GATX CORP — Director's Dealing 2004

May 5, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GATX CORP (GMT)
CIK: 0000040211
Period of Report: 2004-05-03

Reporting Person: MURPHY MICHAEL E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-03	Common Stock	A	603.94	$23.595	Acquired	13662.60	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3289.00	Indirect

Footnotes

F1: Includes that portion of the quarterly payment of the annual directors' fees (603.9415 shares) credited to an account established for each director under the GATX Directors' Phantom Stock Plan ("Phantom Stock Plan") which in each case will be settled in common stock upon the expiration of the director's service on the Board.

F2: Includes 97.6875 shares acquired pursuant to a dividend reinvestment feature of the Phantom Stock Plan and 25.5361 shares acquire
d pursuant to a dividend reinvestment feature of the Deferred Fee Plan.