
                                                                  EXHIBIT 11B
<TABLE>
                                                   GATX CORPORATION AND SUBSIDIARIES
                                                                            
                                                         --------------------

                                          COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK
                                                      AND COMMON STOCK EQUIVALENT
                                                        ASSUMING FULL DILUTION

                                                 IN MILLIONS, EXCEPT PER SHARE AMOUNTS

<CAPTION>
                                                                 THREE MONTHS             SIX MONTHS 
                                                                 ENDED JUNE 30           ENDED JUNE 30
                                                                ---------------         ---------------
                                                                 1994        1993       1994        1993 
                                                                ------      ------      ------      ------
<S>                                                             <C>         <C>         <C>         <C>
Average number of shares used to compute
  primary earnings per share................                     20.2        19.9        20.1        19.8

Common Stock issuable upon assumed
  conversion of Preferred Stock.............                      4.0         4.0         4.1         4.1
                                                                -----       -----       -----       -----

Total.......................................                     24.2        23.9        24.2        23.9
                                                                =====       =====       =====       =====


Net income as adjusted
  per primary computation...................                    $17.6       $22.9       $34.5       $38.1

Add - Dividends paid on Preferred Stock.....                      3.3         3.3         6.6         6.7
                                                                -----       -----       -----       -----
 
Net income, as adjusted.....................                    $20.9       $26.2       $41.1       $44.8
                                                                =====       =====       =====       =====

Net income per share,
assuming full dilution......................                    $ .87       $1.09       $1.70       $1.87
                                                                =====       =====       =====       =====
</TABLE>























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