EXHIBIT 12

                  MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
             COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
             COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
                             (dollars in million)

<TABLE> 
<CAPTION> 
                                                        FOR THE THREE MONTHS ENDED
                                                        --------------------------  
                                                          March 26,    March 27,(a) 
                                                              1999         1998
                                                          --------     -------- 
<S>                                                     <C>           <C> 
Pre-tax earnings from continuing operations                 $  996       $  867 
                                                        
Add: Fixed charges (excluding                           
       capitalized interest and preferred               
       security dividend requirements of                
       subsidiaries)                                         3,636        4,671
                                                            ------       ------ 
Pre-tax earnings before fixed charges                        4,632        5,538
                                                            ======       ====== 
Fixed charges:                                                           
       Interest                                              3,576        4,621
       Other(b)                                                110           73
                                                            ------       ------ 
       Total fixed charges                                   3,686        4,694
                                                            ------       ------ 
Preferred stock dividend requirements                           14           15
                                                            ------       ------ 
Total combined fixed charges                                             
  and preferred stock dividends                             $3,700       $4,709
                                                            ======       ====== 

RATIO OF EARNINGS TO FIXED CHARGES                            1.26         1.18
                                                        
RATIO OF EARNINGS TO COMBINED FIXED CHARGES             
  AND PREFERRED STOCK DIVIDENDS                               1.25         1.18 
</TABLE> 
         

(a) Amounts have been restated from that originally reported on Form 10-Q
    to reflect the 1998 merger with Midland Walwyn Inc., accounted for as a 
    pooling-of-interests.
 
(b) Other fixed charges consist of the interest factor in rentals, amortization 
    of debt issuance costs, preferred security dividend requirements of 
    subsidiaries, and capitalized interest.