FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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
OMB APPROVAL
OMB Number: 3235-0104
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
  Condame Jennifer R
 2. Date of Event Requiring Statement (Month/Day/Year)
07/31/2008		 3. Issuer Name and Ticker or Trading Symbol
GRAHAM CORP [GHM]
(Last)
(First)
(Middle)
C/O GRAHAM CORPORATION, 20 FLORENCE AVENUE		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CAO and Controller
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

BATAVIA, NY 14020		 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 Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 1,253
I
See footnote (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)   (2) 06/01/2016 Common Stock 1,875 $ 15.952 D  
Stock Option (Right to Buy)   (3) 05/31/2017 Common Stock 3,316 $ 13.8 D  
Stock Option (Right to Buy)   (4) 05/29/2018 Common Stock 288 $ 61.75 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Condame Jennifer R
C/O GRAHAM CORPORATION
20 FLORENCE AVENUE
BATAVIA, NY 14020		       CAO and Controller  

Signatures

/s/ Jennifer R. Condame 08/04/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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 Ms. Condame's account, as to which Ms. Condame has sole voting power but no dispositive power, except in limited circumstances.
(2) This option was granted under the 2000 Graham Corporation Incentive Plan to Increase Shareholder Value and is exercisable pro rata on the first, second, third and fourth anniversaries of the 6/01/06 grant date.
(3) This option was granted under the Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value and is exercisable pro rata on the first, second, third and fourth anniversaries of the 5/31/07 grant date.
(4) This option was granted under the Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value and is exercisable pro rata on the first, second, third and fourth anniversaries of the 5/29/08 grant date.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.