RAND CAPITAL CORP — Director's Dealing 2004

Jan 15, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAND CAPITAL CORP (RAND)
CIK: 0000081955
Period of Report: 2004-01-14

Reporting Person: GRUM ALLEN F (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-14	Common Stock	P	2500	$1.40	Acquired	26900	Direct