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 *
LINES JAMES R
   2. Issuer Name and Ticker or Trading Symbol
GRAHAM CORP [GHM] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President and COO
(Last)
(First)
(Middle)
C/O GRAHAM CORPORATION, 20 FLORENCE AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
10/30/2007
(Street)

BATAVIA, NY 14020		 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 10/30/2007   M   6,000 A $ 13.9 7,096 D  
Common Stock 10/30/2007   M   1,500 A $ 19.94 8,596 D  
Common Stock 10/30/2007   M   212 A $ 17.1 8,808 D  
Common Stock 10/30/2007   S   162 D $ 61.54 8,646 D  
Common Stock 10/30/2007   S   900 D $ 61.5 7,746 D  
Common Stock 10/30/2007   S   300 D $ 61.21 7,446 D  
Common Stock 10/30/2007   S   600 D $ 61.2 6,846 D  
Common Stock 10/30/2007   S   1,500 D $ 16.16 5,346 D  
Common Stock 10/30/2007   S   100 D $ 61.02 5,246 D  
Common Stock 10/30/2007   S   100 D $ 61.01 5,146 D  
Common Stock 10/30/2007   S   1,650 D $ 61 3,496 D  
Common Stock 10/31/2007   M   538 A $ 17.1 4,034 D  
Common Stock 10/31/2007   S   100 D $ 61.1 3,934 D  
Common Stock 10/31/2007   S   2 D $ 61.0801 3,932 D  
Common Stock 10/31/2007   S   100 D $ 61.08 3,832 D  
Common Stock 10/31/2007   S   336 D $ 61 3,496 D  
Common Stock               2,228 (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
Stock Option (Right to Buy) $ 13.9 10/30/2007   M     6,000 04/27/2006 10/26/2015 Common Stock 6,000 (2) $ 0 0 D  
Stock Option (Right to Buy) $ 19.94 10/30/2007   M     1,500   (3) 06/01/2016 Common Stock 1,500 (3) $ 0 4,500 (3) D  
Stock Option (Right to Buy) $ 17.1 10/30/2007   M     212   (4) 07/27/2016 Common Stock 212 (4) $ 0 2,788 (4) D  
Stock Option (Right to Buy) $ 17.1 10/31/2007   M     538   (4) 07/27/2016 Common Stock 538 (4) $ 0 2,250 (4) D  
Stock Option (Right to Buy) $ 17.25               (5) 05/31/2017 Common Stock 5,277 (5)   5,277 (5) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LINES JAMES R
C/O GRAHAM CORPORATION
20 FLORENCE AVENUE
BATAVIA, NY 14020		   X     President and COO  

Signatures

 /s/ James R. Lines   11/01/2007
**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) Shares held by the trustee of the Graham Corporation Employee Stock Ownership Plan and allocated to Mr. Lines's account, as to which Mr. Lines has sole voting power but no dispositive power, except in limited circumstances.
(2) This option was previously reported by Mr. Lines.
(3) This option was previously reported by Mr. Lines and is exercisable pro rata on the first, second, third and fourth anniversaries of the 6/01/06 grant date.
(4) This option was previously reported by Mr. Lines and is exercisable pro rata on the first, second, third and fourth anniversaries of the 7/27/06 grant date.
(5) This option was previously reported by Mr. Lines and is exercisable pro rata on the first, second, third and fourth anniversaries of the 5/31/2007 grant date.

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