UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
OMB APPROVAL
OMB NUMBER: 3235-0145
Expires: December 31, 2005
Estimated average burden
hours per response....11
_____________________________
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. ______11_____________)*
STRATUS PROPERTIES, INC.
-----------------------------------------------------
(Name of Issuer)
COMMON STOCK
-----------------------------------------------------
(Title of Class of Securities)
863167201
-----------------------------------------------------
(CUSIP Number)
12/31/03
-----------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X] Rule 13d-1(b)
[] Rule 13d-1(c)
[] Rule 13d-1(d)
----------
*The remainder of this cover page shall be filled out for a reporting person's
initial filing 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 Exchange 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).
CUSIP No. 863167201
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON(S)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)
INGALLS & SNYDER LLC
13-5156620
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ x ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK STATE
--------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,168,698
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,168,698
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
16.4%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
BD, IA
--------------------------------------------------------------------------------
CUSIP No. 863167201
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON(S)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)
ROBERT L. GIPSON
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ x ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
--------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 132,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 132,000
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
934,100
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,066,100
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
15%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
Item 1. (a) Name of Issuer:
STRATUS PROPERTIES, INC.
--------------------------------------------------------------
(b) Address of Issuer's Principal Executive Offices:
98 SAN JACINTO BLVD
SUITE 220
AUSTIN, TX 78701
--------------------------------------------------------------
Item 2. (a) Name of Person Filing:
INGALLS & SNYDER LLC (INGALLS),
ROBERT L. GIPSON (GIPSON)
--------------------------------------------------------------
(b) Address of Principal Business Office, or if None, Residence:
INGALLS, 61 BROADWAY, NEW YORK, NY 10006
GIPSON C/O INGALLS, 61 BROADWAY, NEW YORK NY 10006
--------------------------------------------------------------
(c) Citizenship:
See Item 4 of the Cover sheet for each filer
--------------------------------------------------------------
(d) Title of Class of Securities:
COMMON STOCK
--------------------------------------------------------------
(e) CUSIP Number:
863167201
--------------------------------------------------------------
Item 3. If this statement is filed pursuant to Rules 240.13d-(1), or
13d-2(b) or (c), check whether the person filing is a:
(a) [X] Broker or Dealer registered under Section 15 of the
Act, (15 U.S.C 78o)
(b) [ ] Bank as defined in Section 3(a)(6) of the
Act, (15 U.S.C 78c)
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act, (15 U.S.C 78c)
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940 (15 U.S.C 80a-8)
(e) [x] Investment Adviser in accordance with Section
240.13d-1(b)(1)(ii)(E)
(f) [ ] Employee Benefit Plan or endowment fund in accordance
to Section 240.13d-1(b)(ii)(F)
(g) [ ] A parent holding company or control person in
accordance with Section 240.13d-1(b)(1)(ii)(G)
(h) [ ] A savings associations as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C 1813)
(i) [ ] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of
the Investment Company Act of 1940 (15 U.S.C 80a-3)
(j) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J)
Item 4. Ownership.
(a) Amount beneficially owned: 1,168,698 for Ingalls
1,066,100 for Gipson -----,
(b) Percent of class: 16.4% for Ingalls
15% for Gipson --------------,
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
0 for Ingalls
132,000 for Gipson
(ii) Shared power to vote or to direct the vote
0 for Ingalls,
0 for Gipson---,
(iii) Sole power to dispose or to direct the disposition of
0 for Ingalls,
132,000 for Gipson,
(iv) Shared power to dispose or to direct the disposition of
1,168,698 for Ingalls
934,100 for Gipson
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [ ].
INAPPLICABLE
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Securities reported under Shared Dispositve Power for Ingalls and Gipson
include securities owned by clients of Ingalls & Snyder LLC, a registered
broker dealer and a registered investment advisor, in accounts over which
Gipson and other employees hold discretionary investment authority.
Robert L. Gipson is a senior director of Ingalls. Shares reported under sole
voting and sole dispositive power are shares owned directly by Gipson
or entities over which he holds investment and voting authority.
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security Being Reported on By the Parent Holding Company.
INAPPLICABLE
Item 8. Identification and Classification of Members of the Group.
INAPPLICABLE
Item 9. Notice of Dissolution of Group.
INAPPLICABLE
Item 10. Certification.
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
purpose or effect.
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.
Date: 2/5/04
INGALLS & SNYDER LLC
BY:
/S/ Edward H. Oberst
----------------------------------
(Signature)*
Edward H. Oberst
Managing Director
----------------------------------
(Name/Title)
BY:
/s/ ROBERT L. GIPSON
----------------------------------
(Signature)*
ROBERT L. GIPSON
* Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
INDEX TO EXHIBITS PAGE
----------------- ----
EXHIBIT 1 Agreement to Make a Joint Filing 7
EXHIBIT 1 TO SCHEDULE 13G
-------------------------
2/5/04
-------------------------
The undersigned hereby agree that this Schedule 13g is filed on behalf of each
of the parties.
Date: 2/5/2004
INGALLS & SNYDER LLC
BY:
/s/ EDWARD H. OBERST
----------------------------------
(Signature)*
EDWARD H. OBERST
MANAGING DIRECTOR
----------------------------------
Date: 2/5/2004
/s/ ROBERT L. GIPSON
----------------------------------
(Signature)*
ROBERT L. GIPSON