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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DnGXFWSpO1S2oQr8zEU2oFaUhhen+ZBJ7p6DiQ+zzVepfXZXWa+2iI6xg0WYeNGE
 d7OdnW0S+1ptg+bsgxKhtw==

<SEC-DOCUMENT>0000921895-08-001226.txt : 20080424
<SEC-HEADER>0000921895-08-001226.hdr.sgml : 20080424
<ACCEPTANCE-DATETIME>20080424171355
ACCESSION NUMBER:		0000921895-08-001226
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080415
FILED AS OF DATE:		20080424
DATE AS OF CHANGE:		20080424

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Aramian Martha
		CENTRAL INDEX KEY:			0001433223

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08445
		FILM NUMBER:		08775191

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		(210) 344-3400

	MAIL ADDRESS:	
		STREET 1:		C/O THE LION FUND, L.P.
		STREET 2:		9311 SAN PEDRO AVENUE, SUITE 1440
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78216

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEAK & SHAKE CO
		CENTRAL INDEX KEY:			0000093859
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				370684070
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			0924

	BUSINESS ADDRESS:	
		STREET 1:		36 S PENNSYLVANIA ST
		STREET 2:		CENTURY BLDG - 500
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46236
		BUSINESS PHONE:		3176334100

	MAIL ADDRESS:	
		STREET 1:		36 S PENNSYLVANIA ST
		STREET 2:		CENTURY BLDG - 500
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONSOLIDATED PRODUCTS INC /IN/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STEAK N SHAKE INC
		DATE OF NAME CHANGE:	19840529
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>ara21.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2008-04-15</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000093859</issuerCik>
        <issuerName>STEAK &amp; SHAKE CO</issuerName>
        <issuerTradingSymbol>SNS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001433223</rptOwnerCik>
            <rptOwnerName>Aramian Martha</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O THE LION FUND, L.P.</rptOwnerStreet1>
            <rptOwnerStreet2>9311 SAN PEDRO AVENUE, SUITE 1440</rptOwnerStreet2>
            <rptOwnerCity>SAN ANTONIO</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78216</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $.50</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>106862</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Held by the Reporting Person through the Martha Aramian Revocable Trust, of which she is the sole trustee.</footnote>
        <footnote id="F2">As a member of a &quot;group&quot; for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the Reporting Person may be deemed to beneficially own 3,135,427 shares, or approximately 11.0%, of the Issuer's Common Stock owned in the aggregate by the members of the Section 13(d) group.  The Reporting Person disclaims beneficial ownership of the shares of the Issuer's Common Stock owned by the other members of the Section 13(d) group except to the extent of her pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>By: /s/ Sardar Biglari, as Attorney in Fact for Martha Aramian</signatureName>
        <signatureDate>2008-04-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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