FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
HANSEN J RONALD
   2. Issuer Name and Ticker or Trading Symbol
GRAHAM CORP [GHM] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
VP Finance/Admin and CFO
(Last)
(First)
(Middle)
9295 FARGO ROAD		 3. Date of Earliest Transaction (Month/Day/Year)
02/09/2004
(Street)

STAFFORD, NY 14143		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/09/2004   M   493 A $ 7.5 13,793 D  
Common Stock 02/09/2004   S   493 D $ 10.4 13,300 D  
Common Stock 02/09/2004   M   1,007 A $ 7.75 14,307 D  
Common Stock 02/09/2004   S   1,007 D $ 10.4 13,300 D  
Common Stock 02/09/2004   M   1,500 A $ 7.75 14,800 D  
Common Stock 02/09/2004   S   1,500 D $ 10.35 13,300 D  
Common Stock 02/09/2004   M   400 A $ 7.75 13,700 D  
Common Stock 02/09/2004   S   400 D $ 10.25 13,300 D  
Common Stock 02/09/2004   M   600 A $ 7.75 13,900 D  
Common Stock 02/09/2004   S   600 D $ 10.22 13,300 D  
Common Stock 02/09/2004   M   3,000 A $ 7.5 16,300 D  
Common Stock 02/09/2004   S   3,000 D $ 10.22 13,300 D  
Common Stock 02/10/2004   S   2,000 D $ 10.36 11,300 D  
Common Stock 02/10/2004   S   2,000 D $ 10.35 9,300 D  
Common Stock 02/10/2004   S   4,000 D $ 10.26 5,300 D  
Common Stock               960 (1) I See footnote (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (Right to Buy) $ 7.5 02/09/2004   M     493 04/22/1999 10/22/2008 Common Stock 493 $ 0 0 D  
Option (Right to Buy) $ 7.75 02/09/2004   M     3,507 04/28/2000 10/28/2009 Common Stock 3,507 $ 0 0 D  
Option (Right to Buy) $ 7.5 02/09/2004   M     3,000 05/01/2003 10/31/2012 Common Stock 3,000 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
HANSEN J RONALD
9295 FARGO ROAD
STAFFORD, NY 14143		       VP Finance/Admin and CFO  

Signatures

 William A. Smith, Jr., Attorney-in-fact for J. Ronald Hansen   02/11/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Stock held by the trustee for the Employee Stock Ownership Plan of Graham Corporation.

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