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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000914317-03-000712.txt : 20030306
<SEC-HEADER>0000914317-03-000712.hdr.sgml : 20030306
<ACCEPTANCE-DATETIME>20030306163657
ACCESSION NUMBER:		0000914317-03-000712
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030306
FILED AS OF DATE:		20030306

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WOOL MICHAEL W
		CENTRAL INDEX KEY:			0001200034
		RELATIONSHIP:				DIRECTOR

	FILING VALUES:
		FORM TYPE:		4

	BUSINESS ADDRESS:	
		STREET 1:		233 BALLSTON AVE
		STREET 2:		C/O ESPEY MFG & ELECTRONIC CORP
		CITY:			SARATOGA SPRINGS
		STATE:			NY
		ZIP:			12866

	MAIL ADDRESS:	
		STREET 1:		131 HILLS POINT RD
		CITY:			CHARLOTTE
		STATE:			VT
		ZIP:			05402

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESPEY MANUFACTURING & ELECTRONICS CORP
		CENTRAL INDEX KEY:			0000033533
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS, NEC [3679]
		IRS NUMBER:				141387171
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04383
		FILM NUMBER:		03594916

	BUSINESS ADDRESS:	
		STREET 1:		233 BALLSTON AVE
		STREET 2:		CONGRESS & BALLSTON AVENUES
		CITY:			SARATOGA SPRINGS
		STATE:			NY
		ZIP:			12866
		BUSINESS PHONE:		5185844100

	MAIL ADDRESS:	
		STREET 1:		233 BALLSTON AVE
		CITY:			SARATOGA SPRINGS
		STATE:			NY
		ZIP:			12866
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-50285_mw.txt
<TEXT>
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                     FORM 4

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(h) of the Investment Company Act of 1940

|_|  Check this box if no longer subject to Section 16. Form 4 or Form 5
     obligations may continue. See Instruction 1(b).

(Print of Type Responses)
________________________________________________________________________________
1.   Name and Address of Reporting Person*

   Wool                             Michael
- --------------------------------------------------------------------------------
   (Last)                           (First)             (Middle)

                              131 Hills Point Road
- --------------------------------------------------------------------------------
                                    (Street)

  Charlotte                           VT                 05445
- --------------------------------------------------------------------------------
   (City)                           (State)              (Zip)


________________________________________________________________________________
2.   Issuer Name and Ticker or Trading Symbol

                       Espey Mfg. & Electronics Corp. ESP
________________________________________________________________________________
3.   I.R.S. Identification Number of Reporting Person, if an entity (voluntary)


________________________________________________________________________________
4.   Statement for Month/Day/Year

                                   March 2003
 _______________________________________________________________________________
5.   If Amendment, Date of Original (Month/Day/Year)


________________________________________________________________________________
6.   Relationship of Reporting Person(s) to Issuer
     (Check all applicable)

     |X|  Director                             |_|  10% Owner
     |_|  Officer (give title below)           |_|  Other (specify below)


     ____________________________________________________________________
________________________________________________________________________________
7.   Individual or Joint/Group Filing (Check Applicable line)

     |X|  Form Filed by One Reporting Person
     |_|  Form Filed by More than One Reporting Person
________________________________________________________________________________

================================================================================
           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
                                                                                                 5.
                                                                                                 Amount of      6.
                                                                 4.                              Securities     Owner-
                                                                 Securities Acquired (A) or      Beneficially   ship
                                       2A.          3.           Disposed of (D)                 Owned          Form:     7.
                            2.         Deemed       Transaction  (Instr. 3, 4 and 5)             Following      Direct    Nature of
                            Trans-     Execution    Code         ------------------------------- Reported       (D) or    Indirect
1.                          action     Date, if     (Instr. 8)                   (A)             Transaction(s) Indirect  Beneficial
Title of Security           Date       any          ------------                 or              (Instr. 3 &    (I)       Ownership
(Instr. 3)                  (mm/dd/yy) (mm/dd/yy)    Code     V      Amount      (D)    Price     Instr.4)      (Instr.4) (Instr.4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                         <C>        <C>           <C>      <C>    <C>         <C>    <C>      <C>            <C>       <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                                                                                     100            D
- - $.33 1/3 par value
- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

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- ------------------------------------------------------------------------------------------------------------------------------------

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====================================================================================================================================
</TABLE>
<PAGE>


FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
            (e.g., puts, calls, warrants, options, convertible securities)

================================================================================
<TABLE>
<CAPTION>
                                                                                                          9.
                                                                                                          Number    10.
                                                                                                          of        Owner-
                                                                                                          deriv-    ship
                                                                                                          ative     Form
             2.                                                                                           Secur-    of
             Conver-                            5.                              7.                        ities     Deriv-   11.
             sion                               Number of                       Title and Amount          Bene-     ative    Nature
             or                                 Derivative    6.                of Underlying     8.      ficially  Secur-   of
             Exer-            3A.      4.       Securities    Date              Securities        Price   Owned     ity:     In-
             cise             Deemed   Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of      Follow-   Direct   direct
             Price   3.       Execut-  action   or Disposed   Expiration Date   ----------------  Deriv-  ing       (D) or   Bene-
1.           of      Trans-   ion      Code     of(D)         (Month/Day/Year)            Amount  ative   Reported  In-      ficial
Title of     Deriv-  action   Date if  (Instr.  (Instr. 3,    ----------------            or      Secur-  Trans-    direct   Owner-
Derivative   ative   Date     any      8)       4 and 5)      Date     Expira-            Number  ity     action(s) (I)      ship
Security     Secur-  (mm/dd/  (mm/dd/  ------   ------------  Exer-    tion               of      (Instr. (Instr.   (Instr.  (Instr.
(Instr. 3)   ity     yy)      yy)      Code V    (A)   (D)    cisable  Date     Title     Shares  5)      4)        4)       4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>          <C>     <C>               <C>  <C>  <C>   <C>    <C>      <C>      <C>       <C>     <C>     <C>       <C>      <C>

- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option 17.95   3/1/01                                   3/1/03   3/1/11   Common    500
                                                                                Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option 19.85   3/1/02                                   3/1/04   3/1/12   Common    500
                                                                                Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option 18.50   3/4/03            A         500          3/4/05   3/4/13   Common    500             1,500     D
                                                                                Stock
- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

====================================================================================================================================
</TABLE>
Explanation of Responses:

/s/ Michael Wool                                               March 4, 2003
- ---------------------------------------------            -----------------------
      **Signature of Reporting Person                             Date

Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.

*     If the form is filed by more than one reporting person, see Instruction
      4(b)(v).

**     Intentional misstatements or omissions of facts constitute Federal
       Criminal Violations.

       See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
       If space is insufficient, see Instruction 6 for procedure.


                                                                          Page 2









</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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