<?xml version="1.0"?>
<ownershipDocument>
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    <documentType>4</documentType>
	<periodOfReport>2003-07-25</periodOfReport>
	<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000097745</issuerCik>
        <issuerName>THERMO ELECTRON CORP</issuerName>
        <issuerTradingSymbol>TMO</issuerTradingSymbol>
	</issuer>
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            <rptOwnerCik>0001216078</rptOwnerCik>
            <rptOwnerName>MELAS KYRIAZI THEO</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>81 WYMAN ST</rptOwnerStreet1>
            <rptOwnerStreet2>POST OFFICE BOX 9046</rptOwnerStreet2>
            <rptOwnerCity>WALTHAM</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02454</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
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			<isOfficer>1</isOfficer>
			<isTenPercentOwner>0</isTenPercentOwner>
			<isOther>0</isOther>
			<officerTitle>VP &amp; Chief Financial Officer</officerTitle>
		</reportingOwnerRelationship>
	</reportingOwner>
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				<value>Common Stock</value>
			</securityTitle>
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				<value>2003-07-25</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
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			</transactionCoding>
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				<transactionShares>
					<value>11628</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>19.32</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>A</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>94264.00</value>
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			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
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				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
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		<nonDerivativeTransaction>
			<securityTitle>
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			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>M</transactionCode>
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			<transactionAmounts>
				<transactionShares>
					<value>87221</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>11.50</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>A</value>
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			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>181485.00</value>
				</sharesOwnedFollowingTransaction>
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			<ownershipNature>
				<directOrIndirectOwnership>
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					<value/>
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		<nonDerivativeTransaction>
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			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>68959</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>22.30</value>
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				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>112526.00</value>
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			<ownershipNature>
				<directOrIndirectOwnership>
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					<value/>
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		<nonDerivativeTransaction>
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				<transactionFormType>4</transactionFormType>
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			<transactionAmounts>
				<transactionShares>
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				<transactionPricePerShare>
					<value>22.06</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
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			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>108526.00</value>
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			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
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					<value/>
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		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
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			<transactionDate>
				<value>2003-07-25</value>
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			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
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				<equitySwapInvolved>0</equitySwapInvolved>
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			<transactionAmounts>
				<transactionShares>
					<value>2200</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>22.07</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
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			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>106326.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeTransaction>
		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
			</securityTitle>
			<transactionDate>
				<value>2003-07-25</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>700</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>22.09</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>105626.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeTransaction>
		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
			</securityTitle>
			<transactionDate>
				<value>2003-07-25</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>3800</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>22.10</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>101826.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
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					<value/>
				</natureOfOwnership>
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		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
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			<transactionDate>
				<value>2003-07-25</value>
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			<deemedExecutionDate>
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			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
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			<transactionAmounts>
				<transactionShares>
					<value>900</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>22.11</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>100926.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
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					<value/>
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		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
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			<transactionDate>
				<value>2003-07-25</value>
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			<deemedExecutionDate>
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			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>1100</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>22.12</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>99826.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
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				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
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		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
			</securityTitle>
			<transactionDate>
				<value>2003-07-25</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>100</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>22.13</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>99726.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
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				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
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		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
			</securityTitle>
			<transactionDate>
				<value>2003-07-25</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>100</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>22.20</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>99626.00</value>
				</sharesOwnedFollowingTransaction>
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			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
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				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
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		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
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			<transactionDate>
				<value>2003-07-25</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>10000</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>22.22</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>89626.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
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		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
			</securityTitle>
			<transactionDate>
				<value>2003-07-25</value>
			</transactionDate>
			<deemedExecutionDate>
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			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
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			<transactionAmounts>
				<transactionShares>
					<value>2100</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>22.23</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
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			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>87526.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
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				<natureOfOwnership>
					<value/>
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		</nonDerivativeTransaction>
		<nonDerivativeHolding>
			<securityTitle>
				<value>Common Stock</value>
			</securityTitle>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>1721.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>I</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value>By 401(k)</value>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeHolding>
	</nonDerivativeTable>
	<derivativeTable>
		<derivativeTransaction>
			<securityTitle>
				<value>Stock Option (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>19.32</value>
			</conversionOrExercisePrice>
			<transactionDate>
				<value>2003-07-25</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>M</transactionCode>
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			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>11628</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>0</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<exerciseDate>
				<value>1998-08-11</value>
			</exerciseDate>
			<expirationDate>
				<value>2003-08-11</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>11628.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>0.00</value>
				</sharesOwnedFollowingTransaction>
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			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeTransaction>
		<derivativeTransaction>
			<securityTitle>
				<value>Stock Option (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>11.50</value>
			</conversionOrExercisePrice>
			<transactionDate>
				<value>2003-07-25</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>M</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
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			<transactionAmounts>
				<transactionShares>
					<value>87221</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>0</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<exerciseDate>
				<value>1999-10-19</value>
			</exerciseDate>
			<expirationDate>
				<value>2004-10-19</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>Common Stock</value>
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				<underlyingSecurityShares>
					<value>87221.00</value>
				</underlyingSecurityShares>
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			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>29074.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
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				<natureOfOwnership>
					<value/>
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		</derivativeTransaction>
	</derivativeTable>
	<footnotes>
	</footnotes>
	<remarks>
	</remarks>
	<ownerSignature>
		<signatureName>By: Barbara J. Lucas, Attorney-in-Fact</signatureName>
		<signatureDate>2003-07-28</signatureDate>
	</ownerSignature>
</ownershipDocument>
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X0201
4
2003-07-25
0
0000097745
THERMO ELECTRON CORP
TMO
0001216078
MELAS KYRIAZI THEO
81 WYMAN ST
POST OFFICE BOX 9046
WALTHAM
MA
02454
0
1
0
0
VP & Chief Financial Officer
Common Stock
2003-07-25
4
M
0
11628
19.32
A
94264.00
D
Common Stock
2003-07-25
4
M
0
87221
11.50
A
181485.00
D
Common Stock
2003-07-25
4
F
0
68959
22.30
D
112526.00
D
Common Stock
2003-07-25
4
S
0
4000
22.06
D
108526.00
D
Common Stock
2003-07-25
4
S
0
2200
22.07
D
106326.00
D
Common Stock
2003-07-25
4
S
0
700
22.09
D
105626.00
D
Common Stock
2003-07-25
4
S
0
3800
22.10
D
101826.00
D
Common Stock
2003-07-25
4
S
0
900
22.11
D
100926.00
D
Common Stock
2003-07-25
4
S
0
1100
22.12
D
99826.00
D
Common Stock
2003-07-25
4
S
0
100
22.13
D
99726.00
D
Common Stock
2003-07-25
4
S
0
100
22.20
D
99626.00
D
Common Stock
2003-07-25
4
S
0
10000
22.22
D
89626.00
D
Common Stock
2003-07-25
4
S
0
2100
22.23
D
87526.00
D
Common Stock
1721.00
I
By 401(k)
Stock Option (Right to Buy)
19.32
2003-07-25
4
M
0
11628
0
D
1998-08-11
2003-08-11
Common Stock
11628.00
0.00
D
Stock Option (Right to Buy)
11.50
2003-07-25
4
M
0
87221
0
D
1999-10-19
2004-10-19
Common Stock
87221.00
29074.00
D
By: Barbara J. Lucas, Attorney-in-Fact
2003-07-28