Exhibit 99.1

		NEWS RELEASE

FOR RELEASE: IMMEDIATE

GATX CORPORATION REPORTS 2008 SECOND QUARTER RESULTS

     CHICAGO, July 24 - GATX Corporation (NYSE:GMT) today reported 2008 second quarter income from continuing operations of $40.9 million or $.82 per diluted share, compared to income from continuing operations of $43.5 million or $.79 per diluted share in the second quarter of 2007. Net income from continuing operations for the first six months of 2008 was $93.1 million or $1.85 per diluted share, compared to $80.5 million or $1.44 per diluted share in the prior year period. The 2008 year-to-date results include a $6.8 million or $.13 per diluted share benefit from the reversal of tax reserves reported in the first quarter.

     “We posted another solid quarter in the face of a weak economic environment,” said Brian A. Kenney, president and chief executive officer of GATX. “As we projected earlier in 2008, it is becoming more difficult to renew railcar leases with existing customers and lease rates are being pressured. Despite these facts, the GATX rail portfolio continues to perform well. Utilization remained at 98% in the second quarter and lease rates on renewals improved 5.9% over expiring rates. High steel prices also contributed positively to income, as scrap prices are at historically high levels. Profit from our European operations continues to increase and contribute positively to our overall performance.

     “Within Specialty, our marine and aircraft engine leasing joint ventures continue to perform well and the outlook through the balance of the year is favorable.

     “At American Steamship Company (ASC), demand for Great Lakes shipping capacity remains high. Freight rates and water levels increased through the first six months of 2008. This has been offset by rapidly rising diesel fuel prices, a portion of which cannot be passed through to customers.

     “Investment activity increased during the quarter with more than $145 million invested in rail, marine and industrial equipment assets. We did not repurchase any stock during the quarter, opting to retain this equity capital to support investment opportunities that may become available. Any further stock repurchase will be driven in part by the size and probability of any investment opportunities.”

     Mr. Kenney concluded, “The first half of 2008 has played out as we projected, and we continue to expect full-year earnings to be in line with our previous guidance of $3.15 to $3.35 per

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diluted share, excluding the aforementioned $.13 per diluted share benefit from the reversal of tax reserves.”

RAIL

     Rail segment profit was $70.3 million in the second quarter of 2008, compared to $68.1 million in the second quarter of 2007. Rail reported segment profit of $144.1 million year-to-date 2008, compared to $135.3 million in the same period 2007. Segment profit increased year over year primarily due to renewal rate increases in prior quarters, higher earnings from European operations, and increased income from scrapping. These factors were partially offset by a continued increase in maintenance costs and lower remarketing income. Scrapping gains, which are included in Other Income on the Consolidated Statements of Income, were $9.0 million in the second quarter 2008 compared to $4.7 million in 2007.

     At June 30, 2008, Rail’s North American fleet totaled approximately 110,000 cars. Fleet utilization was 98.0%, equal to the prior year quarter and up from 97.9% at year end. The European wholly-owned tank car fleet totaled approximately 20,000 cars and utilization was 97.7%, up from 96.3% in the second quarter 2007 and 97.2% at year end.

     During the second quarter, lease renewal pricing on cars in GATX’s Lease Price Index (LPI) increased 5.9% over expiring lease rates, compared to an 11.6% increase in the prior quarter and 10.2% in the second quarter 2007. The average lease term on LPI renewals during the second quarter was 63 months, compared to 65 months in the prior quarter and 68 months in the second quarter of 2007. Total investment volume at Rail was $73.5 million, compared to $80.3 million in the second quarter 2007.

     In macroeconomic data related to Rail’s business, North American manufacturing capacity utilization, as reported by the Federal Reserve, was 79.9%, down from 81.0% in June 2007 and at year end. Backlogs at the railcar manufacturers, as reported by the Railway Supply Institute, totaled 62,000 cars, down from nearly 74,000 cars at the end of the second quarter 2007 and 76,000 at year end. Carloadings on the U.S. rails, excluding intermodal, as reported by the Association of American Railroads, were nearly flat with an increase of .2% over the first half 2007, with substantial increases in loadings of grain, farm products and metal ores, offset by lower demand for building products related to housing and lower auto industry demand. Chemical shipments increased 3.1% in the first half of 2008 versus 2007.

SPECIALTY

     Specialty reported segment profit of $30.5 million in the second quarter of 2008 compared to $26.4 million in the prior year period. Year to date, Specialty reported segment profit of $60.5

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million, compared to $51.0 million in the same period in 2007. Year-to-date results were driven by higher remarketing income from the sale of assets and residual sharing income in the first quarter 2008, as well as continued strong performance throughout the year from the marine and aircraft engine leasing joint ventures.

     Vessel utilization in Specialty’s marine investments remained high in 2008. Demand remains strong, particularly in the gas tanker and dry bulk markets.

     The Specialty portfolio currently consists of approximately $565.5 million of owned assets (including on and off balance sheet assets) and third-party managed portfolios totaling approximately $315.9 million.

AMERICAN STEAMSHIP COMPANY

     American Steamship Company (ASC) reported segment profit of $5.2 million in the second quarter 2008 compared to $8.5 million in the second quarter 2007. Segment profit for the year to date in 2008 was $5.9 million compared to $8.7 million in the same period 2007. During the second quarter, ASC received an adverse ruling in a litigation matter, negatively impacting results by $2.9 million. Water levels on the Great Lakes have increased in 2008 over 2007 resulting in improved operating efficiency. Demand for vessel capacity remains solid and should continue to be strong throughout the remainder of the sailing season. These positive trends are offset by the rapidly rising cost of diesel fuel, a portion of which cannot be passed through to customers.

DISCONTINUED OPERATIONS

     GATX completed the sale of its aircraft leasing business in January 2007. As a result, the aircraft leasing segment is reported as discontinued operations.

COMPANY DESCRIPTION

     GATX Corporation (NYSE:GMT) provides lease financing and related services to customers operating rail, marine and other targeted assets. GATX is a leader in leasing transportation assets and controls one of the largest railcar fleets in the world. Applying over a century of operating experience and strong market and asset expertise, GATX provides quality assets and services to customers worldwide. GATX has been headquartered in Chicago, Illinois since its founding in 1898 and has traded on the New York Stock Exchange since 1916. For more information, visit the Company’s website at www.gatx.com.

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TELECONFERENCE INFORMATION

GATX Corporation will host a teleconference to discuss 2008 second quarter results. Teleconference details are as follows:

Thursday, July 24^th
11:00 A.M. Eastern Time
Domestic Dial-In: 1-888-523-1229
International Dial-In: 1-719-325-2303
Replay: 1-888-203-1112 / Access Code: 9884444

Call-in details, a copy of this press release and real-time audio access are available at www.gatx.com. Please access the call 15 minutes prior to the start time. Following the call, a replay will be available on the same site.

FORWARD-LOOKING STATEMENTS

This document contains statements that may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor provisions of those sections and the Private Securities Litigation Reform Act of 1995. Some of these statements may be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “predict,” “project” or other words and terms of similar meaning. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in GATX’s Annual Report on Form 10-K and other filings with the SEC, and that actual results or developments may differ materially from those in the forward-looking statements. Specific factors that might cause actual results to differ from expectations include, but are not limited to, general economic, market, regulatory and political conditions in the rail, marine, industrial and other industries served by GATX and its customers; lease rates, utilization levels and operating costs in GATX’s primary asset segments; conditions in the capital markets; changes in GATX’s credit ratings; regulatory rulings that may impact the economic value and operating costs of assets; competitive factors in GATX’s primary markets including lease pricing and asset availability; changes in loss provision levels within GATX’s portfolio; impaired asset charges that may result from changing market conditions or portfolio management decisions implemented by GATX; the outcome of pending or threatened litigation; and other factors. Given these risks and uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis, judgment, belief or expectation only as of the date hereof. GATX has based these forward-looking statements on information currently available and disclaims any intention or obligation to update or revise these forward-looking statements to reflect subsequent events or circumstances.

FOR FURTHER INFORMATION CONTACT:
GATX Corporation
Rhonda S. Johnson
312-621-6262
rhonda.johnson@gatx.com

Investor, corporate, financial, historical financial, photographic and news release information may be found at www.gatx.com.

(07/24/08)

—Tabular Follows—

Page 5

GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)

		Three Months Ended								Six Months Ended
		June 30								June 30
		2008				2007				2008				2007
Gross Income
Lease income		$	235.0			$	220.7			$	469.8			$	438.6
Marine operating revenue			88.2				72.8				102.3				80.4
Asset remarketing income			9.2				17.7				30.1				27.7
Other income			26.8				17.3				46.2				33.2
Revenues			359.2				328.5				648.4				579.9
Share of affiliates’ earnings			19.1				18.8				41.0				42.3
Total Gross Income			378.3				347.3				689.4				622.2
Ownership Costs
Depreciation			53.9				47.8				102.1				90.0
Interest expense, net			35.0				30.7				70.5				60.6
Operating lease expense			37.7				39.1				75.7				78.2
Total Ownership Costs			126.6				117.6				248.3				228.8
Other Costs and Expenses
Maintenance expense			67.7				58.3				128.5				110.9
Marine operating expense			68.4				52.7				79.9				58.6
Selling, general and administrative			42.5				39.2				81.0				77.2
Asset impairment charges			—				—				—				1.5
Other			11.5				11.7				22.7				18.5
Total Other Costs and Expenses			190.1				161.9				312.1				266.7
Income from Continuing Operations before Income Taxes			61.6				67.8				129.0				126.7
Income Tax Provision			20.7				24.3				35.9				46.2
Income from Continuing Operations			40.9				43.5				93.1				80.5
Loss from Discontinued Operations, net of taxes			—				(1.1	)			—				(3.2	)
Net Income		$	40.9			$	42.4			$	93.1			$	77.3

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GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)
(Continued)

		Three Months Ended								Six Months Ended
		June 30								June 30
		2008				2007				2008				2007
Per Share Data
Basic:
Income from continuing operations		$	0.88			$	0.86			$	1.99			$	1.56
Loss from discontinued operations			—				(0.03	)			—				(0.06	)
Total		$	0.88			$	0.83			$	1.99			$	1.50
Average number of common shares			46.4				50.6				46.7				51.4
Diluted:
Income from continuing operations		$	0.82			$	0.79			$	1.85			$	1.44
Loss from discontinued operations			—				(0.02	)			—				(0.06	)
Total		$	0.82			$	0.77			$	1.85			$	1.38
Average number of common shares and common share equivalents			50.6				55.9				51.2				57.5
Dividends declared per common share		$	0.27			$	0.24			$	0.54			$	0.48

GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In Millions)

		June 30				December 31
		2008				2007
Assets
Cash and Cash Equivalents		$	68.9			$	104.4
Restricted Cash			39.3				44.7
Receivables
Rent and other receivables			117.0				91.1
Finance leases			326.9				334.6
Loans			6.6				8.8
Less: allowance for possible losses			(11.2	)			(11.0	)
			439.3				423.5
Operating Lease Assets, Facilities and Other
Rail			5,007.5				4,908.5
Specialty			216.3				209.7
ASC			373.4				365.6
Less: allowance for depreciation			(2,020.6	)			(1,974.4	)
			3,576.6				3,509.4
Investments in Affiliated Companies			386.6				317.8
Goodwill			109.5				104.4
Other Assets			268.4				221.4
Total Assets		$	4,888.6			$	4,725.6
Liabilities and Shareholders’ Equity
Accounts Payable and Accrued Expenses		$	136.6			$	119.6
Debt
Commercial paper and borrowings under bank credit facilities			16.6				247.3
Recourse			2,326.1				2,039.9
Capital lease obligations			68.0				72.5
			2,410.7				2,359.7
Deferred Income Taxes			749.7				722.8
Other Liabilities			331.4				374.0
Total Liabilities			3,628.4				3,576.1
Total Shareholders’ Equity			1,260.2				1,149.5
Total Liabilities and Shareholders’ Equity		$	4,888.6			$	4,725.6

GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended June 30, 2008
(In Millions)

																		GATX
		Rail				Specialty				ASC				Other				Consolidated
Gross Income
Lease income		$	220.5			$	13.5			$	1.0			$	—			$	235.0
Marine operating revenue			—				—				88.2				—				88.2
Asset remarketing income			2.2				7.0				—				—				9.2
Other income			25.4				1.2				—				0.2				26.8
Revenues			248.1				21.7				89.2				0.2				359.2
Share of affiliates’ earnings			(0.6	)			19.7				—				—				19.1
Total Gross Income			247.5				41.4				89.2				0.2				378.3
Ownership Costs
Depreciation			45.6				4.0				4.3				—				53.9
Interest expense, net			26.3				4.0				2.5				2.2				35.0
Operating lease expense			37.4				0.4				—				(0.1	)			37.7
Total Ownership Costs			109.3				8.4				6.8				2.1				126.6
Other Costs and Expenses
Maintenance expense			61.8				—				5.9				—				67.7
Marine operating expense			—				—				68.4				—				68.4
Asset impairment charges			—				—				—				—				—
Other			6.1				2.5				2.9				—				11.5
Total Other Costs and Expenses			67.9				2.5				77.2				—				147.6
Segment Profit (Loss)		$	70.3			$	30.5			$	5.2			$	(1.9	)			104.1
Selling, general and administrative																			42.5
Income from Continuing Operations before Income Taxes																			61.6
Income Tax Provision																			20.7
Income from Continuing Operations																		$	40.9

GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended June 30, 2007
(In Millions)

																		GATX
		Rail				Specialty				ASC				Other				Consolidated
Gross Income
Lease income		$	207.5			$	12.2			$	1.0			$	—			$	220.7
Marine operating revenue			—				—				72.8				—				72.8
Asset remarketing income			9.7				8.0				—				—				17.7
Other income			15.5				1.6				—				0.2				17.3
Revenues			232.7				21.8				73.8				0.2				328.5
Share of affiliates’ earnings			3.3				15.5				—				—				18.8
Total Gross Income			236.0				37.3				73.8				0.2				347.3
Ownership Costs
Depreciation			40.7				3.0				4.1				—				47.8
Interest expense, net			27.7				4.0				2.6				(3.6	)			30.7
Operating lease expense			38.4				0.8				—				(0.1	)			39.1
Total Ownership Costs			106.8				7.8				6.7				(3.7	)			117.6
Other Costs and Expenses
Maintenance expense			52.4				—				5.9				—				58.3
Marine operating expense			—				—				52.7				—				52.7
Asset impairment charges			—				—				—				—				—
Other			8.7				3.1				—				(0.1	)			11.7
Total Other Costs and Expenses			61.1				3.1				58.6				(0.1	)			122.7
Segment Profit		$	68.1			$	26.4			$	8.5			$	4.0				107.0
Selling, general and administrative																			39.2
Income from Continuing Operations before Income Taxes																			67.8
Income Tax Provision																			24.3
Income from Continuing Operations																		$	43.5

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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Six Months Ended June 30, 2008
(In Millions)

																		GATX
		Rail				Specialty				ASC				Other				Consolidated
Gross Income
Lease income		$	440.0			$	27.7			$	2.1			$	—			$	469.8
Marine operating revenue			—				—				102.3				—				102.3
Asset remarketing income			13.2				16.9				—				—				30.1
Other income			42.9				2.9				—				0.4				46.2
Revenues			496.1				47.5				104.4				0.4				648.4
Share of affiliates’ earnings			4.9				36.1				—				—				41.0
Total Gross Income			501.0				83.6				104.4				0.4				689.4
Ownership Costs
Depreciation			89.8				8.0				4.3				—				102.1
Interest expense, net			56.4				8.1				4.9				1.1				70.5
Operating lease expense			75.0				0.9				—				(0.2	)			75.7
Total Ownership Costs			221.2				17.0				9.2				0.9				248.3
Other Costs and Expenses
Maintenance expense			122.0				—				6.5				—				128.5
Marine operating expense			—				—				79.9				—				79.9
Asset impairment charges			—				—				—				—				—
Other			13.7				6.1				2.9				—				22.7
Total Other Costs and Expenses			135.7				6.1				89.3				—				231.1
Segment Profit (Loss)		$	144.1			$	60.5			$	5.9			$	(0.5	)			210.0
Selling, general and administrative																			81.0
Income from Continuing Operations before Income Taxes																			129.0
Income Tax Provision																			35.9
Income from Continuing Operations																		$	93.1

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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Six Months Ended June 30, 2007
(In Millions)

																		GATX
		Rail				Specialty				ASC				Other				Consolidated
Gross Income
Lease income		$	412.3			$	24.2			$	2.1			$	—			$	438.6
Marine operating revenue			—				—				80.4				—				80.4
Asset remarketing income			19.5				8.2				—				—				27.7
Other income			29.3				3.7				—				0.2				33.2
Revenues			461.1				36.1				82.5				0.2				579.9
Share of affiliates’ earnings			8.7				33.6				—				—				42.3
Total Gross Income			469.8				69.7				82.5				0.2				622.2
Ownership Costs
Depreciation			80.3				5.6				4.1				—				90.0
Interest expense, net			56.0				7.9				5.1				(8.4	)			60.6
Operating lease expense			76.8				1.6				—				(0.2	)			78.2
Total Ownership Costs			213.1				15.1				9.2				(8.6	)			228.8
Other Costs and Expenses
Maintenance expense			104.7				—				6.2				—				110.9
Marine operating expense			—				—				58.6				—				58.6
Asset impairment charges			—				1.5				—				—				1.5
Other			16.7				2.1				(0.2	)			(0.1	)			18.5
Total Other Costs and Expenses			121.4				3.6				64.6				(0.1	)			189.5
Segment Profit		$	135.3			$	51.0			$	8.7			$	8.9				203.9
Selling, general and administrative																			77.2
Income from Continuing Operations before Income Taxes																			126.7
Income Tax Provision																			46.2
Income from Continuing Operations																		$	80.5

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GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(In Millions, Except Railcar Data)

		6/30/2008				12/31/2007				6/30/2007
Assets by Segment:
Rail		$	4,973.1			$	4,907.8			$	4,626.1
Specialty			539.1				497.9				489.0
ASC			321.6				291.8				312.2
Other			121.7				114.9				71.3
Total Assets, Excluding Cash (a)			5,955.5				5,812.4				5,498.6
Investment Volume
Quarter			145.2								117.7
Year to Date			216.6				634.0				232.9
Non-performing Investments			19.5				20.1				21.2
Capital Structure
Commercial Paper and Bank Credit Facilities, Net of Unrestricted Cash			(52.3	)			142.9				(81.2	)
Debt:
On Balance Sheet
Recourse			2,326.1				2,039.9				1,999.5
Nonrecourse			—				—				0.8
Off Balance Sheet
Recourse			852.4				906.0				926.5
Nonrecourse			322.7				329.9				336.7
Capital Lease Obligations			68.0				72.5				47.4
Total Borrowings, Net of Unrestricted Cash		$	3,516.9			$	3,491.2			$	3,229.7
Total Recourse Debt (b)			3,194.2				3,161.3				2,892.2
Shareholders’ Equity			1,260.2				1,149.5				1,084.8
Recourse Leverage			2.5				2.7				2.7

Asset Remarketing Income from Continuing Operations						Full Year
Disposition Gains on Owned Assets			3.0				54.8				11.9
Residual Sharing Income			6.2				6.6				5.8
Total Asset Remarketing Income			9.2				61.4				17.7
North American Railcar Data
Fleet Utilization (End of period)			98.0	%			97.9	%			98.0	%

						Full Year
Beginning of Period Fleet Size			110,754				110,478				110,834
Additions			872				6,019				1,226
Scrapped/Sold			(1,431	)			(4,052	)			(1,292	)
Ending Fleet Size			110,195				112,445				110,768