As filed with the Securities and Exchange Commission on April 3, 1995
                                               Registration No. 33-
______________________________________________________________________

               SECURITIES AND EXCHANGE COMMISSION
                    WASHINGTON, D.C.  20549



                            FORM S-8
                  REGISTRATION STATEMENT UNDER
                   THE SECURITIES ACT OF 1933
                                
                                
                         UAL CORPORATION
     (Exact name of registrant as specified in its charter)


                 Delaware                      36-2675207
       (State or other jurisdiction of      (I.R.S. Employer 
       incorporation or organization)       Identification No.)
                                
                                
   1200 E. Algonquin Road, Elk Grove Township, Illinois  60007
       (Address of Principal Executive Offices; Zip Code)
                                
                                
                                
  Stock in Lieu of Cash Bonuses for Certain Executive Officers
                    (Full title of the Plan)
                                
                                
                                
                    Francesca M. Maher, Esq.
          Vice President - Law and Corporate Secretary
                         UAL Corporation
                         P. O. Box 66100
                     Chicago, Illinois 60666
                        (708) 952-4000
    (Name, address and telephone number of agent for service)
                                

<TABLE>                                
<CAPTION>
                                
                 Calculation of Registration Fee
_______________________________________________________________________
<S>               <C>          <C>          <C>           <C>
Title of          Amount       Proposed     Proposed      Amount of
Securities        to be        Maximum      Maximum Ag-   Registration
to be Registered  Registered   Offering     gregate       Fee
                               Price per    Offering      
                               unit         Price           
                           
Common Stock,     9,633        $100.00(2)   $963,300      $332.17(2)
par value $.01    shares 
per share                   
(including                           
Series C Junior                         
Participating              
Preferred Stock)
(1)
</TABLE>

_______________________________________________________________

(1) Prior to the occurrence of certain events, the Series C
Junior Participating Preferred Stock (the "Rights") will not be
evidenced separately from the Common Stock, $.01 par value (the
"Common Stock").  The value attributable to the Rights, if any,
is reflected in the value of the Common Stock.
(2) Pursuant to Rule 457(h) and 457(c), the registration fee
was calculated based on the average of the high and low prices of the
Registrant's Common Stock on the New York Stock Exchange, Inc. on
March 27, 1995.

                           
                           
                           
Pursuant to authority delegated by the Board of
Directors, the Compensation and Compensation
Administration Committees of UAL Corporation, a
Delaware corporation (the "Company"), have approved the
payment of annual bonuses for 1994 to certain executive
officers of the Company (collectively, the "Executive
Officers") pursuant to the terms of the Company's
Incentive Compensation Plan and an Employment
Agreement.

Each of the Executive Officers has waived his right to
receive some or all of his bonus in cash and has agreed
to accept Common Stock, $.01 par value ("Common
Stock"), of the Company of equivalent value instead.
The number of shares of the Common Stock received has
been determined by dividing the amount of the bonus
award by the closing price of the Common Stock on the
New York Stock Exchange, Inc. on the date that the cash
bonus would otherwise have been payable.
                           
                           
                           
                        PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT


Item 3.  Incorporation of Documents by Reference.

     The Company hereby incorporates by reference in
this registration statement (the "Registration
Statement"), the following documents filed with the
Securities and Exchange Commission by the Company
pursuant to the Securities Exchange Act of 1934, as
amended:


       (1)  The Company's Annual Report on Form 10-K
            for the fiscal year ended December 31, 1994
            (File No. 1-6033).
          
       (2)  A description of the Company's Common
            Stock and the Rights that are attached to the
            Common Stock, as contained in the Company's
            Form 8-A dated July 5, 1994, as amended by the
            Company's Form 8-A/A dated July 12, 1994, and
            in the Company's Proxy Statement/Joint
            Prospectus dated June 10, 1994 filed pursuant
            to Rule 424(b) under the Securities Act of
            1933, as amended, under the caption
            "DESCRIPTION OF SECURITIES - the Common Stock,
            the Series A Preferred Stock and the Junior
            Participating Preferred Stock."

          All documents subsequently filed by the
Company pursuant to Sections 13(a), 13(c), 14 and 15(d)
of the Securities Exchange Act of 1934, prior to the
filing of a post-effective amendment which indicates
that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall
be deemed to be incorporated by reference herein by the
Company and to be a part hereof from the date of filing
of such documents.  Any statement contained in a
document incorporated or deemed to be incorporated by
reference herein by the Company shall be deemed to be
modified or superseded for purposes of this
registration statement to the extent that a statement
contained herein or in any other subsequently filed
document which also is incorporated or deemed to be
incorporated by reference herein modifies or supersedes
such statement.  Any such statement so modified or
superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this
registration statement.

Item 4.  Description of Securities.

     Not Applicable.

Item 5.   Interests of Named Experts and Counsel.

     Not Applicable.

Item 6.   Indemnification of Directors and Officers.

     Limitation of Liability of Directors

          The Company's Restated Certificate of
Incorporation provides that no director of the Company
will be personally liable to the Company or its
stockholders for monetary damages for any breach of
fiduciary duty by such director as a director, except
for liability (i) for any breach of the director's duty
of loyalty to the Company or its stockholders, (ii) for
acts or omissions not in good faith or which involve
intentional misconduct or a knowing violation of law,
(iii) for unlawful payments of dividends or unlawful
stock repurchases or redemptions as provided in Section
174 of the Delaware General Corporation Law ("DGCL") or
(iv) for any transaction from which the director
derived an improper personal benefit.

          The above provision is intended to afford
directors additional protection and limit their
potential liability from suits alleging a breach of the
duty of care by a director.  As a result of the
inclusion of such a provision, stockholders may be
unable to recover monetary damages against directors
for actions taken by them that constitute negligence or
gross negligence or that are otherwise in violation of
their fiduciary duty of care, although it may be
possible to obtain injunctive or other equitable relief
with respect to such actions.  If equitable remedies
are found not to be available to stockholders in any
particular situation, stockholders may not have an
effective remedy against a director in connection with
such conduct.

     Indemnification of Directors and Officers

          The Company's Restated Certificate of
Incorporation provides that directors and officers of
the Company shall be indemnified against liabilities
arising from their service as directors and officers to
the full extent permitted by law.

          Section 145 of the DGCL empowers a
corporation to indemnify any person who was or is a
party or is threatened to be made a party to any
threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right
of the corporation) by reason of the fact that he is or
was a director, officer, employee or agent of the
corporation or is or was serving at the request of the
corporation as a director, officer, employee or agent
of another corporation or enterprise, against expenses
(including attorneys' fees), judgments, fines and
amounts paid in settlement actually and reasonably
incurred by him in connection with such action, suit or
proceeding if he acted in good faith and in a manner he
reasonably believed to be in, or not opposed to, the
best interests of the corporation, and, with respect to
any criminal action or proceeding, had no reasonable
cause to believe his conduct was unlawful.

          Section 145 also empowers a corporation to
indemnify any person who was or is a party or is
threatened to be made a party to any threatened,
pending or completed action or suit by or in the right
of the corporation to procure a judgment in its favor
by reason of the fact that such person acted in any of
the capacities set forth above, against expenses
(including attorneys' fees) actually and reasonably
incurred by him in connection with the defense or
settlement of such action or suit if he acted under
similar standards, except that no such indemnification
may be made in respect of any claim, issue or matter as
to which such person shall have been adjudged to be
liable to the corporation unless, and only to the
extent that, the Court of Chancery or the court in
which such action was brought shall determine that
despite the adjudication of liability such person is
fairly and reasonably entitled to indemnity for such
expenses which the court shall deem proper.

          Section 145 further provides that to the
extent that a director or officer of a corporation has
been successful in the defense of any action, suit or
proceeding referred to above or in the defense of any
claim, issue or matter therein, he shall be indemnified
against expenses (including attorneys' fees) actually
and reasonably incurred by him in connection therewith;
that indemnification provided for by Section 145 shall
not be deemed exclusive of any other rights to which
the indemnified party may be entitled; and that the
corporation is empowered to purchase and maintain
insurance on behalf of a director or officer of the
corporation against any liability asserted against him
and incurred by him in any such capacity, or arising
out of his status as such, whether or not the
corporation would have the power to indemnify him
against such liabilities under Section 145.

          The Company has purchased directors' and
officers' liability insurance covering certain
liabilities incurred by its directors and officers in
connection with the performance of their duties.

Item 7.   Exemption From Registration Claimed.

     Not Applicable.

Item 8.   Exhibits.

     Exhibit No.    Description

     23.1           Consent of Arthur Andersen LLP

     24.1           Power of Attorney (included on the signature page of 
                    the Registration Statement)


Item 9.   Undertakings.

     The undersigned registrant hereby undertakes:

  (a)(1)  To file, during any period in which offers or
sales are being made, a post-effective amendment to
this registration statement:

          (i)  To include any prospectus required by
     Section 10(a)(3) of the Securities Act of 1933;

          (ii) To reflect in the prospectus any facts
     or events arising after the effective date of the
     registration statement (or the most recent post-
     effective amendment thereof) which, individually
     or in the aggregate, represent a fundamental
     change in the information set forth in the
     registration statement;

          (iii) To include any material information
     with respect to the plan of distribution not
     previously disclosed in the registration statement
     or any material change to such information in the
     registration statement;

provided, however, that paragraphs (a)(1)(i) and
(a)(1)(ii) do not apply if the registration statement
is on Form S-3, Form S-8 or Form F-3 and the
information required to be included in a post-effective
amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Securities and
Exchange Commission by the registrant pursuant to
Section 13 or Section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in the
registration statement.

     (2)  That, for the purpose of determining any
liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new
registration statement relating to the securities
offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide
offering thereof.

     (3)  To remove from registration by means of a
post-effective amendment any of the securities being
registered which remain unsold at the termination of
the offering.

  (b)  The undersigned registrant hereby undertakes
that, for purposes of determining any liability under
the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or
15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated
by reference in the registration statement shall be
deemed to be a new registration statement relating to
the securities offered therein, and the offering of
such securities at that time shall be deemed to be the
initial bona fide offering thereof.

  (c)  Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and
Exchange Commission such indemnification is against
public policy as expressed in the Act and is,
therefore, unenforceable.  In the event that a claim
for indemnification against such liabilities (other
than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of
the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director,
officer or controlling person in connection with the
securities being registered, the registrant will,
unless in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a
court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as
expressed in the Act and will be governed by the final
adjudication of such issue.


                      SIGNATURES

     Pursuant to the requirements of the Securities Act
of 1933, the registrant certifies that it has
reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused
this Registration Statement on Form S-8 to be signed on
its behalf by the undersigned, thereunto duly
authorized, in Elk Grove Township, Illinois, on this
29th day of March, 1995.


                              UAL CORPORATION

                              By: /s/ Douglas A. Hacker

                                  Name: Douglas A. Hacker
                                  Title: Senior Vice President -
                                         Finance

                      POWER OF ATTORNEY

Each person whose signature appears below hereby
constitutes and appoints Gerald Greenwald and Douglas
A. Hacker, and each of them, the true and lawful
attorneys-in-fact and agents for the undersigned, with
full power of substitution and resubstitution, for and
in the name, place and stead of the undersigned, in any
and all capacities, to sign any and all amendments
(including post-effective amendments) to this
Registration Statement, and to file the same, with any
and all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange
Commission, and hereby grants to such attorneys-in-fact
and agents, and each of them, full power and authority
to do and perform each and every act and thing
requisite and necessary or desirable to be done in and
about the premises, as fully to all intents and
purposes as the undersigned might or could do in
person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or any of them, or their
substitute or substitutes, may have done, or may
lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act
of 1933, this Registration Statement has been signed
below by the following persons in the capacities and on
the date indicated.


    Signature                  Title                  Date


/s/  Gerald Greenwald       Director, and        March 29, 1995
Gerald Greenwald            Chairman and
                            Chief Executive      
                            Officer



/s/  Douglas A. Hacker      Principal            March 29, 1995
Douglas A. Hacker           accounting officer
                            and principal         
                            financial officer



/s/ John A. Edwardson       Director             March 29, 1995
John A. Edwardson
     



/s/ Duane D. Fitzgerald     Director             March 29, 1995
Duane D. Fitzgerald



/s/ Richard D. McCormick    Director             March 29, 1995
Richard D. McCormick



/s/ John F. McGillicuddy    Director             March 29, 1995
John F. McGillicuddy



/s/ James J. O'Connor       Director             March 29, 1995
James J. O'Connor



/s/ Harlow Osteboe          Director             March 29, 1995
Harlow Osteboe



/s/ John F. Peterpaul       Director             March 29, 1995
John F. Peterpaul



/s/ Paul E. Tierney, Jr.    Director             March 29, 1995
Paul E. Tierney, Jr.



/s/ John K. Van de Kamp     Director            March 29, 1995
John K. Van de Kamp



/s/ Joseph V. Vittoria      Director            March 29, 1995
Joseph V. Vittoria



/s/ Paul A. Volcker         Director            March 29, 1995
Paul A. Volcker


EXHIBIT INDEX
         

Exhibit No.    Description


23.1      Consent of Arthur Andersen LLP

24.1      Power of Attorney (included on the signature
          page of the Registration Statement)





                                                       
                                           Exhibit 23.1




       CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS



     As independent public accountants, we hereby
consent to the incorporation by reference in this
Registration Statement on Form S-8 of our report dated
February 23, 1995 included in the UAL Corporation
Annual Report on Form 10-K for the year ended December 31, 
1994, and to all references to our Firm included in this 
Registration Statement on Form S-8.


                                   /s/ Arthur Andersen LLP

                                   Arthur Andersen LLP




Chicago, Illinois
April 3, 1995