GATX CORP — Director's Dealing 2004

Apr 30, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: GATX CORP (GMT)
CIK: 0000040211
Period of Report: 2004-04-23

Reporting Person: Noack Susan A (VP and Chief Risk Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1321.99	Direct
Common Stock - 401(k)	997.34	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
2001 NQ Stock Option (Right to Buy)	$39.145	2011-07-27	Common Stock (1000)		Direct
2003 NQ Stock Option (Right to Buy)	$21.85	2013-08-01	Common Stock (6000)		Direct
April, 2002 NQ Stock Option (Right to Buy)	$31.735	2012-04-26	Common Stock (3000)		Direct
July, 2002 NQ Stock Option (Right to Buy)	$24.17	2012-07-26	Common Stock (3000)		Direct

Footnotes

F1: Shares acquired through the company's Employee Stock Purchase Plan

F2: 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.