EXHIBIT 12
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
------------------------------------------
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
-------------------------------------------------
(DOLLARS IN THOUSANDS)
For the Three Months For the Nine Months
Ended Ended
---------------------- ----------------------
Sept. 30, Sept. 24, Sept. 30, Sept. 24,
1994 1993 1994 1993
---------- ---------- ---------- ----------
Pretax earnings from continuing
operations.................... $ 389,522 $ 642,299 $1,474,392 $1,827,528
Deduct equity in undistributed
net earnings of unconsolidated
subsidiaries.................. (3,218) (3,598) (15,666) (12,136)
---------- ---------- ---------- ----------
Total pretax earnings from con-
tinuing operations............ 386,304 638,701 1,458,726 1,815,392
---------- ---------- ---------- ----------
Add: Fixed Charges (A)
Interest................ 2,223,203 1,500,574 6,198,030 4,246,643
Amortization of debt
expense............... 512 930 2,080 3,066
---------- ---------- ---------- ----------
Total interest............ 2,223,715 1,501,504 6,200,110 4,249,709
Interest factor in rents.. 31,017 34,259 96,822 104,975
---------- ---------- ---------- ----------
Total fixed charges............ 2,254,732 1,535,763 6,296,932 4,354,684
---------- ---------- ---------- ----------
Pretax earnings before fixed
charges....................... $2,641,036 $2,174,464 $7,755,658 $6,170,076
========== ========== ========== ==========
Ratio of earnings to fixed
charges....................... 1.17 1.42 1.23 1.42
========== ========== ========== ==========
(A) There was no capitalized interest for the 1994 and 1993 periods.