purchases sugar
during the winter months to take advantage of lower material prices for spring 
and summer production of iced tea and drink mixes. Ontario Foods' sugar
inventories therefore decline throughout the summer months and are at a low
point in the third fiscal quarter.

On June 12, 1995 the Corporation received payment in full on the $5.8 million
mortgage receivable shown on the Corporation's consolidated balance sheet at 
April 30, 1995.  Simultaneously, the Corporation paid off underlying mortgages 
and term notes payable having a combined principal balance of approximately $4
million at April 30, 1995.  The mortgage receivable and notes payable relate to
the November 1990 sale of the Hamburg, New York manufactured home park owned by
a partnership in which the Corporation had a 50% (and later a 95%) interest.


<PAGE>
                              GENESEE CORPORATION


Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations (continued)


Investment in leveraged leases at January 27, 1996 increased approximately $3.4
million due to higher than normal lease originations in December 1995.

During fiscal 1995, Genesee Brewing Company initiated a plan to make major
modifications to one of its bottling lines.  These modifications included 
installation of state of the art packaging equipment and rotary labelers to
enhance Genesee Brewing Company's packaging and labeling capability.  This 
capital project was completed during the third quarter of fiscal 1996 and
expenditures totaled nearly $4 million.

Current liabilities at January 27, 1996 were down $7.4 million from fiscal year
end.  This decrease was primarily attributable to paying off the underlying
mortgages and term notes payable as mentioned above, a decrease in income taxes
payable due to decreased profitability and a decrease in beer taxes resulting 
from the decline in barrel sales.

The Corporation adopted Statement of Financial Accounting Standards No. 115,
Accounting for Certain Investments in Debt and Equity Securities, ( SFAS #115)
effective May 1, 1994.  In expanding the use of fair value accounting, the 
Corporation has classified its entire investment portfolio as "available for
sale".  Securities available for sale are reported at fair value, with
unrealized gains and losses credited or charged, net of income tax, directly to
stockholders' equity.  The fair value of the Corporation's marketable securities
available for sale increased by approximately $1.6 million, net of income tax, 
since April 30, 1995 due to the overall strength of financial markets over that
period.


PART II.  OTHER INFORMATION


Item 6.   Exhibits and Reports on Form 8-K

    (a)        No exhibits are being filed with this report.

    (b)        The Corporation filed a report on Form 8-K on January 22, 1996 
               to report a change in the Corporation's independent accountants.


<PAGE>
                              GENESEE CORPORATION

                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                              GENESEE CORPORATION



Date:    3/8/96                                 / s /  Robert N. Latella       
                                                Robert N. Latella       
                                                Executive Vice President 
                                                and Chief Operating Officer



Date:    3/8/96                                 / s /  Edward J. Rompala        
                                                Edward J. Rompala
                                                Vice President and Treasurer