Washington, DC  20549
                                FORM 8-K
                             CURRENT REPORT

                 Pursuant to Section 13 or 15(d) of the
                     Securities Exchange Act of 1934

                      Date of Report:  May 6, 1997
                    (Date of earliest event reported)

                          UAL CORPORATION
         (Exact name of registrant as specified in its charter)

         Delaware                1-6033          36-2675207
- ----------------------------  -------------   -------------------
(State or other jurisdiction  (Commission     (I.R.S. Employer
     of incorporation)         File Number)   Identification No.)

1200 Algonquin Road, Elk Grove Township, Illinois       60007
- -------------------------------------------------------------
(Address of principal executive offices)              (Zip Code)

Registrant's telephone number, including area code  (847) 700-4000

                             Not Applicable

      (Former name or former address, if changed since last report)


    UAL Corporation is filing herewith a cautionary statement for
purposes of the "Safe Harbor for Forward-Looking Statements"
provision of the Private Securities Litigation Reform Act of 1995
as Exhibit 99.1 which is incorporated herein by reference.


Exhibit No.     Description
- -----------     -----------

    99.1        Cautionary Statement


        Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.

                                UAL CORPORATION

                                By:  /s/ Douglas A. Hacker
                                Name:  Douglas A. Hacker
                                Title:  Senior Vice President and
                                        Chief Financial Officer

Dated:  May 6, 1997

                              EXHIBIT INDEX

Number          Description
- ------          -----------

 99.1           Cautionary Statement

                                            Exhibit 99.1

                        Cautionary Statement
UAL Corporation ("UAL") and its representatives from time to time
participate in speeches and calls with market analysts,
conferences with investors and potential investors of UAL and
United Air Lines, Inc. securities, and other meetings and

Some of the information presented in such speeches, calls,
meetings and conferences may be forward-looking and involves
risks and uncertainties that could result in actual results
differing materially from expected results.  It is not reasonably
possible to itemize all of the many factors and specific events
that could affect the outlook of an airline operating in the
global economy.  Some factors that could significantly impact
expected capacity, traffic, load factors, yields, revenues, unit
revenues, expenses, unit costs, capital spending, cash flows, pre-
tax margins, earnings, earnings per share and price to earnings
ratios include the airline pricing environment, fuel costs, low-
fare carrier expansion, actions of the U.S., foreign and local
governments, foreign currency exchange rate fluctuations, costs
of security and safety measures, the price of UAL common stock,
inflation, the economic environment of the airline industry and
the general economic environment.