We have studied the production of prompt electrons in high statistics sample (118 pb-1) of multihadron events produced in electron positron annihilations at 29 Gev. The experiment was performed using the DELCO facility on the PEP storage ring at SLAC. Electron identification was done primarily with a large acceptance threshold Čerenkov counter. Both the momentum and the transverse momentum spectra are measured in terms of a differential cross section for electrons having momenta in the range 0.5 < P < 5.5 Gev/c. We measure the inclusive cross section in this momentum range to be 35.8±3.1 pb. The final distribution of candidates in the P – P⊥ plane are fit well using a Monte Carlo having a combination of bottom and charm quark decays with the semielectronic branching ratios of (15.0±2.9)% and (8.9±1.4)%. We observe no evidence of electron production from new sources and determine a cross section upper limit of 11.6 pb (90% CL) for this process. We find that the fragmentation functions are hard for both b and c quarks, characterized by the values