
<TABLE>
                                                                 EXHIBIT 11.A
                        GATX CORPORATION AND SUBSIDIARIES

                  COMPUTATION OF NET INCOME (LOSS) PER SHARE OF
                    COMMON STOCK AND COMMON STOCK EQUIVALENTS
<CAPTION>

                                             Year Ended December 31          
                                    1993    1992   1991    1990   1989 
                                     (In millions, except per share amounts)
<S>                                  <C>     <C>    <C>     <C>   <C>
Average number of shares
 of Common Stock outstanding         19.6    19.4   19.3    19.1  18.2
Shares issuable upon
 assumed conversion of 5 3/4%
 Convertible Subordinated Debentures     -      -      -       -    .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         .3       *     .2      .2     .2
                                   ------  ------ ------  ------ ------

Total                                19.9    19.4   19.5    19.3   19.2
                                   ======  ====== ======  ====== ======


Net income (loss)                  $ 72.7  $(16.5)$ 82.7  $ 82.9 $ 65.7
Deduct - Dividends paid and
  accrued on Preferred Stock         13.3    13.3   13.3    13.4    5.4
                                   ------  ------ ------  ------ ------
Income (loss) applicable to Common Stock  59.4 (29.8)  69.4  69.5  60.3
Add - Interest on 5 3/4% Convertible 
 Subordinated Debentures, less
 applicable income taxes                -       -      -       -     .8
                                   ------  ------ ------  ------ ------

Net income (loss), as adjusted     $ 59.4  $(29.8)$ 69.4  $ 69.5 $ 61.1
                                   ======  ====== ======  ====== ======

Net income (loss) per share        $ 2.99  $(1.53)$ 3.56  $ 3.61 $ 3.18
                                   ======  ====== ======  ====== ======




*   Common share equivalents are not considered in the computation of loss per
share.
</TABLE>


















                                       -32-
</TEXT/

