The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M Company COM 88579Y101 258 1,670 SH   SOLE   150 0 1,520
AT&T Inc COM 00206R102 13,641 384,027 SH   SOLE   29,062 0 354,965
Abbott Labs COM 002824100 13,603 277,160 SH   SOLE   18,875 0 258,135
Aberdeen Japan Equity Fund Inc COM 00306J109 191 23,100 SH   SOLE   0 0 23,100
Advanta Corp. COM 007942105 0 10,000 SH   SOLE   0 0 10,000
Altria Group Inc. COM 02209S103 342 6,998 SH   SOLE   257 0 6,741
American Express Co COM 025816109 4,955 63,755 SH   SOLE   5,025 0 58,730
Annaly Capital Management COM 035710409 12,498 1,359,911 SH   SOLE   91,150 0 1,268,161
Apple Inc. COM 037833100 13,958 111,287 SH   SOLE   7,405 0 103,847
Bank Of America Corp COM 060505104 17,984 1,056,618 SH   SOLE   76,400 0 979,818
Bed Bath & Beyond COM 075896100 8,019 116,250 SH   SOLE   8,875 0 107,325
Berkshire Hathaway Inc Cl B COM 084670702 6,129 45,030 SH   SOLE   2,575 0 42,455
Boeing COM 097023105 11,856 85,470 SH   SOLE   5,675 0 79,745
CME Group Inc COM 12572Q105 8,552 91,900 SH   SOLE   6,750 0 85,100
CSX Corp COM 126408103 15,601 477,822 SH   SOLE   32,875 0 444,947
Central Fund* COM 153501101 3,330 285,591 SH   SOLE   2,900 0 282,691
Cisco Sys Inc Com COM 17275R102 15,396 560,659 SH   SOLE   38,200 0 522,209
Coca Cola COM 191216100 593 15,116 SH   SOLE   1,100 0 14,016
Comcast Corp Cl A COM 20030N101 10,065 167,355 SH   SOLE   11,775 0 155,480
ConocoPhillips COM 20825c104 14,069 229,096 SH   SOLE   16,175 0 212,821
Constellation Brands Inc COM 21036P108 220 1,900 SH   SOLE   0 0 1,900
Corning Inc COM 219350105 6,413 325,015 SH   SOLE   24,675 0 300,190
Cummins Inc COM 231021106 9,051 68,990 SH   SOLE   4,800 0 64,140
Denison Mines Corp COM 248356107 11 15,000 SH   SOLE   0 0 15,000
Dow Chemical COM 260543103 5,624 109,907 SH   SOLE   9,200 0 100,632
Du Pont E.I. De Nemours & Co. COM 263534109 14,749 230,636 SH   SOLE   15,975 0 214,561
EMC Corp Mass Com COM 268648102 13,120 497,171 SH   SOLE   35,950 0 461,021
Eastman Chemical Co. COM 277432100 2,250 27,500 SH   SOLE   1,950 0 25,550
Eaton Corporation COM G29183103 663 9,825 SH   SOLE   150 0 9,675
Ebay Inc COM 278642103 15,127 251,110 SH   SOLE   17,400 0 233,610
Emerson Electric COM 291011104 10,947 197,496 SH   SOLE   14,125 0 183,271
Express Scripts Inc COM 30219G108 11,300 127,048 SH   SOLE   9,150 0 117,848
Exxon Mobil Corporation COM 30231g102 11,492 138,126 SH   SOLE   9,500 0 128,576
Fastenal Co. COM 311900104 584 13,850 SH   SOLE   0 0 13,850
Fifth Third Bancorp COM 316773100 10,841 520,700 SH   SOLE   35,900 0 484,600
Fluor Corp. COM 343412102 5,568 105,035 SH   SOLE   7,650 0 97,385
Ford Motor COM 345370860 10,765 717,200 SH   SOLE   43,900 0 672,950
General Electric COM 369604103 17,115 644,128 SH   SOLE   42,250 0 601,678
GlaxoSmithKline PLC COM 37733W105 508 12,205 SH   SOLE   700 0 11,505
Goldcorp Inc COM 380956409 180 11,100 SH   SOLE   800 0 10,300
Google Inc Cl C COM 38259P706 14,103 27,094 SH   SOLE   1,925 0 25,158
Guggenheim S&P 500 Equal Weigh COM 78355w106 3,206 40,173 SH   SOLE   0 0 40,173
ISHARES Tr Core Growth Allocat COM 464289867 304 7,500 SH   SOLE   0 0 7,500
Intel Corp COM 458140100 19,915 654,787 SH   SOLE   43,645 0 610,992
Intl Paper Co Com COM 460146103 12,690 266,658 SH   SOLE   18,475 0 248,183
Japan Smaller Cap. Fund COM 47109U104 284 26,275 SH   SOLE   2,475 0 23,800
Johnson & Johnson COM 478160104 18,849 193,398 SH   SOLE   13,376 0 179,972
Keycorp COM 493267108 11,091 738,400 SH   SOLE   51,400 0 686,700
Kimberly Clark COM 494368103 8,845 83,470 SH   SOLE   5,375 0 78,045
Lincoln Natl Corp COM 534187109 8,245 139,225 SH   SOLE   10,300 0 128,875
McCormick & Co COM 579780206 563 6,950 SH   SOLE   2,000 0 4,950
Merck & Co COM 58933Y105 15,798 277,500 SH   SOLE   19,550 0 257,875
Microsoft Corp COM 594918104 15,957 361,430 SH   SOLE   24,600 0 336,680
Midcap SPDR Tr Un Sr 1 COM 78467Y107 314 1,150 SH   SOLE   0 0 1,150
Morgan Stanley & Co. COM 617446448 16,816 433,525 SH   SOLE   26,650 0 406,725
Oracle Corp Com COM 68389X105 15,349 380,868 SH   SOLE   25,950 0 354,768
Paychex Inc COM 704326107 10,411 222,086 SH   SOLE   18,575 0 203,436
Pepsico Inc COM 713448108 10,387 111,283 SH   SOLE   11,125 0 100,158
Pfizer COM 717081103 21,013 626,680 SH   SOLE   37,631 0 588,899
Phillip Morris International COM 718172109 259 3,230 SH   SOLE   1,000 0 2,230
Phillips 66 COM 718546104 6,543 81,225 SH   SOLE   6,300 0 74,900
Potash Corp Sask Inc COM 73755L107 17,642 569,661 SH   SOLE   38,075 0 531,386
PowerShares QQQ Trust COM 73935A104 591 5,516 SH   SOLE   0 0 5,516
Procter and Gamble COM 742718109 691 8,826 SH   SOLE   750 0 8,076
Royal Dutch Shell COM 780259206 399 7,007 SH   SOLE   409 0 6,598
Royal Dutch Shell PLC B COM 780259107 767 13,375 SH   SOLE   0 0 13,375
SEACO Ltd. COM g79441104 0 50,656 SH   SOLE   0 0 50,656
SPDR Gold Trust COM 78463V107 564 5,020 SH   SOLE   250 0 4,770
SPDR Tr Unit Ser 1 COM 78462f103 2,497 12,128 SH   SOLE   150 0 11,978
Schlumberger Ltd COM 806857108 340 3,950 SH   SOLE   50 0 3,900
Southwestern Energy Co COM 845467109 10,072 443,125 SH   SOLE   30,225 0 412,700
Spectra Energy Corp COM 847560109 7,907 242,561 SH   SOLE   17,200 0 225,261
Sprott Physical Gold Trust COM 85207h104 145 15,000 SH   SOLE   0 0 15,000
Stryker Corp. COM 863667101 10,450 109,341 SH   SOLE   8,225 0 101,066
Sysco Corp COM 871829107 15,060 417,184 SH   SOLE   30,400 0 386,584
Templeton Emerging Markets COM 880191101 219 15,047 SH   SOLE   100 0 14,947
Thomson Reuters Corp Com COM 884903105 12,176 319,842 SH   SOLE   23,050 0 296,792
Travelers Companies Inc COM 89417E109 7,703 79,692 SH   SOLE   5,725 0 73,967
TrustCo Bank Corp NY COM 898349105 264 37,500 SH   SOLE   0 0 37,500
US Bancorp COM 902973304 877 20,196 SH   SOLE   1,700 0 18,496
Unilever NV COM 904784709 406 9,715 SH   SOLE   200 0 9,515
United Parcel Service COM 911312106 13,915 143,582 SH   SOLE   10,075 0 133,407
VF Corp Com COM 918204108 5,822 83,475 SH   SOLE   6,925 0 76,500
Vanguard Emerging Markets COM 922042858 11,525 281,922 SH   SOLE   15,025 0 266,797
Vanguard FTSE All-World ex-US COM 922042775 514 10,596 SH   SOLE   0 0 10,596
Vanguard S&P 500 ETF COM 922908363 1,917 10,149 SH   SOLE   0 0 10,149
Verizon Communications Com COM 92343v104 15,284 327,906 SH   SOLE   22,890 0 304,866
Viacom Inc - B COM 92553P201 9,035 139,780 SH   SOLE   8,325 0 131,355
Vodafone COM 92857W308 12,190 334,439 SH   SOLE   17,300 0 316,939
WalMart Stores COM 931142103 15,889 224,005 SH   SOLE   15,700 0 208,205
Waste Mgmt Inc Del Com COM 94106L109 12,508 269,852 SH   SOLE   19,075 0 250,627
Wells Fargo & Co COM 949746101 15,060 267,777 SH   SOLE   17,500 0 250,177
Yamana Gold Inc COM 98462Y100 33 11,100 SH   SOLE   0 0 11,100
iShares Comex Gold COM 464285105 275 24,246 SH   SOLE   0 0 24,246
iShares Dow Jones Select Div I COM 464287168 3,121 41,534 SH   SOLE   375 0 41,159
iShares High Dividend Equity F COM 46429B663 2,039 27,716 SH   SOLE   0 0 27,716
iShares MSCI Emerging Mkts Ind COM 464287234 391 9,860 SH   SOLE   0 0 9,860
iShares MSCI Japan COM 464286848 7,860 613,564 SH   SOLE   31,675 0 581,689
iShares Tr S&P 500 Index COM 464287200 207 1,000 SH   SOLE   0 0 1,000
Autozone Inc COM 053332102 200 300 SH   SOLE   0 0 300
Home Depot COM 437076102 278 2,500 SH   SOLE   0 0 2,500
McDonalds Corp COM 580135101 389 4,090 SH   SOLE   0 0 4,090
SBA Communications Corp COM 78388J106 964 8,388 SH   SOLE   0 0 8,388
Thermo Fisher Scientific Inc COM 883556102 260 2,000 SH   SOLE   0 0 2,000