RYDER SYSTEM INC — Director's Dealing 2004

Oct 5, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-10-03

Reporting Person: LEINBACH TRACY A (Exec. Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-10-03	Common Stock	F	529	$47.28	Disposed	24587	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	500	Indirect
Common Stock	2724	Indirect
Common Stock	1628	Indirect

Footnotes

F1: Represents shares of common stock withheld upon the vesting of restricted stock units for the payment of the related tax liability.

F2: Includes shares of common stock acquired by the reporting person under the Company's dividend reinvestment plan.