Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

May 10, 1999

Documents

STATEMENT RE: COMPUTATION OF RATIOS

Published on May 10, 1999



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)



FOR THE THREE MONTHS ENDED
--------------------------
March 26, March 27,(a)
1999 1998
-------- --------

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



(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.