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                                                                                                                 Exhibit 99(ii)

                                                     MERRILL LYNCH & CO., INC.
                                              PRELIMINARY UNAUDITED EARNINGS SUMMARY

                                         
                                                               FOR THE YEAR ENDED                                  PERCENT OF
                                          ------------------------------------------------------------------         DOLLAR
(IN THOUSANDS,                                               PERCENT                             PERCENT             CHANGE
 EXCEPT PER SHARE AMOUNTS)                  DEC. 30,            OF              DEC. 31,            OF              INCREASE
                                              1994          REVENUES (A)          1993          REVENUES (A)       (DECREASE)
                                          -----------       --------          -----------        -------            --------
                                           (52 WEEKS)                          (53 WEEKS)
<S>                                      <C>                <C>              <C>                <C>                 <C> 
REVENUES:                                                                                                               
  COMMISSIONS                            $  2,870,541             16 %       $  2,894,228             17 %                (1)%
  INTEREST AND DIVIDENDS                    9,577,561             52            7,099,155             43                  35
  PRINCIPAL TRANSACTIONS                    2,334,924             13            2,920,439             18                 (20)
  INVESTMENT BANKING                        1,239,465              7            1,831,253             11                 (32)
  ASSET MANAGEMENT AND PORTFOLIO         
    SERVICE FEES                            1,739,452              9            1,557,778              9                  12
  OTHER                                       471,148              3              285,324              2                  65
                                          -----------       --------          -----------        -------            --------
  TOTAL REVENUES                           18,233,091            100           16,588,177            100                  10
                                         
  INTEREST EXPENSE                          8,608,570             47            6,029,947             36                  43
                                          -----------       --------          -----------        -------            --------
                                         
  NET REVENUES                              9,624,521             53           10,558,230             64                  (9)
                                          -----------       --------          -----------        -------            --------
                                         
NON-INTEREST EXPENSES:                   
  COMPENSATION AND BENEFITS                 4,951,839             51            5,255,258             50                  (6)
  OCCUPANCY                                   436,168              5              572,936              5                 (24)
  COMMUNICATIONS AND EQUIPMENT RENTAL         432,214              4              385,809              4                  12
  DEPRECIATION AND AMORTIZATION               325,121              3              308,499              3                   5
  ADVERTISING AND MARKET DEVELOPMENT          374,619              4              376,881              3                  (1)
  PROFESSIONAL FEES                           367,003              4              290,324              3                  26
  BROKERAGE, CLEARING, AND EXCHANGE FEES      337,512              4              280,712              3                  20
  OTHER                                       670,441              7              663,003              6                   1
                                          -----------       --------          -----------        -------            --------
                                         
  TOTAL NON-INTEREST EXPENSES               7,894,917             82            8,133,422             77                  (3)
                                          -----------       --------          -----------        -------            --------
                                         
EARNINGS BEFORE INCOME TAXES AND         
 CUMULATIVE EFFECT OF CHANGE IN          
  ACCOUNTING PRINCIPLE                      1,729,604             18            2,424,808             23                 (29)
                                         
INCOME TAX EXPENSE                            712,843              7            1,030,449             10                 (31)
                                          -----------       --------          -----------        -------            --------
                                         
EARNINGS BEFORE CUMULATIVE EFFECT        
 OF CHANGE IN ACCOUNTING PRINCIPLE          1,016,761             11            1,394,359             13                 (27)
                                         
CUMULATIVE EFFECT OF CHANGE IN           
 ACCOUNTING PRINCIPLE (NET OF            
  APPLICABLE INCOME TAXES) (B)                     --             --              (35,420)            --                 N/M
                                          -----------       --------          -----------        -------            --------

NET EARNINGS                              $ 1,016,761             11 %       $  1,358,939             13 %               (25)%
                                           ==========       ========          ===========        =======            ========
                                         
PREFERRED STOCK DIVIDENDS                 $    12,711                        $      5,381
                                           ==========                         ===========                                    
                                                                                                                             
NET EARNINGS APPLICABLE TO COMMON                                                                                            
 STOCKHOLDERS                             $ 1,004,050                        $  1,353,558                                    
                                           ==========                         ===========                                    
                                                                                                                             
EARNINGS PER COMMON SHARE (C):                                                                                               
  PRIMARY:                                                                                                                   
    EARNINGS BEFORE CUMULATIVE EFFECT                                                                                        
     OF CHANGE IN ACCOUNTING PRINCIPLE    $      4.75                        $       6.14                                    
    CUMULATIVE EFFECT OF CHANGE IN                                                                                           
     ACCOUNTING PRINCIPLE (B)                      --                               (0.16)                                   
                                           ----------                         -----------                                    
                                                                                                                             
   NET EARNINGS                           $      4.75                        $       5.98                                    
                                           ==========                         ===========                                    
                                                                                                                             
  FULLY DILUTED:                                                                                                             
    EARNINGS BEFORE CUMULATIVE EFFECT                                                                                        
     OF CHANGE IN ACCOUNTING PRINCIPLE    $      4.74                        $       6.11                                    
    CUMULATIVE EFFECT OF CHANGE IN                                                                                           
     ACCOUNTING PRINCIPLE (B)                      --                               (0.16)                                   
                                           ----------                         -----------                                    
                                                                                                                             
    NET EARNINGS                          $      4.74                        $       5.95                                    
                                           ==========                         ===========                                    
                                                                                                                             
AVERAGE SHARES (C):                                                                                                          
  PRIMARY                                     211,241                             226,331                                    
                                           ==========                         ===========                                    
                                                                                                                             
  FULLY DILUTED                               211,695                             227,480                                    
                                           ==========                         ===========                                    
</TABLE> 

 (A) - REVENUES AND INTEREST EXPENSE ARE PRESENTED AS A PERCENTAGE OF TOTAL
         REVENUES. NON-INTEREST EXPENSES, CUMULATIVE EFFECT OF CHANGE IN
         ACCOUNTING PRINCIPLE, AND EARNINGS ARE PRESENTED AS A PERCENTAGE OF NET
         REVENUES.

 (B) - 1993 RESULTS REFLECT THE ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING
         STANDARDS NO. 112.

 (C) - ALL SHARE AND PER SHARE AMOUNTS HAVE BEEN RESTATED FOR THE TWO-FOR-ONE
         COMMON STOCK SPLIT, EFFECTED IN THE FORM OF A 100% STOCK DIVIDEND, PAID
         ON NOVEMBER 24, 1993.

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