-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BHTpCLvmMkcqDm4UyAHv907pjI5pLM5fYRjEOFSqahdXFDCxnBvLNYSAQxy3bsxH
 t9Lw/KJFW1Dff0mRYVrGhA==

<SEC-DOCUMENT>0001179110-03-008304.txt : 20031002
<SEC-HEADER>0001179110-03-008304.hdr.sgml : 20031002
<ACCEPTANCE-DATETIME>20031002154337
ACCESSION NUMBER:		0001179110-03-008304
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031001
FILED AS OF DATE:		20031002

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GRIMES MICHAEL L
		CENTRAL INDEX KEY:			0001190033

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11443
		FILM NUMBER:		03924267

	BUSINESS ADDRESS:	
		STREET 1:		C/O STEWART & STEVENSON SERVICES INC
		STREET 2:		P O BOX 1637
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77251-1637
		BUSINESS PHONE:		7138687606

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEWART & STEVENSON SERVICES INC
		CENTRAL INDEX KEY:			0000094328
		STANDARD INDUSTRIAL CLASSIFICATION:	ENGINES & TURBINES [3510]
		IRS NUMBER:				741051605
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0131

	BUSINESS ADDRESS:	
		STREET 1:		2707 N LOOP W
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77008
		BUSINESS PHONE:		7138687700

	MAIL ADDRESS:	
		STREET 1:		P O BOX 1637
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77251-1637
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-10-01</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000094328</issuerCik>
        <issuerName>STEWART &amp; STEVENSON SERVICES INC</issuerName>
        <issuerTradingSymbol>SVC</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001190033</rptOwnerCik>
            <rptOwnerName>GRIMES MICHAEL L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>P. O. BOX 1637</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77251-1637</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>1</isOther>
<officerTitle></officerTitle>
<otherText>Former Pres., CEO &amp; Director</otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable></nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>Employee stock option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>8.9063</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-10-01</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>D</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>96000</value>
</transactionShares>
<transactionPricePerShare><value>4.18</value>
<footnoteId id="F1"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2000-04-20</value>
</exerciseDate>
<expirationDate><value>2009-04-20</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>96000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>Employee stock option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>9.5625</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-10-01</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>D</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>125000</value>
</transactionShares>
<transactionPricePerShare><value>4.18</value>
<footnoteId id="F1"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2001-03-16</value>
</exerciseDate>
<expirationDate><value>2010-03-16</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>125000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>Employee stock option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>17.92</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-10-01</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>D</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>75000</value>
</transactionShares>
<transactionPricePerShare><value>4.18</value>
<footnoteId id="F1"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-04-19</value>
</exerciseDate>
<expirationDate><value>2012-04-19</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>75000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>Employee stock option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>17.92</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-10-01</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>D</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>30000</value>
</transactionShares>
<transactionPricePerShare><value>4.18</value>
<footnoteId id="F1"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-04-19</value>
</exerciseDate>
<expirationDate><value>2012-04-19</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>30000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>Employee stock option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>17.92</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-10-01</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>D</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>20000</value>
</transactionShares>
<transactionPricePerShare><value>4.18</value>
<footnoteId id="F1"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-04-19</value>
</exerciseDate>
<expirationDate><value>2012-04-19</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>20000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>Employee stock option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>9.70</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-10-01</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>D</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>38250</value>
</transactionShares>
<transactionPricePerShare><value>4.18</value>
<footnoteId id="F1"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2004-03-07</value>
</exerciseDate>
<expirationDate><value>2013-03-07</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>38250</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>Employee stock option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>20.25</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-10-01</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>D</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>70000</value>
</transactionShares>
<transactionPricePerShare><value>4.18</value>
<footnoteId id="F1"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2002-03-22</value>
</exerciseDate>
<expirationDate><value>2011-03-22</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>70000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes><footnote id="F1">The Company paid a lump sum amount of $1,900,000 in consideration for the cancellation of 454,250 stock options held by Mr. Grimes, which constitutes all of Mr. Grimes' Company stock options.</footnote>
</footnotes>
<ownerSignature><signatureName>Michael L. Grimes, By:  Rita Schaulat, attorney-in-fact</signatureName>
<signatureDate>2003-10-02</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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