ESPEY MFG & ELECTRONICS CORP — Director's Dealing 2003

Sep 11, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ESPEY MFG & ELECTRONICS CORP (ESP)
CIK: 0000033533
Period of Report: 2003-09-10

Reporting Person: HELMETAG CARL (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-10	Common Stock - $.33 1/3 par value	M	200	$13.25	Acquired	0	Direct
2003-09-10	Common Stock - $.33 1/3 par value	M	300	$17.95	Acquired	3000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-10	Stock Option	$13.25	M	200	Disposed	2010-03-01	Common Stock (200)	Direct
2003-09-10	Stock Option	$17.95	M	300	Disposed	2011-03-01	Common Stock (300)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock - $.33 1/3 par value	500	Indirect
Common Stock - $.33 1/3 par value	806	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$19.85	2012-03-01	Common Stock (400)	0	Direct
Stock Option	$18.50	2013-03-01	Common Stock (400)	800	Direct

Footnotes

F1: Mr. Helmetag disclaims beneficial ownership of the share held by his spouse and in the trust of Molly K. Helmetag of which Mr. Helmetag is trustee.