EXHIBIT 12.1

GATX CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

		Year Ended December 31
		2004			2003			2002			2001			2000
		In millions, except ratios
Earnings available for fixed charges:
	Income (loss) from continuing operations before cumulative effect of accounting change	$	158.5		$	61.7		$	24.3		$	(22.6	)	$	30.4
Add (deduct):
	Income tax provision (benefit)		68.2			16.2			7.4			(21.0	)		22.3
	Share of affiliates’ earnings, net of distributions received		(32.4	)		(47.4	)		(11.2	)		(21.4	)		(42.2	)
	Interest on indebtedness and amortization of debt discount and expense		162.4			175.4			183.9			193.8			202.1
	Portion of operating lease expense representative of interest factor (deemed to be one-third)		57.9			58.7			59.8			61.4			56.3
Total earnings available for fixed charges		$	414.6		$	264.6		$	264.2		$	190.2		$	268.9
Preferred stock dividends		$	.1		$	.1		$	.1		$	.1		$	.1
Ratio to convert preferred dividends to pre-tax basis			143	%		126	%		130	%		193	%		173	%
Preferred dividends on pre-tax basis			.1			.1			.1			.2			.2
Fixed charges:
	Interest on indebtedness and amortization of debt discount and expense	$	162.4		$	175.4		$	183.9		$	193.8		$	202.1
	Capitalized interest		1.9			4.2			15.8			14.4			10.4
	Portion of operating lease expense representative of interest factor (deemed to be one-third)		57.9			58.7			59.8			61.4			56.3
Combined fixed charges and preferred stock dividends		$	222.3		$	238.4		$	259.6		$	269.8		$	269.0
Ratio of earnings to combined fixed charges and preferred stock dividends(A)			1.87	x		1.11	x		1.02	x		.71	x(B)		1.00	x

(A)

The ratio of earnings to fixed charges represents the number of times “fixed charges” are covered by “earnings.” “Fixed charges” consist of interest on outstanding debt and amortization of debt discount and expense, adjusted for capitalized interest and one-third (the proportion deemed representative of the interest factor) of operating lease expense. “Earnings” consist of income from continuing operations before income taxes and fixed charges, less share of affiliates’ earnings, net of distributions received.

(B)

For the year ended December 31, 2001, fixed charges and preferred stock dividends exceeded earnings by $79.6 million.