


                                                                    EXHIBIT 12
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<CAPTION>

                                         GATX CORPORATION AND SUBSIDIARIES

                            COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
                                           AND PREFERRED STOCK DIVIDENDS
                                          (In Millions Except For Ratios)

                                                          1995       1994       1993
                                                       -------    -------    -------
<S>                                                    <C>        <C>        <C>
Earnings available for fixed charges:
  Net income                                           $ 100.8    $   91.5   $   72.7
Add:
   Income taxes                                           47.6        48.8       51.4
   Equity in net earnings of affiliated companies,
        net of distributions received                      6.5         3.7        8.0
   Interest on indebtedness and amortization
        of debt discount and expense                     170.1       148.2      151.8
   Amortization of capitalized interest                    1.1         1.1        1.1
   Portion of rents representative of
        interest factor (deemed to be one-third)          43.9        37.9       31.4
                                                       -------     -------    -------

Total earnings available for fixed charges             $ 370.0     $ 331.2    $ 316.4
                                                       =======     =======    =======

Preferred dividend requirements                        $  13.2     $  13.3    $  13.3
Ratio to convert preferred
   dividends to pretax basis (A)                           169%        171%       197%
                                                       -------     -------    -------

Preferred dividend factor on pretax basis                 22.3        22.7       26.2
Fixed charges:
   Interest on indebtedness and amortization
        of debt discount and expense                     170.1       148.2      151.8
   Capitalized interest                                    6.2         3.0        2.7
   Portion of rents representative of interest
        factor (deemed to be one-third)                   43.9        37.9       31.4
                                                       -------     -------    -------

Combined fixed charges and
  preferred stock dividends                           $  242.5    $  211.8    $  212.1
                                                      ========    ========    ========

Ratio of earnings to combined fixed charges
   and preferred stock dividends (B)                      1.53x       1.56x       1.49x
<FN>

 (A)       To adjust preferred dividends to a pretax basis, income before income
           taxes and equity in net earnings of  affiliated  companies is divided
           by income before equity in net earnings of affiliated companies.
 (B)       The ratios of earnings to combined fixed charges and preferred  stock
           dividends  represent the number of times "fixed charges and preferred
           stock  dividends"  were  covered by  "earnings."  "Fixed  charges and
           preferred stock  dividends"  consist of interest on outstanding  debt
           and   capitalized   interest,   one-third  (the   proportion   deemed
           representative  of the interest  factor) of rentals,  amortization of
           debt discount and expense,  and dividends on preferred stock adjusted
           to a pretax  basis.  "Earnings"  consist of  consolidated  net income
           before income taxes and fixed charges, less equity in net earnings of
           affiliated companies, net of distributions received.
</FN>
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