

                                                                  EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS





We consent to the incorporation by reference in the following:  (i) Registration
Statement  No.  2-92404 on Form S-8,  filed  July 26,  1984;  (ii)  Registration
Statement  No.  2-96593 on Form S-8,  filed March 22, 1985;  (iii)  Registration
Statement No.  33-38790 on Form S-8 filed  February 1, 1991;  (iv)  Registration
Statement  No.  33-41007  on Form S-8 filed June 7, 1991;  and (v)  Registration
Statement No. 33-61183 filed on July 20, 1995 of GATX Corporation, of our report
dated January 23, 1996 with respect to the consolidated financial statements and
schedules of GATX Corporation  included and/or  incorporated by reference in the
Annual Report on Form 10-K for the year ended December 31, 1995.


                                                                              
ERNST & YOUNG LLP




Chicago, Illinois
March 20, 1996






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