SECURITIES AND EXCHANGE COMMISSION
                         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:  July 22, 1998
                    ------------------------------
                   (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)




ITEM 5.       OTHER EVENTS.
              ------------

    UAL Corporation (the "Company") 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.


ITEM 7.       FINANCIAL STATEMENTS AND EXHIBITS.
              ---------------------------------

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

    99.1        Cautionary Statement



                              SIGNATURES


        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:  July 22, 1998


                                            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
conferences.  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, costs,
unit costs, fully distributed unit costs, capital spending,
cash flows, pre-tax margins, earnings, fully distributed
earnings, earnings per share, fully distributed earnings per
share and price to earnings ratios include the airline pricing
environment; industry capacity decisions; the success of the
Company's customer satisfaction initiative; the success of the
Company's cost control efforts; the cost of crude oil and jet
fuel; the impact and timing of a collective bargaining
agreement for passenger service employees; low-fare carrier
expansion; actions of the U.S., foreign and local governments;
foreign currency exchange rate fluctuations; the Asian
economic environment and travel patterns; the price of UAL
common stock; inflation; the economic environment of the
airline industry and the economic environment in general.

With respect to the proposed alliance transaction with Delta
Air Lines, factors, in addition to those factors noted above,
that could significantly affect the revenue, earnings, and
other benefits from the alliance include: the implementation
of alliances by competitors, and the outcome of discussions
with both carriers' pilot unions, international partners, and
commuter carriers regarding implementation of the proposed
alliance transaction.