SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549





                                    FORM 8-K
                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


                   --------------------------------------------



        Date of Report (Date of Earliest Event Reported) December 8, 1997




                                GATX CORPORATION
             (Exact Name of Registrant as Specified in its Charter)






         New York                      1-2328                   36-1124040
(State or other jurisdiction   (Commission file number)      (I.R.S. employer
       of incorporation)                                  identification number)





500 West Monroe  Street,  Chicago,  Illinois  60661-3676  (Address of  principal
executive offices)

Registrant's telephone number, including area code (312) 621-6200



<PAGE>



Item 5. Other Events

         Today,  December 8, 1997, GATX  Corporation  issued the following press
release:

         "GATX  Corporation  (NYSE:GMT)  today announced that it has completed a
strategic,  operating and asset review of GATX Terminals Corporation. The review
was  undertaken  in  response  to  dramatic  changes  that have  occurred in the
petroleum storage industry.

         "As a result  of the  strategic  and  operating  review,  a  number  of
initiatives  have been concluded  including  realignment to better meet customer
needs, head count reductions and other cost saving programs,  in addition to the
recently  announced  senior  management  changes  at GATX  Terminals.  The  just
completed  asset review has identified the facilities  that are not necessary to
meet  strategic  objectives  and those  whose  value is impaired in light of the
changed market circumstances. Those facilities which are not an integral part of
the petroleum and chemical distribution network will be sold or removed from the
marketplace.  As a result of this asset  evaluation,  GATX Terminals  expects to
take a special charge in the fourth quarter of 1997.

         "Also in the fourth quarter, GATX Logistics expects to take a charge to
revalue  certain of its assets to better reflect  current  economics  within the
industry.  Together,  these  charges are  expected to total  approximately  $150
million after-tax, the major portion of which will relate to GATX Terminals.

         "Ronald  H. Zech,  Chairman  and CEO of GATX  stated,  'In all areas of
GATX, we have initiated a number of programs  designed to increase  earnings and
provide our shareholders with superior  returns.  The steps announced today will
result in an  organization  that is better  positioned  for near- and  long-term
growth.  In  addition,  I would like to  reinforce  that GATX expects to achieve
record  operating  results  in 1997 for the  fourth  consecutive  year.  Further
information resulting from today's announcement will be communicated with fourth
quarter earnings.'

         "With  more  than  700  million  barrels  of  annual  throughput,  GATX
Terminals  Corporation  is one of the world's  largest  providers of bulk liquid
storage and  distribution.  GATX  Terminals  offers its  petroleum  and chemical
customers  a vast  network of bulk  liquid  storage  and  pipeline  distribution
services.

         "GATX Logistics, headquartered in Jacksonville,  Florida, is one of the
leading  providers  of  contract   logistics   services.   It  helps  its  broad
customer-base  store,  process  and  deliver  products  through a wide  range of
integrated services.

         "GATX Corporation provides approximately $6 billion of service-enhanced
assets primarily used to help its customers transport, store or distribute their
products and

                                        1

<PAGE>



information.  GATX's  assets  include  railcars  and  locomotives,  bulk  liquid
terminals and pipelines,  ships,  commercial aircraft,  technology equipment and
other assets and related services worldwide.  In addition, GATX offers a variety
of financial services focused on enhancing the value of owned and leased assets.

         "This  press  release   includes   statements   which  may   constitute
forward-looking  statements  made  pursuant to the safe harbor  provision of the
Private  Securities  Litigation Reform Act of 1995. This information may involve
risks and  uncertainties  that could cause actual  results to differ  materially
from the  forward-looking  statements.  Although the company  believes  that the
expectations   reflected  in  such  forward-looking   statements  are  based  on
reasonable  assumptions,  such statements are subject to risks and uncertainties
that could cause actual results to differ materially from those projected."


                                        2

<PAGE>




                                   Signatures


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, duly authorized.

                                                      GATX Corporation



December 8, 1997                             By:      /s/ David M. Edwards
                                                      --------------------
                                                      David M. Edwards
                                                      Vice President Finance and
                                                      Chief Financial Officer

























                                        3

<PAGE>
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{"company-data": {"conformed-name": "GATX CORP", "cik": "0000040211", "assigned-sic": "4700", "irs-number": "361124040", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-02328", "film-number": "97733748"}, "business-address": {"street1": "500 W MONROE  ST", "city": "CHICAGO", "state": "IL", "zip": "60661", "phone": "3126216200"}, "former-company": {"former-conformed-name": "GENERAL AMERICAN TRANSPORTATION CORP", "date-changed": "19750722"}}
SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

                   --------------------------------------------

        Date of Report (Date of Earliest Event Reported) December 8, 1997

                                GATX CORPORATION
             (Exact Name of Registrant as Specified in its Charter)

         New York                      1-2328                   36-1124040
(State or other jurisdiction   (Commission file number)      (I.R.S. employer
       of incorporation)                                  identification number)

500 West Monroe  Street,  Chicago,  Illinois  60661-3676  (Address of  principal
executive offices)

Registrant's telephone number, including area code (312) 621-6200
Item 5. Other Events

         Today,  December 8, 1997, GATX  Corporation  issued the following press
release:

         "GATX  Corporation  (NYSE:GMT)  today announced that it has completed a
strategic,  operating and asset review of GATX Terminals Corporation. The review
was  undertaken  in  response  to  dramatic  changes  that have  occurred in the
petroleum storage industry.

         "As a result  of the  strategic  and  operating  review,  a  number  of
initiatives  have been concluded  including  realignment to better meet customer
needs, head count reductions and other cost saving programs,  in addition to the
recently  announced  senior  management  changes  at GATX  Terminals.  The  just
completed  asset review has identified the facilities  that are not necessary to
meet  strategic  objectives  and those  whose  value is impaired in light of the
changed market circumstances. Those facilities which are not an integral part of
the petroleum and chemical distribution network will be sold or removed from the
marketplace.  As a result of this asset  evaluation,  GATX Terminals  expects to
take a special charge in the fourth quarter of 1997.

         "Also in the fourth quarter, GATX Logistics expects to take a charge to
revalue  certain of its assets to better reflect  current  economics  within the
industry.  Together,  these  charges are  expected to total  approximately  $150
million after-tax, the major portion of which will relate to GATX Terminals.

         "Ronald  H. Zech,  Chairman  and CEO of GATX  stated,  'In all areas of
GATX, we have initiated a number of programs  designed to increase  earnings and
provide our shareholders with superior  returns.  The steps announced today will
result in an  organization  that is better  positioned  for near- and  long-term
growth.  In  addition,  I would like to  reinforce  that GATX expects to achieve
record  operating  results  in 1997 for the  fourth  consecutive  year.  Further
information resulting from today's announcement will be communicated with fourth
quarter earnings.'

         "With  more  than  700  million  barrels  of  annual  throughput,  GATX
Terminals  Corporation  is one of the world's  largest  providers of bulk liquid
storage and  distribution.  GATX  Terminals  offers its  petroleum  and chemical
customers  a vast  network of bulk  liquid  storage  and  pipeline  distribution
services.

         "GATX Logistics, headquartered in Jacksonville,  Florida, is one of the
leading  providers  of  contract   logistics   services.   It  helps  its  broad
customer-base  store,  process  and  deliver  products  through a wide  range of
integrated services.

         "GATX Corporation provides approximately $6 billion of service-enhanced
assets primarily used to help its customers transport, store or distribute their
products and

                                        1
information.  GATX's  assets  include  railcars  and  locomotives,  bulk  liquid
terminals and pipelines,  ships,  commercial aircraft,  technology equipment and
other assets and related services worldwide.  In addition, GATX offers a variety
of financial services focused on enhancing the value of owned and leased assets.

         "This  press  release   includes   statements   which  may   constitute
forward-looking  statements  made  pursuant to the safe harbor  provision of the
Private  Securities  Litigation Reform Act of 1995. This information may involve
risks and  uncertainties  that could cause actual  results to differ  materially
from the  forward-looking  statements.  Although the company  believes  that the
expectations   reflected  in  such  forward-looking   statements  are  based  on
reasonable  assumptions,  such statements are subject to risks and uncertainties
that could cause actual results to differ materially from those projected."

                                        2
Signatures

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, duly authorized.

                                                      GATX Corporation

December 8, 1997                             By:      /s/ David M. Edwards
                                                      --------------------
                                                      David M. Edwards
                                                      Vice President Finance and
                                                      Chief Financial Officer

                                        3