(1) The percentages in this Schedule 13D are calculated based upon 21,340,519 shares of Common Stock issued and outstanding as of
February 22, 2003, as reflected in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission
on March 28, 2003.

This statement on Schedule 13D (this "Schedule 13D") is being filed by Third Avenue Management LLC ( the "Reporting Person")
and related to the common stock, $.01 par value per share (the "Common Stock"), of Electroglas, Inc., a Delaware corporation (the "Company").
This Schedule 13D supercedes the Schedule 13G initially filed by the Reporting Person on February 13, 1997 (as subsequently amended)
with respect to the Common Stock.


Item 1.	Security and Issuer
This Schedule 13D relates to the Common Stock and is being filed pursuant to Rules 13d-1 and 13d-5 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The address of the principal executive offices of the Company is 6024 Silver Creek Valley Road San Jose, CA 95138

Item 2.	Identity and Background
	(a)	This statement is filed by the Reporting Person.
	(b)	The address of the principal business and principal office is: 622 Third Avenue, 32nd Floor, New York, NY 10017
	(c)	The principal business of the Reporting Person, a registered investment advisor under Section 203 of the Investment Advisors Act of 1940, is to invest funds on a discretionary basis on behalf of investment companies registered under the Investment Company Act of 1940, and on behalf of individually managed separate accounts.
	(d)	Neither the Reporting Person nor, to the best of its knowledge, any of its management committee members, executive officers, or members has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
	(f)	The Reporting Person is a limited liability company organized under the laws of the State of Delaware.

Item 3.	Source and Amount of Funds or Other Consideration
The Reporting Person is a registered investment adviser that acts as direct adviser to certain investment companies, as a sub-adviser to certain other investment companies, and as an adviser to separately managed accounts. Certain portfolios of these investment companies have used working capital to purchase shares of the Company upon the orders of the Reporting Person acting as adviser or sub-adviser. Advised Funds: Third Avenue Value Fund, an investment company registered under the Investment Company Act of 1940 has expended $31,468,497 to acquire 2,031,600 shares of Common Stock; Third Avenue Value Portfolio of the AEGON/Transamerica Series, an investment company registered under the Investment Company Act of 1940, has expended $3,259,429 to acquire 190,800 shares of Common Stock; various separately managed accounts have expended $3,744,095 to acquire 252,793 shares of Common Stock. The Reporting Person has the ability to vote either directly or indirectly all shares of Common Stock held by the investment companies listed above in this Item 3. For sub-advisory relationships, the Reporting Person instructs the primary advisor on how to vote shares; otherwise the Reporting Person will instruct each Fund's custodian on how to vote fund shareholding positions. Each investment company may be deemed to be an affiliate of each other by virtue of the Reporting Person's discretionary management and control over its fund assets with the exception of certain separately managed accounts. In the case of certain separately managed accounts, voting authority is retained by the account holder, which is under no obligation to follow the Reporting Person's advice. Each investment company may be deemed to be an affiliate of each other by virtue of the Reporting Person's discretionary management and control over its fund assets.
Item 4.	Purpose of Transaction
The Reporting Person originally acquired the shares of Common Stock for investment purposes and previously reported its beneficial ownership of such shares on Schedule 13G. The Reporting Person is now reporting beneficial ownership of the shares of Common Stock on Schedule 13D for reasons set forth below in this item 4. The Reporting Person has become increasingly concerned with the Company's performance. Accordingly the Reporting Person has transmitted today a letter to the Company's Board of Directors. This letter urges, among other things, that the following actions be taken by the Board of Directors: 1) Hire an investment banker to aid the Board in seeking strategic alternatives for the Company, including replacement of the current CEO or sale of the Company, in whole or in part. 2) Eliminate all corporate "shark repellants" that serve to entrench management in office, including the poison pill, staggered board of directors, blank check preferred stock provisions, and change of control provisions. The complete text of this letter is attached as Exhibit 1 to this Schedule 13D. The Reporting Person has no present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D except as set forth herein. However, consistent with the Reporting Person's interest in protecting its investment in the Company, the Reporting Person intends to closely monitor its investment in the Company on a continuing basis and may seek to have discussions with third parties, including other shareholders of the Company, or with management or members of the Board of Directors of the Company, regarding ways of improving the Company's performance, and enhancing shareholder value. In addition, depending on various factors, including, without limitation, the Company's financial position and business strategy, the conduct of management and the Board of Directors of the Company, the price levels of the Common Stock, conditions in the securities market and general economic and industry conditions and alternative business and investment opportunities available to the Reporting Person, the Reporting Person may in the future take other actions to protect its investment in the Company as it deems appropriate, including, without limitation, proposing one or more nominees for election to the Board of Directors of the Company (and soliciting proxies in connection therewith), making proposals to the Company concerning the capitalization, compensation levels of senior management, management changes, and operations of the Company, purchasing additional shares of Common Stock or selling some or all of its shares of Common Stock or changing its intention with respect to any and all matters referred to in this Item 4.
Item 5.	Interest in Securities of the Issuer
	(a) & (b)	The Reporting Person possesses voting and dispositive control over shares of Common Stock held by the Investment Companies named in this Schedule 13D under its discretionary authority. The Reporting Person is either the sole investment advisor, sub-investment advisor, or part of a team of other investment advisors who manage investment companies. The percentages used in this Item 5 and in the rest of this Schedule 13D are calculated based upon 21,340,519 shares of Common Stock issued and outstanding as of February 22, 2003, as reflected in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 28,2003.
		A. Third Avenue Value Fund (a) Amount beneficially owned: 2,031,600 shares. (b) Percent of class: 9.5%. (c) Number of shares as to which such Reporting Person has: (i) Sole power to vote or direct the vote: 2,031,600 (ii) Shared power to vote or direct the vote: 0 (iii) Sole power to dispose or direct the disposition: 2,031,600 (iv) Shared power to dispose or direct the disposition: 0 B. Third Avenue Value Portfolio of the AEGON/Transamerica Series (a) Amount beneficially owned: 190,800 (b) Percent of class: 0.9% (c) Number of shares as to which such Reporting Person has: (i) Sole power to vote or direct the vote: 190,800 (ii) Shared power to vote or direct the vote: 0 (iii) Sole power to dispose or direct the disposition: 190,800 (iv) Shared power to dispose or direct the disposition: 0 C. Third Avenue Management Separately Managed Accounts (a) Amount beneficially owned: 252,793 (b) Percent of class: 1.2% (c) Number of shares as to which such Reporting Person has: (i) Sole power to vote or direct the vote: 240,513 (ii) Shared power to vote or direct the vote: 0 (iii) Sole power to dispose or direct the disposition: 252,793 (iv) Shared power to dispose or direct the disposition: 0
	(c)	Third Avenue Value Fund Date Shares Purchased Shares Sold Price Per Share 4/01/03 115,700 0.84 4/02/03 134,300 0.85 4/04/03 593,100 2.33 Third Avenue Value Portfolio of the AEGON/Transamerica Series Date Shares Purchased Shares Sold Price Per Share 4/01/03 9,300 0.84 4/02/03 10,700 0.85 4/04/03 55,700 2.33 Third Avenue Management LLC Separately Managed Accounts Date Shares Purchased Shares Sold Price Per Share 2/07/03 300 1.17 2/11/03 525 1.17 2/13/03 200 1.17 2/19/03 800 1.20 2/20/03 225 1.15 2/21/03 8,475 1.0945 3/14/03 1,250 1.09 3/17/03 450 1.03 3/19/03 200 1.04 3/25/03 1,300 0.99 3/26/03 1,775 0.92 3/27/03 575 0.93 4/04/03 17,000 2.16 --Prices shown are an average price of transactions executed on that day. All of the transactions set forth above were effected in open market transactions. Transactions were executed in "over-the-counter" market, and certain transactions were executed through its affiliated broker/dealer M.J. Whitman LLC. Except as set forth above, during during the last sixty days there were no other transactions in the Common Stock effected by the investment companies named above, nor, to the best of their knowledge, any of their directors, executive officers, or members.
	(d)	No 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 Common Stock other than the investment companies named above.
	(e)	Not Applicable.

Item 6.	Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Not Applicable

Item 7.	Material to Be Filed as Exhibits
	Exhibit 1 Letter dated April 7, 2003 from Third Avenue Management LLC to Electroglas, Inc. Board of Directors

CUSIP No.

	1.	Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only):
		THIRD AVENUE MANAGEMENT LLC (EIN 01-0690900)

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)	[ ]
		(b)	[ ]

	3.	SEC Use Only

	4.	Source of Funds (See Instructions): WC

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) [ ]

	6.	Citizenship or Place of Organization: United States

Number of Shares Beneficially Owned by Each Reporting Person With
		7.	Sole Voting Power: 2,462,913

		8.	Shared Voting Power: 0

		9.	Sole Dispositive Power: 2,475,193

		10.	Shared Dispositive Power: 0

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person: 2,475,193

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]

	13.	Percent of Class Represented by Amount in Row (11): 11.6%(1)

	14.	Type of Reporting Person (See Instructions): IA