-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 UnvMo9vTRjXV463gdIx/yQLSQVJp3nR5t2727Lh7mn/eIiXtUWvgkiCIqAdcZLSN
 uTujsCR0yGDDuJs+TO47Bw==

<SEC-DOCUMENT>0001181431-04-003299.txt : 20040120
<SEC-HEADER>0001181431-04-003299.hdr.sgml : 20040119
<ACCEPTANCE-DATETIME>20040120161835
ACCESSION NUMBER:		0001181431-04-003299
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040120
FILED AS OF DATE:		20040120

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DOUGLASS SAM P
		CENTRAL INDEX KEY:			0001181754

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		04532807

	MAIL ADDRESS:	
		STREET 1:		2929 ALLEN PARKWAY
		STREET 2:		STE 2500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77019

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS II INC
		CENTRAL INDEX KEY:			0000878932
		IRS NUMBER:				760345915
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2929 ALLEN PKWY STE 2500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77019
		BUSINESS PHONE:		7135290900

	MAIL ADDRESS:	
		STREET 1:		2929 ALLEN PARKWAY
		STREET 2:		STE 2500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77019
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd29580.xml
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2004-01-20</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000878932</issuerCik>
        <issuerName>EQUUS II INC</issuerName>
        <issuerTradingSymbol>EQS</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001181754</rptOwnerCik>
            <rptOwnerName>DOUGLASS SAM P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2929 ALLEN PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 2500</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>CEO</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2004-01-16</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1"/></transactionCoding><transactionAmounts><transactionShares><value>1786</value></transactionShares><transactionPricePerShare><value>7.919</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>21216</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershi
pNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2004-01-16</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1"/></transactionCoding><transactionAmounts><transactionShares><value>3599</value></transactionShares><transactionPricePerShare><value>7.919</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>43191</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Shares owned by a trust which Mr. Douglass is the beneficiary.</value></natureOfOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransact
ion><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2004-01-16</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1"/></transactionCoding><transactionAmounts><transactionShares><value>3713</value></transactionShares><transactionPricePerShare><value>7.919</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>44561</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Shares owned by a trust which Mr. Douglass&amp;apos; wife is the beneficiary.</value></natureOfOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Stock</va
lue></securityTitle><transactionDate><value>2004-01-16</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1"/></transactionCoding><transactionAmounts><transactionShares><value>2567</value></transactionShares><transactionPricePerShare><value>7.919</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>30827</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Held by wife</value></natureOfOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>74478</value></sharesOwnedF
ollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>See footnote 2</value><footnoteId id="F2"/></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>205296</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>See footnote 3</value><footnoteId id="F3"/></natureOfOwnership></ownershipNature></nonDerivativeHolding></nonDerivativeTable><footnotes><footnote id="F1">Dividend paid in stock</footnote><footnote id="F2">Shares owned by trusts for the benefit of member of Mr. Douglass' family of which Mr. Douglass is the Trustee and a lifetime beneficiary.</footnote><footnote id="F3">Shares owned by Equus Corporation International ("ECI") of
 which Mr. Douglass is the Chairman and the CEO.  Mr. Douglass disclaims beneficial ownership of all shares not directly owned by him.</footnote></footnotes><ownerSignature><signatureName>Dana Hiller</signatureName><signatureDate>2004-01-20</signatureDate></ownerSignature></ownershipDocument>



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</SEC-DOCUMENT>
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