ESPEY MFG & ELECTRONICS CORP — Director's Dealing 2007

Dec 20, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ESPEY MFG & ELECTRONICS CORP (ESP)
CIK: 0000033533
Period of Report: 2007-12-20

Reporting Person: Clemens James Raymond (VP Sales & Marketing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-12-20	Common Stock $.33 1/3 par value	M	1600	$17.36	Acquired	0	Direct
2007-12-20	Common Stock $.33 1/3 par value	S	200	$21.25	Disposed	0	Direct
2007-12-20	Common Stock $.33 1/3 par value	S	400	$21	Disposed	0	Direct
2007-12-20	Common Stock $.33 1/3 par value	S	200	$19.95	Disposed	0	Direct
2007-12-20	Common Stock $.33 1/3 par value	S	100	$19.7	Disposed	0	Direct
2007-12-20	Common Stock $.33 1/3 par value	S	700	$19.1	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-12-20	Stock Option	$17.36	M	1600	Disposed	2015-10-13	Common Stock (1600)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock $.33 1/3 par value	1549	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$17.80	2016-05-19	Common Stock (2000)	0	Direct
Stock Option	$18.29	2017-02-21	Common Stock (2000)	4000	Direct