SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G


                    Under the Securities Exchange Act of 1934


                         Espey Mfg. & Electronics Corp.
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                                (Name of Issuer)


                   Common Stock par value $0.33 1/3 per share
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                         (Title of Class of Securities)


                                   296650 10 4
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                                 (CUSIP Number)



Check the following box if a fee is being paid with this statement [ } (A fee is
not required  only if the filing  person:  (1) has a previous  statement on file
reporting  beneficial  ownership  of more  than  five  percent  of the  class of
securities  described  in Item 1;  and (2) has  filed  no  amendment  subsequent
thereto reporting  beneficial  ownership of five percent or less of such class.)
(See Rule 13d-7)

*The  remainder of this cover page shall be filled out for a reporting  person's
initial  fililng on this form with respect to the subject  class of  securities,
and for any subsequent  amendment  containing  information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be  "filed"  for the  purpose of  Section  18 of the  Securities  Act of 1934
("Act") or otherwise  subject to the  liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes).

                                Page 1 of 6 Pages



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CUSIP No.  296650 10 4                   13G                   Page 2 of 6 Pages
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     1        NAME OF REPORTING PERSON
              S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON

              Espey Mfg. & Electronics Corp. Employee Retirement Plan & Trust
              The Adirondack Trust Company, Successor Trustee 22-2978593
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     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*        (a) [ ]
                                                                       (b) [ ]
              N/A
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     3        SEC USE ONLY

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     4        CITIZENSHIP OR PLACE OF ORGANIZATION


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      NUMBER OF SHARES                   5          SOLE VOTING POWER
 BENEFICIALLY OWNED BY EACH
   REPORTING PERSON WITH                            240,749
                                ------------------------------------------------
                                         6          SHARED VOTING POWER


                                ------------------------------------------------
                                         7          SOLE DISPOSITIVE POWER

                                                    240,749
                                ------------------------------------------------
                                         8          SHARED DISPOSITIVE POWER


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      9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

               240,749
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     10        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
               SHARES*                                                     [ ]

               N/A
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     11        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

               23.84
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     12        TYPE OF REPORTING PERSON*

               EP
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CUSIP No.  296650 10 4                   13G                   Page 3 of 6 Pages
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Item 1.
                  (a) Name of Issuer
                           Espey Mfg. & Electronics Corp.

                  (b) Address of Issuer's Principal Executive Offices
                           P.O. Box 422, Saratoga Springs, NY 12866

Item 2.
                  (a) Name of Person Filing
                           Espey Mfg. & Electronics Corp. Employee Retirement
                           Plan & Trust

                  (b) Address of Principal Business Offices or, if none,
                      Residence
                           c/o The Adirondack Trust Company Successor
                           473 Broadway, Saratoga Springs, NY 12866

                  (c) Citizenship
                           U.S.
                  (d) Title of Class of Securities
                           Common Stock Par Value $0.33 1/3

                  (e) CUSIP Number
                           296650 10 4


Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b), check
        whether the person filing is a

(a)  [   ]   Broker or Dealer registered under Section 15 otf the Act
(b)  [   ]   Bank as defined in section 3(a)(6) of the Act
(c)  [   ]   Insurance Company as defined in section 3(a)(19) of the Act.
(d)  [   ]   Investment Company registered under section 8 of the Investment
             Company Act
(e)  [   ]   Investment Advisor registered under section 203 of the Investment
             Advisors Act of 1940
(f)  [ X ]   Employee Benefit Plan, Pension Fund which is subject to the
             provisions of the Employee Retirement Income Security Act of
             1974 or Endowment Fund; see ss240.13d-1(b)(1)(ii)(F)
(g)  [   ]   Parent Holding Company, in accordance with ss240.13d1(b)(ii)(G)
             (Note: See Item 7)
(h)  [   ]   Group, in accordance with ss240.13d-1(b)(1)(ii)(H)

Item 4. Ownership

If the percent of the class owned,  as of December 31 of the year covered by the
statement, or as of the last day of any month described in Rule 13d-1(b)(2),  if
applicable,  exceeds five percent,  provide the following information as of that
date and identify those shares which there is a right to acquire.

(a)  Amount Beneficially Owned    240,749

(b)  Percent of Class               23.84



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CUSIP No.  296650 10 4                   13G                   Page 4 of 6 Pages
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(c)  Number of shares as to which such person has:                     240,749

       (i)   sole power to vote or to direct the vote
      (ii)   shared power to vote or to direct the vote
     (iii)   sole power to dispose or to direct the disposition of     240,749
      (iv)   shared power to dispose or to direct the disposition of

Instruction: For computations regarding securities which represent a right to
acquire an underlying security see Rule 13d-3(d)(1).


Item 5.  Ownership of Five Percent or Less of a Class

If this statement is being filed pursuant to report the fact that as of the date
hereof of the  reporting  person has ceased to be the  beneficial  owner of more
than five percent of the class of securities, check the following box [ ].

Instruction:  Dissolution of a group requires a response to this item.

Item 6.  Ownership of More Than Five Percent on Behalf of Another Person.

If any other person is known to have the right to receive or the power to direct
the  receipt  of  dividends  from,  or the  proceeds  from  the  sale  of,  such
securities,  a statement  to that effect  should be included in response to this
item, and, if such interest relates to more than five percent of the class, such
person  should be  identified.  A listing of the  shareholders  of an investment
company registered under the Investment Company Act of 1940 or the beneficiaries
of employee benefit plan, pension fund or endowment fund is not required.

         Under certain circumstances,  beneficiaries of the retirement plan have
         the right to receive or the power to direct the receipt of dividends or
         the proceeds from the sale of the securities.

Item 7.  Identification and Classification  of the Subsidiary Which Acquired the
         Security Being Reported on By the Parent Holding Company

If  a  parent  holding  company  has  filed  this  schedule,  pursuant  to  Rule
13d-1(b)(ii)(G),  so indicate under Item 3(g) and attach an exhibit  stating the
identity and the Item 3 classification of the relevant  subsidiary.  If a parent
holding  company has filed this schedule  pursuant to Rule  13d-1(c),  attach an
exhibit stating the identification of the relevant subsidiary.

         N/A

Item 8. Identification and Classification of Members of the Group

If a group has filed this schedule pursuant to Rule 13d-1(b)(ii)(H), so indicate
under  Item  3(h)  and  attach  an  exhibit stating  the  identity  and  Item  3
classification  of each member of the group.  If a group has filed this schedule
pursuant to Rule 13d-1(c), attach an exhibit stating the identity of each member
of the group.

         N/A


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CUSIP No.  296650 10 4                   13G                   Page 5 of 6 Pages
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Item 9. Notice of Dissolution of Group

Notice of dissolution of a group may be furnished as an exhibit stating the date
of the  dissolution and that all further filings with respect to transactions in
the security reported on will be filed, if required, by members of the group, in
their individual capacity. See Item 5.

         N/A

Item 10. Certification

The following certification shall be included if the statement is filed pursuant
to Rule 13d-1(b):

By signing below I certify  that,  to the best of my knowledge  and belief,  the
securities  referred to above were  acquired in the ordinary  course of business
and were not  acquired for the purpose of and do not have the effect of changing
or  influencing  the  control  of the  issuer  of such  securities  and were not
acquired in connection with or as a participant in any  transaction  having such
purposes or effect.


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CUSIP No.  296650 10 4                   13G                   Page 6 of 6 Pages
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                                   Signature

         After reasonable  inquiry and to the best of my knowledge and belief, I
certify that the information  set forth in this statement is true,  complete and
correct.



January 28, 2004                     /s/ Linda A. Watters
                                     ------------------------
                                     Linda A. Watters
                                     Assistant Treasurer


                                     The Adirondack Trust Company
                                     Successor Trustee, Espey Mfg. & Electronics
                                     Corp. Employee Retirement Plan and Trust