This railway equipment leasing company was founded in Chicago in 1898 by Max Epstein as the Atlantic Seaboard Dispatch Company, which started with 28 used cars. Although it specialized in leasing, General American soon began to manufacture some of its own cars—including innovative specialty cars such as glass-lined milk tank cars and nickel-lined compartments for holding acids—at its large shops in East Chicago, Indiana. By the 1930s, General American had passed Union Tank Car as the owner of the nation's largest private freight car fleet; in 1948, it owned and operated about 55,000 cars, including tank, refrigerator, and other freight cars.

Timeline

1898
Max Epstein arranges to lease 20 refrigerated railcars, and the Atlantic Seaboard Dispatch, predecessor to GATX, is created.

1903
The company completes its first equipment trust certificate financing. Named the "Pittsburgh Method" of financing, this structure later became an industry standard.

1916
The company lists its stock on the New York Stock Exchange as General American Tank Car Corporation (GATX).

1925
The first petroleum storage and distribution facility is opened. From this base, GATX Terminals goes on to establish operations around the world.

1929
Union Refrigerated Transit, a Milwaukee based refrigerator car company, is acquired.

1936
GATX acquires a forty-five percent interest in CGTX, a Canadian railcar company.

1939
GATX begins to manufacture the "Aerocoach," a futuristic bus design.

1941
Most manufacturing turns toward the war effort. GATX manufactures artillery tanks and tank cars, as well as shell casings.

1968
GATX Capital founded and the company begins with an initial focus on commercial aircraft financing.

1973
American Steamship Company acquired, serving industry on the Great Lakes.

1973
General American Transportation Company introduces TankTrain system.

1994
GATX acquires initial interest in Ahaus Alstatter Eisenbahn (AAE), a freight car lessor with cars throughout Europe.

1995
GATX acquires its technology equipment leasing partner, Sun Financial, creating GATX Technology Services.

1997
GATX purchases initial stake in KVG Kesselwagen, a leading European tank car leasing company.

2000
GATX renames its largest operating company, GATX Rail Corporation.

2001
GATX combines its two principal operations, GATX Rail and GATX Capital, into a single legal entity, GATX Financial Corporation.

2001
GATX acquires Polish national railroad tankcar fleet, DEC, as part of a significant privatization.

2002
GATX acquires remaining interest in European railcar lessor, KVG Kesselwagen.

2002
GATX reinitiates its railcar spec order program with a 5-year, 7,500 car order, representing GATX's largest-ever, committed purchase program.

2004
GATX sells the information technology leasing assets of GATX Technology Services to CIT Group, Inc.