-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 D7fiS06EgTY42rSe/fb5EyKqRHlyrO92WK7oGqvrKNZkyY9HbUdy/4mX88KuPVuQ
 ckqGJP2BlPTLX6MTxMsBVQ==

<SEC-DOCUMENT>0001209191-08-020534.txt : 20080328
<SEC-HEADER>0001209191-08-020534.hdr.sgml : 20080328
<ACCEPTANCE-DATETIME>20080328095244
ACCESSION NUMBER:		0001209191-08-020534
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080327
FILED AS OF DATE:		20080328
DATE AS OF CHANGE:		20080328

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Albro Duane W
		CENTRAL INDEX KEY:			0001397269

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11174
		FILM NUMBER:		08717050

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		631-661-5566

	MAIL ADDRESS:	
		STREET 1:		30 CEDAR LANE
		CITY:			BABYLON
		STATE:			NY
		ZIP:			11702

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WARWICK VALLEY TELEPHONE CO
		CENTRAL INDEX KEY:			0000104777
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				141160510
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1220

	BUSINESS ADDRESS:	
		STREET 1:		47 49 MAIN ST
		CITY:			WARWICK
		STATE:			NY
		ZIP:			10990
		BUSINESS PHONE:		9149861101

	MAIL ADDRESS:	
		STREET 1:		47 49 MAIN ST
		STREET 2:		PO BOX 592
		CITY:			WARWICK
		STATE:			NY
		ZIP:			10990
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bcl30842_bcl1dwa.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-03-27</periodOfReport>

    <issuer>
        <issuerCik>0000104777</issuerCik>
        <issuerName>WARWICK VALLEY TELEPHONE CO</issuerName>
        <issuerTradingSymbol>WWVY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001397269</rptOwnerCik>
            <rptOwnerName>Albro Duane W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>30 CEDAR LANE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BABYLON</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>11702</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President &amp; CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2008-03-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>261.8791</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>11.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>783.8791</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Trustee</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>400</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Appreciation Rights</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>15.44</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2008-05-01</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2010-04-30</value>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>50000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>50000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The Reporting Person is entitled to receive cash in an amount equal to the amount, if any, by which the increase in the average price of Issuer's Common Shares between two measuring periods exceeds 120%.  The first measuring period is generally the month of December in a given year and the second measuring period is the month of December in the following year.  However, because the stock appreciation rights were awarded in the employment contract of the Reporting Person, pursuant to which the Reporting Person became President and CEO of the Issuer on May 1, 2007, the first period for which appreciation will be measured has a first measuring period of April 2007 and a second measuring period of December 2007.  $15.44 was the average price of the Issuer's Common Shares in April 2007.</footnote>
        <footnote id="F2">The date shown is the approximate date on which cash representing any appreciation beyond 120% between April 2007 and December 2007 will be paid in 2008.  In general, any such appreciation will be paid promptly after the Annual Meeting of Shareholders next following the second measuring period (i.e., the preceding December).</footnote>
        <footnote id="F3">The stock appreciation rights expire when the employment contract of the Reporting Person expires or is terminated.  The date shown is the current agreed expiration date.</footnote>
        <footnote id="F4">Shares acquired/held in Company 401(k) plan.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Duane W. Albro</signatureName>
        <signatureDate>2008-03-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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