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                            UNITED STATES                    OMB APPROVAL
                  SECURITIES AND EXCHANGE COMMISSION  --------------------------
                                                        OMB Number: 3235-0145
                       WASHINGTON, D.C. 20549         --------------------------
                                                      Expires: December 31, 2005
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                                                      Estimated average burden
                             SCHEDULE 13G             hours per response...11
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              UNDER THE SECURITIES EXCHANGE ACT OF 1934
                          (AMENDMENT NO.  )*

                          One Liberty Properties, Inc.
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                                (Name of Issuer)

                                  Common Stock
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                         (Title of Class of Securities)

                                    682406103
            --------------------------------------------------------
                                 (CUSIP Number)

                                    8/31/2004
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             (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. 682406103
         --------------

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  1. Names of Reporting Persons
     I.R.S. Identification Nos. of above persons (entities only).
     K. G. Redding & Associates, LLC

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  2. Check the Appropriate Box if a Member of a Group (See Instructions)
                                                                       (a)  / /
                                                                       (b)  / /

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  3. SEC Use Only

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  4. Citizenship or Place of Organization
     Delaware

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Number of Shares           5. Sole Voting Power
Beneficially Owned by         24,100
Each Reporting Person
With                       ----------------------------------------------------
                           6. Shared Voting Power
                              0

                           ----------------------------------------------------
                           7. Sole Dispositive Power
                              24,100

                           ----------------------------------------------------
                           8. Shared Dispositive Power
                              0

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  9. Aggregate Amount Beneficially Owned by Each Reporting Person
     24,100

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 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
     Instructions)  / /

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 11. Percent of Class Represented by Amount in Row (9)
     0.2%

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 12. Type of Reporting Person (See Instructions)
     IA

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ITEM 1.

     (a)  Name of Issuer
          One Liberty Properties, Inc.

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     (b)  Address of Issuer's Principal Executive Offices
          60 Cuttermill Road, Great Neck, NY 11021

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ITEM 2.

     (a)  Name of Person Filing
          K. G. Redding & Associates, LLC

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     (b)  Address of Principal Business Office or, if none, Residence
          One North Wacker Drive, Suite 4343, Chicago, IL 60606-2841

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     (c)  Citizenship
          a Delaware Limited Liability Company

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     (d)  Title of Class of Securities
          Common Stock

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     (e)  CUSIP Number
          682406103

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ITEM 3.   IF THIS STATEMENT IS FILED PURSUANT TO SECTIONS 240.13d-1(b) or
          240.13d-2(b) or (c), CHECK WHETHER THE PERSON FILING IS A:

               / / Not applicable

          (a)  / / 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/ An investment adviser in accordance with Section
                   240.13d-1(b)(1)(ii)(E);

          (f)  / / An employee benefit plan or endowment fund in accordance
                   with Section 240.13d-1(b)(1)(ii)(F);

          (g)  / / A parent holding company or control person in accordance
                   with Section 240.13d-1(b)(1)(ii)(G);

          (h)  / / A savings association 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

Provide the following information regarding the aggregate number and percentage
of the class of securities of the issuer identified in Item 1.

          (a)  Amount beneficially owned:
               24,100

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          (b)  Percent of Class:
               0.2%

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          (c)  Number of shares as to which the person has:

                  (i)   Sole power to vote or to direct the vote
                        24,100

                  -------------------------------------------------------------
                  (ii)  Shared power to vote or to direct the vote
                        0.

                  -------------------------------------------------------------
                  (iii) Sole power to dispose or to direct the disposition of
                        24,100

                  -------------------------------------------------------------
                  (iv)  Shared power to dispose or to direct the disposition of
                        0.

                  -------------------------------------------------------------

INSTRUCTION. For computations regarding securities which represent a right to
acquire an underlying security SEE Section 240.13d3(d)(1).

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 / /.
INSTRUCTION: Dissolution of a group requires a response to this item.

ITEM 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

If any other person is known to have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of, such
securities, a statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class, such
person should be identified. A listing of the shareholders of an investment
company registered under the Investment Company Act of 1940 or the beneficiaries
of employee benefit plan, pension fund or endowment fund is not required. All
securities reported upon the Schedule are owned by investment advisory
clients of K. G. Redding & Associates, LLC, no one of which to the knowledge
of K. G. Redding & Associates, LLC owns 5% or more of the class.

ITEM 7.   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
          THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR
          CONTROL PERSON

If a parent holding company has filed this schedule, pursuant to Rule
13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the
identity and the Item 3 classification of the relevant subsidiary. If a parent
holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule
13d-1(d), attach an exhibit stating the identification of the relevant
subsidiary.

ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

If a group has filed this schedule pursuant to Section 240.13d-1(b)(1)(ii)(J),
so indicate under Item 3(j) and attach an exhibit stating the identity and
Item 3 classification of each member of the group. If a group has filed this
schedule pursuant to Section 240.13d-1(c) or Section 240.13d-1(d), attach an
exhibit stating the identity of each member of the group.



ITEM 9.   NOTICE OF DISSOLUTION OF GROUP

Notice of dissolution of a group may be furnished as an exhibit stating the date
of the dissolution and that all further filings with respect to transactions in
the security reported on will be filed, if required, by members of the group, in
their individual capacity. See Item 5.

ITEM 10.  CERTIFICATION

          (a)  The following certification shall be included if the statement is
               filed pursuant to Section 240.13d-1(b):

               By signing below I certify that, to the best of my knowledge and
/X/            belief, the securities referred to above were acquired and are
               held in the ordinary course of business and were not acquired and
               are not held for the purpose of or with the effect of changing or
               influencing the control of the issuer of the securities and were
               not acquired and are not held in connection with or as a
               participant in any transaction having that purpose or effect.

          (b)  The following certification shall be included if the statement is
               filed pursuant to Section 240.13d-1(c):

/ /            By signing below I certify that, to the best of my knowledge and
               belief, the securities referred to above were not acquired and
               are not held for the purpose of or with the effect of changing or
               influencing the control of the issuer of the securities and were
               not acquired and are not held in connection with or as a
               participant in any transaction having that purpose or effect.

/ /            Not applicable



                                    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.

                                                  9/14/2004
                                     -----------------------------------------
                                                     Date

                                                Kim G. Redding
                                     -----------------------------------------
                                                   Signature

                                             Chief Executive Officer
                                     -----------------------------------------
                                                   Name/Title