


                                                                    EXHIBIT 21
SUBSIDIARIES OF THE REGISTRANT



The  following  is a  list  of  subsidiaries  included  in  GATX's  consolidated
financial  statements  (excluding a number of subsidiaries which,  considered in
the aggregate, would not constitute a significant subsidiary),  and the state of
incorporation of each:

General American  Transportation  Corporation (New  York)--includes one domestic
    subsidiary,   three  foreign  subsidiaries  and  interests  in  two  foreign
    affiliates,  Business Segment--Railcar Leasing and Management GATX Terminals
    Corporation (Delaware)--three domestic subsidiaries, one foreign subsidiary,
         one domestic affiliate, and interests in ten foreign affiliates, 
         Business Segment--Terminals and Pipelines
GATX Financial Services, Inc. (Delaware)--54 domestic subsidiaries (which 
    includes GATX Capital Corporation), 12 foreign subsidiaries and eight 
    domestic affiliates, Business Segment--Financial Services
GATX Logistics, Inc. (Florida)--29 domestic subsidiaries and two foreign 
    subsidiaries, Business  Segment--Logistics and Warehousing
American Steamship Company (New York)--12 domestic subsidiaries, Business 
    Segment--Great Lakes Shipping






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