SECURITIES AND EXCHANGE COMMISSION
		Washington D.C.  20549

			Schedule 13G

Under the Securities Exchange Act of 1934
		(Amendment No.1)

		Graham Corp
		(Name of Issuer)

		Common Stock
	(Title of Class Securities)

		  384556106
		(Cusip Number)

The remainder of this cover page shall be filled out for a 
reporting persons initial filing on this form with respect 
to the subject class of securities, and for any subsequent 
amendment containing information which would alter the 
disclosures provided in a prior cover page.

The information required in 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).


1. Name of reporting person
    S.S. or I.R.S. identification no. of above person

    HSBC BANK USA

2. Check the Appropriate box if a member of a group*

    NOT APPLICABLE
      (A)
      (B)

3. SEC use only

4. Citizenship or Place of Organization

    NEW YORK STATE




NUMBER OF		5.  Sole voting power: 0
SHARES
BENEFICIALLY	6.  Shared voting power 100,936
OWNED BY
EACH			7.  Sole dispositive power: 0
REPORTING
PERSON		8.  Shared dispositive power: 100,936
WITH

9.  Aggregate amount beneficially owned by each reporting 
person
	100,936
10.Check box if the aggregate amount in row 9 excludes 
certain shares

     NOT APPLICABLE
    (A)

11.Percent of class represented by amount in row 9
	6.192

12.Type of reporting person
	BK-BANK

Item 1a.  Name of Issuer

	Graham Corp

Item 1b.  Address of issuers principal executive offices:
	
	20 Florence Avenue
	Batavia, NY  14020
	United States

Item 2a.  Name of person filing:

	HSBC BANK USA

Item 2b.  Address of principal business office:

	C/O HSBC BANK USA
	ONE HSBC CENTER
	BUFFALO, NY  14203
	ATTN:  Tanya Armstrong  17th FLOOR
	



Item 2c.  Citizenship:

STATE CHARTERED BANK ORGANIZED UNDER THE LAWS OF THE 
STATE OF NEW YORK.

Item 2d.  Title of class of securities:

	COMMON STOCK

Item 2e.  Cusip Number:
	384556106


Item 3.    The person filing this statement is a:

	(B) Bank as defined in Section 3(a)(6) of the Act.

Item 4.     Ownership:

(A) Amount beneficially owned: 100,936
 
(B) Percent of Class: 6.192

Number of shares as to which such person has:

(I) Sole power to vote or to direct the vote: 0

(ii) Shared power to vote or to direct the vote: 
100,936

(iii)Sole power to dispose or direct the disposition 
of: 0

(iv)Shared power to dispose or direct the disposition 
of : 100,936

Item 5.  Ownership of five percent or less of a class:

	NOT APPLICABLE.

Item 6.  Ownership of more than five percent on behalf of 
another person:

	HELD IN VARIOUS FIDUCIARY RELATIONSHIP ACCOUNTS.








Item 7.  Identification and classification of the subsidiary 
which acquired the security      
	 being reported on by the parent holding company:

	NOT APPLICABLE

Item 8.  Identification and classification of members of the 
group:

	NOT APPLICABLE

Item 9.  Notice of dissolution of group:

	NOT APPLICABLE.

Item 10. Certification:

By signing below I certify that, to the best of my knowledge 
and belief, the securities referred to above were acquired 
in the ordinary course of business and were not acquired for 
the purpose of and do not have the effect of changing or 
influencing the control of the issuer of such securities and 
were not acquired in connection with or as a participant in 
any transaction having such purposes or effect.  After 
reasonable inquiry and to the best of my knowledge and 
belief, I certify that the information set forth in this 
statement is true, complete and correct.

Date: January 26, 2004






				/s/Robert F. Ward
				First Vice President