UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________ SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 10) * Graham Corporation (Name of Issuer) Common Stock, Par Value $.01 (Title of Class of Securities) 384556106 (CUSIP Number) Arthur Goetchius (212) 755-9000 EGS Partners, L.P., 300 Park Avenue, 21st Floor, New York, New York 10022 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) October 25, 1995 (Date of Event which Requires Filing of this Statement) ______________________________ If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box. [ ] Check the following box if a fee is being paid with the statement. [ ] (A fee is not required only if the reporting person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7.) Note: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 13D CUSIP No. 384556106 ______________________________________________________________________________ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person EGS Associates, L.P. ______________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group ** (a) [ ] (b) [x] ______________________________________________________________________________ 3 SEC Use Only ______________________________________________________________________________ 4 Source of Funds ** ______________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ______________________________________________________________________________ 6 Citizenship or Place of Organization Delaware ______________________________________________________________________________ Number of 7 Sole Voting Power -0- Shares ________________________________________________________ Beneficially 8 Shared Voting Power -0- Owned By _______________________________________________________ Each 9 Sole Dispositive Power -0- Reporting _______________________________________________________ Person With 10 Shared Dispositive Power -0- _____________________________________________________________________________ 11 Aggregate Amount Beneficially Owned by Each Reporting Person -0- _____________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares ** [ ] _____________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 0% _____________________________________________________________________________ 14 Type of Reporting Person ** PN _____________________________________________________________________________ ** See Instructions Before Filling Out! Page 2 13D CUSIP No. 384556106 ______________________________________________________________________________ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person EGS Partners, L.L.C. ______________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group ** (a) [ ] (b) [x] ______________________________________________________________________________ 3 SEC Use Only ______________________________________________________________________________ 4 Source of Funds ** ______________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ______________________________________________________________________________ 6 Citizenship or Place of Organization Delaware ______________________________________________________________________________ Number of 7 Sole Voting Power -0- Shares ________________________________________________________ Beneficially 8 Shared Voting Power -0- Owned By _______________________________________________________ Each 9 Sole Dispositive Power -0- Reporting _______________________________________________________ Person With 10 Shared Dispositive Power -0- _____________________________________________________________________________ 11 Aggregate Amount Beneficially Owned by Each Reporting Person -0- _____________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares ** [ ] _____________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 0% _____________________________________________________________________________ 14 Type of Reporting Person ** PN _____________________________________________________________________________ ** See Instructions Before Filling Out! Page 3 13D CUSIP No. 384556106 ______________________________________________________________________________ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Bev Partners, L.P. ______________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group ** (a) [ ] (b) [x] ______________________________________________________________________________ 3 SEC Use Only ______________________________________________________________________________ 4 Source of Funds ** ______________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ______________________________________________________________________________ 6 Citizenship or Place of Organization Delaware ______________________________________________________________________________ Number of 7 Sole Voting Power -0- Shares ________________________________________________________ Beneficially 8 Shared Voting Power -0- Owned By _______________________________________________________ Each 9 Sole Dispositive Power -0- Reporting _______________________________________________________ Person With 10 Shared Dispositive Power -0- _____________________________________________________________________________ 11 Aggregate Amount Beneficially Owned by Each Reporting Person -0- _____________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares ** [ ] _____________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 0% _____________________________________________________________________________ 14 Type of Reporting Person ** PN _____________________________________________________________________________ ** See Instructions Before Filling Out! Page 4 13D CUSIP No. 384556106 ______________________________________________________________________________ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Jonas Partners, L.P. ______________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group ** (a) [ ] (b) [x] ______________________________________________________________________________ 3 SEC Use Only ______________________________________________________________________________ 4 Source of Funds ** ______________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ______________________________________________________________________________ 6 Citizenship or Place of Organization Delaware ______________________________________________________________________________ Number of 7 Sole Voting Power -0- Shares ________________________________________________________ Beneficially 8 Shared Voting Power -0- Owned By _______________________________________________________ Each 9 Sole Dispositive Power -0- Reporting _______________________________________________________ Person With 10 Shared Dispositive Power -0- _____________________________________________________________________________ 11 Aggregate Amount Beneficially Owned by Each Reporting Person -0- _____________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares ** [ ] _____________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 0% _____________________________________________________________________________ 14 Type of Reporting Person ** PN _____________________________________________________________________________ ** See Instructions Before Filling Out! Page 5 13D CUSIP No. 384556106 ______________________________________________________________________________ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person William A. Ehrman ______________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group ** (a) [ ] (b) [x] ______________________________________________________________________________ 3 SEC Use Only ______________________________________________________________________________ 4 Source of Funds ** ______________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ______________________________________________________________________________ 6 Citizenship or Place of Organization Delaware ______________________________________________________________________________ Number of 7 Sole Voting Power -0- Shares ________________________________________________________ Beneficially 8 Shared Voting Power -0- Owned By _______________________________________________________ Each 9 Sole Dispositive Power -0- Reporting _______________________________________________________ Person With 10 Shared Dispositive Power -0- _____________________________________________________________________________ 11 Aggregate Amount Beneficially Owned by Each Reporting Person -0- _____________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares ** [ ] _____________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 0% _____________________________________________________________________________ 14 Type of Reporting Person ** IN _____________________________________________________________________________ ** See Instructions Before Filling Out! Page 6 13D CUSIP No. 384556106 ______________________________________________________________________________ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Frederic Greenberg ______________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group ** (a) [ ] (b) [x] ______________________________________________________________________________ 3 SEC Use Only ______________________________________________________________________________ 4 Source of Funds ** ______________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ______________________________________________________________________________ 6 Citizenship or Place of Organization Delaware ______________________________________________________________________________ Number of 7 Sole Voting Power -0- Shares ________________________________________________________ Beneficially 8 Shared Voting Power -0- Owned By _______________________________________________________ Each 9 Sole Dispositive Power -0- Reporting _______________________________________________________ Person With 10 Shared Dispositive Power -0- _____________________________________________________________________________ 11 Aggregate Amount Beneficially Owned by Each Reporting Person -0- _____________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares ** [ ] _____________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 0% _____________________________________________________________________________ 14 Type of Reporting Person ** IN _____________________________________________________________________________ ** See Instructions Before Filling Out! Page 7 13D CUSIP No. 384556106 ______________________________________________________________________________ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Frederic Ketcher ______________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group ** (a) [ ] (b) [x] ______________________________________________________________________________ 3 SEC Use Only ______________________________________________________________________________ 4 Source of Funds ** ______________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ______________________________________________________________________________ 6 Citizenship or Place of Organization Delaware ______________________________________________________________________________ Number of 7 Sole Voting Power -0- Shares ________________________________________________________ Beneficially 8 Shared Voting Power -0- Owned By _______________________________________________________ Each 9 Sole Dispositive Power -0- Reporting _______________________________________________________ Person With 10 Shared Dispositive Power -0- _____________________________________________________________________________ 11 Aggregate Amount Beneficially Owned by Each Reporting Person -0- _____________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares ** [ ] _____________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 0% _____________________________________________________________________________ 14 Type of Reporting Person ** IN _____________________________________________________________________________ ** See Instructions Before Filling Out! Page 8 13D CUSIP No. 384556106 ______________________________________________________________________________ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Jonas Gerstl ______________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group ** (a) [ ] (b) [x] ______________________________________________________________________________ 3 SEC Use Only ______________________________________________________________________________ 4 Source of Funds ** ______________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ______________________________________________________________________________ 6 Citizenship or Place of Organization Delaware ______________________________________________________________________________ Number of 7 Sole Voting Power -0- Shares ________________________________________________________ Beneficially 8 Shared Voting Power -0- Owned By _______________________________________________________ Each 9 Sole Dispositive Power -0- Reporting _______________________________________________________ Person With 10 Shared Dispositive Power -0- _____________________________________________________________________________ 11 Aggregate Amount Beneficially Owned by Each Reporting Person -0- _____________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares ** [ ] _____________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 0% _____________________________________________________________________________ 14 Type of Reporting Person ** IN _____________________________________________________________________________ ** See Instructions Before Filling Out! Page 9 The Schedule 13D, initially filed on October 3, 1989, as amended, on behalf of (i) EGS Associates, L.P., a Delaware limited partnership ("EGS Associates"); (ii) EGS Partners, L.L.C., a Delaware limited liability company ("EGS Partners"), inclusive of EGS Overseas Fund Limited, a British Virgin Islands corporation ("EGS Overseas"); (iii) Bev Partners, L.P., a Delaware limited partnership ("BEV Partners"); (iv) Jonas Partners, L.P., a Delaware limited partnership ("Jonas Partners"); (v) William Ehrman, (vi) Frederic Greenberg, (vii) Frederick Ketcher, and (viii) Jonas Gerstl, relating to the common stock, $0.10 par value per share (the "Common Stock") issued by Graham Corporation, a Delaware corporation (the "Company"), is hereby amended by this Amendment No. 11 to the Schedule 13D as follows: Item 5 is hereby amended and restated in its entirety by the following: ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) As of the date hereof none of the Reporting Persons beneficially own any Common Stock. (c) The trading dates, number of shares of Common Stock purchased and price per share for all transactions in the Common Stock from the 60th day prior to October 25th, 1995 until October 31st, 1995, by EGS Associates, EGS Partners (excluding EGS Overseas), EGS Overseas, Bev Partners, Jonas Partners and Mr. Ehrman, are set forth in Schedules A, B, C, D, E, and F, respectively. All such transactions were open market transactions and were effected on the American Stock Exchange. During such period no other Reporting Person effected any transactions in the Common Stock. (e) The Reporting Persons ceased to be the beneficial owners of more than 5% of the Common Stock on October 25, 1995. Page 10 SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. Dated: November 2, 1995 /s/ William Ehrman William Ehrman, individually and as general partner of each of EGS PARTNERS, L.L.C., EGS ASSOCIATES, L.P., BEV PARTNERS, L.P. and JONAS PARTNERS, L.P. /s/ Frederic Greenberg Frederic Greenberg, individually and as general partner of each of EGS PARTNERS, L.L.C., EGS ASSOCIATES, L.P., BEV PARTNERS, L.P. and JONAS PARTNERS, L.P. /s/ Frederick Ketcher Frederick Ketcher, individually and as general partner of each of EGS PARTNERS, L.L.C., EGS ASSOCIATES, L.P., BEV PARTNERS, L.P. and JONAS PARTNERS, L.P. /s/ William Ehrman William Ehrman, as Attorney-In-Fact for Jonas Gerstl, individually and as general partner of each of EGS PARTNERS, L.L.C., EGS ASSOCIATES, L.P., BEV PARTNERS, L.P. and JONAS PARTNERS, L.P. Page 11 Schedule A EGS Associates, L.P. Transactions in the Common Stock Price Per Share Date of Number of (including Transaction Shares Bought/(Sold) Commissions, if any) October 25, 1995 (26,590) 11.45 October 26, 1995 (1,684) 11.70 Page 12 Schedule B EGS Partners L.L.C. (excluding EGS Overseas Fund Limited) Transactions in the Common Stock Price Per Share Date of Number of (including Transaction Shares Bought/(Sold) Commissions, if any) October 25, 1995 (21,591) 11.45 October 26, 1995 (1,367) 11.70 Page 13 Schedule C EGS Overseas Fund Limited Transactions in the Common Stock Price Per Share Date of Number of (including Transaction Shares Bought/(Sold) Commissions, if any) October 25, 1995 (9,928) 11.45 October 26, 1995 (629) 11.70 Page 14 Schedule D Bev Partners, L.P. Transactions in the Common Stock Price Per Share Date of Number of (including Transaction Shares Bought/(Sold) Commissions, if any) October 25, 1995 (20,042) 11.45 October 26, 1995 (1,269) 11.70 Page 15 Schedule E Jonas Partners, L.P. Transactions in the Common Stock Price Per Share Date of Number of (including Transaction Shares Bought/(Sold) Commissions, if any) October 25, 1995 (5,549) 11.45 October 26, 1995 (351) 11.70 Page 16 Schedule F William A. Ehrman Transactions in the Common Stock Price Per Share Date of Number of (including Transaction Shares Bought/(Sold) Commissions, if any) October 26, 1995 (400) * 11.55 October 26, 1995 (1,100) ** 11.59 October 26, 1995 (3,200) 11.59 October 26, 1995 (2,100) * 11.55 ______________________ * Shares held in an account for the benefit of Mr. Ehrman's wife. ** Shares held in an account for the benefit of Mr. Ehrman's daughter. Page 17