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)
Three Months Ended Nine Months Ended
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Sept. 26, Sept. 27, Sept. 26, Sept. 27,
1997 1996 1997 1996
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Pretax earnings from
continuing operations $ 771 $ 522 $ 2,322 $ 1,891
Add: Fixed charges (excluding
capitalized interest) 4,209 3,144 11,980 8,786
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Pretax earnings before fixed charges $4,980 $3,666 $14,302 $10,677
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Fixed charges:
Interest $4,147 $3,104 $11,793 $ 8,669
Other(A) 63 40 188 117
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Total fixed charges 4,210 3,144 11,981 8,786
Preferred stock dividend
requirements 14 18 47 56
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Total combined fixed charges and
preferred stock dividends $4,224 $3,162 $12,028 $ 8,842
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Ratio of earnings to fixed charges 1.18 1.17 1.19 1.22
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.18 1.16 1.19 1.21
(A) Other fixed charges consist of the interest factor in rentals,
amortization of debt expense, preferred stock dividend requirements of
majority-owned subsidiaries, and capitalized interest.