FORM 4
[  ]  Check this box if no longer
       subject to Section 16. Form
       4 or Form 5 obligations
       may continue.
       See Instruction 1(b).
(Print or Type Responses) UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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(f) of the Investment Company Act of 1940        OMB APPROVAL
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1. Name and Address of Reporting Person*                  Knight,     Charles     F.	2. Issuer Name and Ticker or Trading Symbol      Emerson Electric Co. — EMR		6. Relationship of Reporting Person(s) to Issuer                               (Check all applicable)  X  Director                              ___ 10% Owner  X  Officer (give title below)    ___ Other (specify below)       Chairman
(Last)          (First)        (Middle) c/o Emerson Electric Co. 8000 W. Florissant	3. I.R.S. Identification     Number of Reporting     Person, if an entity     (Voluntary)	4. Statement for     Month/Day/Year        December 16, 2002
(Street) St. Louis, Missouri 63136		5. If Amendment,     Date of Original     (Month/Year)	7. Individual or Joint/Group Filing     (Check Applicable Line)      X  Form filed by One Reporting Person     __ Form filed by More than One Reporting Person
(City)          (State)        (Zip)	Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security     (Instr. 3)	2. Transaction     Date     (Month/     Day/     Year)	2A. Deemed     Execution     Date, if     any     (Month/     Day/     Year)	3. Transaction     Code     (Instr. 8)		4. Securities Acquired (A)     or Disposed of (D)     (Instr. 3, 4 and 5)			5. Amount of     Securities     Beneficially     Owned     Following     Reported     Trans-     action(s)     (Instr. 3     and 4)	6. Ownership     Form:     Direct (D)     or     Indirect (I)     (Instr. 4)	7. Nature of     Indirect     Beneficial     Ownership     (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/12/02		M		4,698 (1)	A	42.5625	1,380,381	D
								8,799	I	401(k) Plan
								11,092	I	401(k) Excess Plan

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).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. (Over)
SEC 1474 (9-02)

Form 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of     Derivative     Security     (Instr. 3)

2. Conversion     or     Exercise     Price of     Derivative     Security

3. Transaction     Date     (Month/     Day/     Year)

3A. Deemed     Execution     Date, if     any     (Month/     Day/     Year)

4. Transaction     Code     (Instr. 8)

5. Number     of     Derivative     Securities     Acquired     (A) or     Disposed     of (D)     (Instr. 3,     4, and 5)

6. Date     Exercisable     and     Expiration     Date     (Month/Day/     Year)

7. Title and Amount     of Underlying     Securities     (Instr. 3 and 4)

8. Price of     Derivative     Security     (Instr. 5)

9. Number     of     Derivative     Securities     Owned     Following     Reported     Trans-     action(s)     (Instr. 4)

10. Ownership     Form of     Derivative     Security:     Direct     (D) or     Indirect     (I)     (Instr. 4)

11. Nature     of     Indirect     Beneficial     Ownership     (Instr. 4)

Code

V

(A)

(D)

Date Exerci- sable

Expira- tion Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy)

42.5625

12/12/02

M

4,698 (1)

(2)

3/6/2010

Common Stock

4,698

95,302

D

Explanation of Responses:

(1)  Exercise of option exempt under Rule 16b-3.
(2)  Option vests in 1/3 increments beginning October 6, 2001.

		/s/ Harley M. Smith	12/16/02
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).	Harley M. Smith, Attorney-in-Fact for Charles F. Knight	Date
		** Signature of Reporting Person
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