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, Section 17(a) of the Public Utility Holding Company Act of 1935 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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