ESPEY MFG & ELECTRONICS CORP — Director's Dealing 2004

Feb 18, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ESPEY MFG & ELECTRONICS CORP (ESP)
CIK: 0000033533
Period of Report: 2004-02-16

Reporting Person: MURPHY PEGGY A (Corporate Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-16	Common Stock - $.33 1/3 par value	M	600	$17.95	Acquired	0	Direct
2004-02-16	Common Stock - $.33 1/3 par value	S	600	$24.90	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-16	Stock Option	$17.95	M	600	Disposed	2011-03-01	Common Stock (0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock - $.33 1/3 par value	3210	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$19.85	2012-03-01	Common Stock (600)	0	Direct
Stock Option	$18.50	2013-03-04	Common Stock (600)	1200	Direct