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 Millions)



For the Three Months
Ended
----------------------
March 29, March 31,
1996 1995
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Pretax earnings from
continuing operations $ 671 $ 380

Add:

Fixed charges

Interest 2,756 2,781

Other(A) 39 35
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Total fixed charges 2,795 2,816

Preferred stock dividend
requirements 19 20
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Total combined fixed charges and
preferred stock dividends 2,814 2,836
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Pretax earnings before fixed charges $3,466 $3,196
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Pretax earnings before combined
fixed charges and preferred
stock dividends $3,485 $3,216
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Ratio of earnings to fixed charges 1.24 1.13

Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.24 1.13


(A) Other fixed charges consist of the interest factor in rentals, amortization
of debt expense, and preferred stock dividend requirements of
majority-owned subsidiaries.