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) August 28, 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>



GATX Capital Corporation, an indirect wholly owned subsidiary of the Company, is
filing a Current  Report on Form 8-K. The following  press release was issued on
August 21, 1997:

         GATX Capital today entered into  agreements to invest in a $1.2 billion
portfolio of leased assets  currently owned by Pitney Bowes Financial  Services.
GATX Capital is the financial services unit of GATX Corporation (NYSE:GMT).

         Under the terms of the agreements, GATX Capital's total cash investment
will be approximately $460 million.  This investment  includes a direct purchase
of  assets  from  Pitney  Bowes,  as well as an equity  investment  in a limited
liability  company to be owned  jointly by GATX Capital and Pitney  Bowes.  This
limited liability company, with almost $1 billion in assets, will be capitalized
with  nearly  $200  million  of  equity  from each of the  partners,  as well as
approximately $600 million of nonrecourse debt.

         According to Joseph C. Lane,  president and CEO of GATX Capital,  "This
transaction  with Pitney Bowes will represent the largest  single  investment in
our history. GATX Capital's investment in these high quality assets which are on
lease  primarily  to  investment  grade  credits,  provides  us with  additional
portfolio  diversification,  attractive  risk-adjusted  returns,  and a  growing
investment  base. In addition,  this  transaction  demonstrates  GATX  Capital's
continued  strategy of growth through joint  ventures and further  evidences our
success in lease portfolio acquisitions.  By combining each company's respective
strengths and core business  activities,  this transaction  allows both GATX and
Pitney Bowes to maximize their companies' shareholder value."

         Pitney Bowes' chairman and CEO,  Michael J. Critelli said, "The signing
of the GATX Capital  agreement unveils our latest actions to maximize the return
on our  stockholders'  investment in Pitney  Bowes.  The  transaction  with GATX
Capital will  maximize the cash return on the assets,  while also  significantly
reducing our large-ticket external finance portfolio and related debt."

         GATX  Capital,  a  wholly-owned  subsidiary of GATX  Corporation,  is a
diversified  international financial services company which provides asset-based
financing for transportation,  industrial and information  technology equipment.
GATX  Capital's  owned and managed  portfolios  consist of assets whose original
cost exceeds $10 billion.  GATX  Corporation  provides  service-enhanced  assets
primarily  used to help  its  customers  transport,  store or  distribute  their
products and information.

         Pitney Bowes Financial Services provides leasing and financing services
to help  businesses  - ranging  from small to large - acquire  Pitney  Bowes and
other mission critical equipment and services while preserving cash flow. Pitney
Bowes Inc.  (NYSE:PBI)  is a premier  provider of  products  and  services  that
support preparation and management of documents,  packages and other messages in
physical or electronic form.



                                        1

<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
  


August 28, 1997                              By:      /s/ David M. Edwards
                                                      --------------------
                                                      David M. Edwards
                                                      Vice President Finance and
                                                      Chief Financial Officer

























                                        2

<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": "97671411"}, "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) August 28, 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
GATX Capital Corporation, an indirect wholly owned subsidiary of the Company, is
filing a Current  Report on Form 8-K. The following  press release was issued on
August 21, 1997:

         GATX Capital today entered into  agreements to invest in a $1.2 billion
portfolio of leased assets  currently owned by Pitney Bowes Financial  Services.
GATX Capital is the financial services unit of GATX Corporation (NYSE:GMT).

         Under the terms of the agreements, GATX Capital's total cash investment
will be approximately $460 million.  This investment  includes a direct purchase
of  assets  from  Pitney  Bowes,  as well as an equity  investment  in a limited
liability  company to be owned  jointly by GATX Capital and Pitney  Bowes.  This
limited liability company, with almost $1 billion in assets, will be capitalized
with  nearly  $200  million  of  equity  from each of the  partners,  as well as
approximately $600 million of nonrecourse debt.

         According to Joseph C. Lane,  president and CEO of GATX Capital,  "This
transaction  with Pitney Bowes will represent the largest  single  investment in
our history. GATX Capital's investment in these high quality assets which are on
lease  primarily  to  investment  grade  credits,  provides  us with  additional
portfolio  diversification,  attractive  risk-adjusted  returns,  and a  growing
investment  base. In addition,  this  transaction  demonstrates  GATX  Capital's
continued  strategy of growth through joint  ventures and further  evidences our
success in lease portfolio acquisitions.  By combining each company's respective
strengths and core business  activities,  this transaction  allows both GATX and
Pitney Bowes to maximize their companies' shareholder value."

         Pitney Bowes' chairman and CEO,  Michael J. Critelli said, "The signing
of the GATX Capital  agreement unveils our latest actions to maximize the return
on our  stockholders'  investment in Pitney  Bowes.  The  transaction  with GATX
Capital will  maximize the cash return on the assets,  while also  significantly
reducing our large-ticket external finance portfolio and related debt."

         GATX  Capital,  a  wholly-owned  subsidiary of GATX  Corporation,  is a
diversified  international financial services company which provides asset-based
financing for transportation,  industrial and information  technology equipment.
GATX  Capital's  owned and managed  portfolios  consist of assets whose original
cost exceeds $10 billion.  GATX  Corporation  provides  service-enhanced  assets
primarily  used to help  its  customers  transport,  store or  distribute  their
products and information.

         Pitney Bowes Financial Services provides leasing and financing services
to help  businesses  - ranging  from small to large - acquire  Pitney  Bowes and
other mission critical equipment and services while preserving cash flow. Pitney
Bowes Inc.  (NYSE:PBI)  is a premier  provider of  products  and  services  that
support preparation and management of documents,  packages and other messages in
physical or electronic form.

                                        1
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
  

August 28, 1997                              By:      /s/ David M. Edwards
                                                      --------------------
                                                      David M. Edwards
                                                      Vice President Finance and
                                                      Chief Financial Officer

                                        2