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:  March 21, 1995
                    (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  (708) 952-4000

                             Not Applicable
      (Former name or former address, if changed since last report)


    UAL Corporation (the "Company") is filing herewith News For
Investors issued to investors and analysts by the Company as
Exhibit 99.1 which is incorporated herein by reference.


Exhibit No.     Description

    99.1        News For Investors.


        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/ John A. Edwardson

                                      Name:  John A. Edwardson
                                      Title:  President

Dated:  March 21, 1995

                              EXHIBIT INDEX

Number          Description

 99.1           News For Investors.

                                                  Exhibit 99.1



                                   March 20, 1995

Dear Investors and Analysts:

During our last conference call, we indicated that there was a
higher likelihood that we would need to revise our first quarter
guidance.  Since then, our actual results as well as recent
industry events have caused us to change both our near-term and
full-year expectations positively.

With this winter turning out to be one of the mildest on record,
our completion factor is running ahead of seasonal averages and
first quarter capacity will be up 5.5% over 1994.  Looking
further out, we expect that 1995 capacity will be up around 4%
over 1994.

On the cost side, both the first quarter and full year should be
significantly better than originally forecast.  Through a
combination of higher productivity, tight cost controls and a
lower fuel price, we now anticipate that the first quarter's unit
cost (excluding the ESOP charge), will be 5.5% to 6.5% better
than last year's result.

We are currently forecasting that revenue will be somewhat below
our original expectations primarily due to weaker-than-
anticipated performance during the first half of the quarter.
For example, the January 17 earthquake in Kobe has depressed
Japan-originating traffic (particularly during the just-ending
mourning period).  Additionally, domestic yield for the January
to mid-February time-frame was below our original forecast.
Since then, we have seen an improvement in yield (and more
recently in Pacific traffic), and recent industry pricing actions
are clearly having a positive impact on our revenue projections.

Contract and other revenue will decline by approximately $25
million over 1994's first quarter results, primarily driven by
reduced sales from our Fuel Corp. subsidiary, but in this low
margin business most of this lower revenue is offset by lower
expense.  These results will, however, depress total unit revenue
which we now expect to show a year-over-year decline of between
1.5% and 3.5%.

Finally, as you are aware, we agreed in principle last October to
sell 10 aircraft to Mesa Airlines.  If, as we currently expect,
these transactions occur this quarter, United will post an
approximately $40 million pre-tax gain due to this event.

For the full year, on a fully distributed basis, we believe that
we will show improvement in both our operating and net income
over 1994.

First, we are extremely pleased by recent developments on the
cost side, and expect that many of the favorable expense trends
seen so far this year will continue.  For example, we are now
forecasting only a 3% to 4% increase in fuel price for 1995 (vs.
the 8% to 10% we discussed in November).  Additionally, as we
move further into the year, commission expense will fully reflect
the savings resulting from the recently announced changes in the
domestic commission structure.  Thus, we now believe that 1995's
unit cost should be comparable to 1994's 8.6 cents level.  Of course,
this projection excludes all ESOP-related costs in both years.

On the revenue side, we expect domestic yields to benefit from a
variety of actions only partially reflected in the first quarter
forecast.  In addition to the pricing actions previously
discussed (which have raised fares both nation-wide and, to a
greater degree, in local Denver markets), we expect load factor
(and yield) to benefit from slower domestic capacity growth in
the latter half of the year.  Additionally, Midway Airlines
transferring its operations to Raleigh-Durham (effective March
1), as well as the ongoing reductions in Continental Lite flying
will, we believe, serve to stabilize the fare environment in our
Chicago-east markets.

                                   /s/ Lynn Hughitt

                                   Lynn Hughitt