GATX CORP — Director's Dealing 2004

Nov 30, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GATX CORP (GMT)
CIK: 0000040211
Period of Report: 2004-11-29

Reporting Person: MUCKIAN WILLIAM M (Vice President-Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-29	Common Stock	M	3000.00	$23.7813	Acquired	4029.28	Direct
2004-11-29	Common Stock	S	3000.00	$29.30	Disposed	1029.28	Direct
2004-11-29	Common Stock	M	3000.00	$23.9375	Acquired	4029.28	Direct
2004-11-29	Common Stock	S	3000.00	$29.30	Disposed	1029.28	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-29	1995 NQ Stock Option (right to buy)	$23.7813	M	3000	Disposed	2005-10-27	Common Stock (3000)	Direct
2004-11-29	1996 NQ Stock Option (right to buy)	$23.9375	M	3000	Disposed	2006-10-25	Common Stock (3000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock - 401(k)	4185.64	Indirect

Footnotes

F1: 50% of option granted may be exercised commencing 1 year from the date of the grant, an additional 25% commencing 2 years from th
e date of the grant and the remaining 25% commencing 3 years from the date of the grant.