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CHICAGO MILWAUKEE CORPORATION REPORTS 1992 FIRST QUARTER OPERATING RESULTS

 CHICAGO MILWAUKEE CORPORATION REPORTS 1992
 FIRST QUARTER OPERATING RESULTS
 CHICAGO, May 14 /PRNewswire/ -- Chicago Milwaukee Corp., (NYSE: CHG) a closed-end, non diversified, management investment company, today reported results for the quarter ended March 31, 1992.
 Net assets at March 31, 1992 totalled $280.2 million. Net asset value per common share was $151.01 at March 31, 1992 based on 1,671,238 common shares outstanding. This compares to $281.0 million equal to $151.49 per common share at March 31, 1991.
 Net investment income totalled approximately $3.6 million for the first quarter of 1992. This compared to net investment income of $4.6 million for the comparable quarter of 1991. The decrease was attributable to a decline in investment income due to lower rates and cash equivalent balances.
 Net realized gain on sale of investments for the quarter totalled $1.8 million. This compared to $3.2 million for the 1991 first quarter. Net change in unrealized appreciation on investments at March 31, 1992 was a decrease of approximately $6.3 million from Dec. 31, 1991. This compared to a decrease of $3.0 million in the first quarter of 1991. The decrease in market value was attributable primarily to increasing rates in the quarter.
 As of March 31, 1992, the company had repurchased 471,200 shares of its common stock and 39,000 shares of its preferred stock for approximately $63.2 million under the company's stock repurchase program. No shares were purchased during the quarter.
 On May 4, 1992, the company's board of directors declared a $2.50 per share cash dividend on its $5 prior preferred stock payable on June 1, 1992 to holders of record as of May 15, 1992.
 CHICAGO MILWAUKEE CORPORATION & SUBSIDIARY
 Condensed Consolidated Statement Of Operations
 Quarter ended
 March 31,
 1992
 Investment income $4,580,678
 Total expenses 928,777
 Net investment income 3,651,901
 Net realized and unrealized
 gain on investments 4,446,975
 Net decrease in net assets from
 operations (795,074)
 CHICAGO MILWAUKEE CORPORATION & SUBSIDIARY
 Condensed Consolidated Statements Of Assets And Liabilities
 Quarter ended
 March 31, Dec. 31,
 1992 1991
 Investments at fair value $287,787,312 $289,110,053
 All other assets 7,635,087 7,171,219
 Total assets 295,422,399 296,281,272
 Total liabilities 15,179,223 15,243,022
 Net assets 280,243,176 281,038,250
 Net asset value per common share 151.01 151.49
 Common shares outstanding 1,671,238 1,671,238
 -0- 5/14/92
 /CONTACT: Gary Dunlap of Dragonette Inc., 312-565-4300, for Chicago Milwaukee Corp., or Leon F. Fiorentino of Chicago Milwaukee Corp., 312-294-0440/
 (CHG) CO: Chicago Milwaukee Corp. ST: Illinois IN: SU: ERN


LR -- NY118 -- 0532 05/14/92 19:38 EDT
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Date:May 14, 1992
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