Filed Pursuant to Rule 424(b)(2)
                                     Registration No. 33-64474

                                     Pricing Supplement No. 1
                                     Dated: February 9, 1994
                                     (To Prospectus dated June 30, 1993)


                            GATX CAPITAL CORPORATION

                          Medium Term Notes, Series C
                      With Maturities from Nine Months to
                        Fifteen Years from Date of Issue


Principal Amount:    $20,000,000     

Original Issue Date: February 16, 1994

Maturity Date:       February 16, 1999

Interest Rate Basis: Floating

Interest Rate Index: Three month LIBOR

Initial Interest Rate:   3.9625%

Interest Reset Period:   Quarterly

Interest Payment Dates:  Third Wednesday of Mar, Jun, Sept, Dec

Calculation Agent:       Chase Manhattan Bank

Redemption at Option of Holder:      Yes   No XXX
Redemption at Option of Company:     Yes   No XXX
Redemption Date:
Redemption Price:

Form of Note:  Book Entry

The Note may be redeemed at the option of the Holder on or after the
Redemption Date and at the redemption prices indicated on this Pricing
Supplement, in whole or in part in increments of $1,000 (provided that
any remaining principal amount of this Note shall be at least $1,000),
together with interest on the Note payable to the Redemption Date, on
notice given to the Trustee and the Company at least 60 days prior to
the Redemption Date.

Capitalized terms used herein and not otherwise defined herein shall
have the meanings ascribed thereto in the Prospectus.  The preceding
description of the particular terms of the Notes offered hereby
supplements, and to the extent inconsistent therewith replaces, the
description of the general terms and provisions of the Notes set forth
in the Prospectus, to which description reference is hereby made.