Exhibit 11A

                    GATX CORPORATION AND SUBSIDIARIES
                                    


           COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK
                      AND COMMON STOCK EQUIVALENTS
                                    
                  In Millions, Except Per Share Amounts
                                       
                                            Three Months Ended    Nine Months Ended
                                               September 30         September 30
                                             1995       1994      1995      1994
                                            ------     ------     -----     ----
                                                              
Average number of shares of
  Common Stock outstanding                    20.1     19.9       20.0      19.8

Shares issuable upon assumed exercise 
  of stock options, reduced by the number 
  of shares which could have been 
  purchased with the proceeds from 
  exercise of such options                      .4       .3         .3        .3
                                            ------    -----     ------    ------
Total                                         20.5     20.2       20.3      20.1
                                            ======    ======     =====    ======


Net income                                  $ 26.5   $ 25.3     $ 62.1    $ 66.4

Deduct - Dividends paid and accrued on 
  Preferred Stock                              3.3      3.3        9.9      10.0
                                             ------   ------     -----    ------
Net income, as adjusted                     $ 23.2   $ 22.0     $ 72.2    $ 56.4
                                            ======   ======     =====     ======

Net income per share                        $ 1.13   $ 1.09     $ 3.55    $ 2.80
                                            ======   ======     =====     ======





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