GATX CORP — Director's Dealing 2004

Jan 1, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GATX CORP (GMT)
CIK: 0000040211
Period of Report: 2003-12-31

Reporting Person: CIANCIO RONALD J (VP, General Counsel and Secy)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-31	2002 Phantom Restricted Stock	$	D	2000	Disposed		Common Stock (2000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1371	Direct
Common Stock - 401(k)	6660	Indirect

Footnotes

F1: Settlement of previously granted phantom restricted stock payable only in cash.

F2: 1-for-1

F3: One third of the grant vested and became payable on December 31 2002, the remaining two thirds of the grant vested and became pay
able on December 31, 2003.