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<SEC-DOCUMENT>0000950152-08-009580.txt : 20090121
<SEC-HEADER>0000950152-08-009580.hdr.sgml : 20090121
<ACCEPTANCE-DATETIME>20081121090024
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950152-08-009580
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20081121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAHAM CORP
		CENTRAL INDEX KEY:			0000716314
		STANDARD INDUSTRIAL CLASSIFICATION:	GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560]
		IRS NUMBER:				161194720
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		20 FLORENCE AVE
		STREET 2:		POST OFFICE BOX 719
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14020
		BUSINESS PHONE:		5853432216

	MAIL ADDRESS:	
		STREET 1:		20 FLORENCE AVENUE
		STREET 2:		POST OFFICE BOX 719
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14021-0719
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="l34630al3463000.gif" alt="(GRAHAM LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt">November&nbsp;20, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt">Ms.&nbsp;Angela Crane<BR>
Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Division of Corporate Finance<BR>
Washington, D.C. 20549
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt">Response via: EDGAR correspondence and Facsimile (202-772-9218)
</DIV>


<DIV style="margin-top: 18pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">Re:&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Graham Corporation<BR>
Form 10-K for the Fiscal-Year March&nbsp;31, 2008<BR>
Filed June&nbsp;3, 2008<BR>
Form 10-Q for the Quarterly Period ended June&nbsp;30, 2008<BR>
File No.&nbsp;001-08462</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt">Dear Ms.&nbsp;Crane:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below please find the Graham Corporation&#146;s (the Company&#146;s) response to the Staff&#146;s comment received
on November&nbsp;12, 2008, relating to the above-captioned Quarterly Report on Form 10-Q. The caption
and numbered paragraph set forth below corresponds to the caption and numbered paragraph contained
in the Staff&#146;s November&nbsp;12, 2008 letter. For your convenience, we have also included in this
response letter, in italicized text, the full text of the comments contained in the Staff&#146;s
November&nbsp;12, 2008 letter.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><U>Staff Comment and Response of the Company</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Consolidated Statements of Cash Flows, page 6</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>The subtotal &#147;total adjustments&#148; does not appear to be contemplated under SFAS 95. Please
revise future filings to remove or tell us why such subtotal is appropriate.</I></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will revise future filings to remove the &#147;Total adjustments&#148; subtotal.</TD>
</TR>
</TABLE>
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 36pt; font-family: Helvetica,Arial"><B>Graham Corporation, 20 Florence Avenue, Batavia, NY 14020 USA<BR>
Phone: 585-343-2216 &#183; Fax: 585-343-1097 &#183; email: equipment@graham-mfg.com &#183; Web site: www.graham-mfg.com</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S. Securities and Exchange Commission<BR>
November&nbsp;20, 2008<BR>
Page 2<BR>
&nbsp;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Note 3 &#151; Investments, page 8</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note your disclosure that the impact of adopting all provisions of SFAS No.&nbsp;157 had no
effect on our financial position, results of operations and cash flows when adopted. Please
revise future filings to provide the disclosures required by paragraphs 32 &#151; 35 and 39 or
tell us why such disclosure is not required.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The disclosures required by paragraphs 32-35 and 39 of SFAS No.&nbsp;157, <I>Fair Value
Measurements</I>, are not applicable to the investments held by the Company because they are
classified as held to maturity and measured at amortized cost. We believe the current
disclosure is appropriate and no revisions to future filings are required.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Paragraph&nbsp;7 of SFAS No.&nbsp;115, <I>Accounting for Certain Investments in Debt and Equity Securities</I>,
requires investments in debt securities that are classified as held-to-maturity to be measured at
amortized cost in the statement of financial position when the reporting enterprise has the
positive intent and ability to hold those securities to maturity. In Note 3, Investments, of the
Notes to Condensed Consolidated Financial Statements, the Company disclosed the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All investments are classified as held-to maturity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has the intent and ability to hold the securities to maturity; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The investments are stated at amortized cost.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Paragraphs 32-35 and 39 of SFAS No.&nbsp;157 are applicable to assets and liabilities that are measured
at fair value, either on a recurring or nonrecurring basis. Since the Company&#146;s investments are
stated at amortized cost and are not measured at fair value, paragraphs 32-35 and 39 of SFAS No.
157 are not applicable and no additional disclosure surrounding the Company&#146;s investments is
required in accordance with the provisions of SFAS No.&nbsp;157.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As requested, the Company acknowledges that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is responsible for the adequacy and accuracy of the disclosure in the
filings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Staff comments or changes to disclosure in response to staff comments do not
foreclose the Commission from taking any action with respect to the filing; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may not assert staff comments as a defense in any proceeding initiated
by the Commission or any person under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S. Securities and Exchange Commission<BR>
November&nbsp;20, 2008<BR>
Page 3<BR>
&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please contact the undersigned should you have any questions regarding this letter or its contents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Respectively submitted,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><B>Graham Corporation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="l34630al3463001.gif" alt="(-s- Jennifer R. Condame)"><BR>
Jennifer R. Condame<BR>
Controller &#038; Chief Accounting Officer
</DIV>

<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">cc&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Martin James, Senior Assistant Chief Accountant<BR>
Julie Sherman, Staff Accountant<BR>
James R. Lines<BR>
Gerard T. Mazurkiewicz<BR>
Paul O&#146;Leary<BR>
Bonnie Jarecke<BR>
Daniel R. Kinel</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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