Form: 8-K

Current report filing

October 29, 1998

Documents

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

Published on October 29, 1998



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 For the Nine Months
Ended Ended
------------------------- ------------------------
Sept. 25, Sept. 26, Sept.25, Sept. 26,
1998 1997 1998 1997
--------- --------- -------- ---------

Pretax earnings (loss) from
continuing operations $ (206) $ 789 $ 1,602 $ 2,376

Add: Fixed charges 4,954 4,249 14,448 12,106
------- ------ ------- -------

Pretax earnings before fixed
charges $ 4,748 $5,038 $16,050 $14,482
======= ====== ======= =======

Fixed charges:

Interest $ 4,860 $4,190 $14,199 $11,929

Other (A) 94 59 249 177
------- ------ ------- -------

Total fixed charges $ 4,954 $4,249 $14,448 $12,106
======= ====== ======= =======

Preferred stock dividend `
requirements $ 15 $ 15 $ 46 $ 47
------- ------ ------- -------

Total combined fixed charges and
preferred stock dividends $ 4,969 $4,264 $14,494 $12,153
======= ====== ======= =======

Ratio of earnings to fixed
charges (B) .96 1.19 1.11 1.20

Ratio of earnings to combined
fixed charges and preferred
stock dividends (B) .96 1.18 1.11 1.19


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

(B) The ratio calculations indicate a less than one-to-one coverage for the
three months ended September 25, 1998. Pretax loss from continuing
operations for the three months ended September 25, 1998 is inadequate to
cover fixed charges. The deficient amounts for the respective ratios are
$206 and $221.

Note: Prior periods have been restated for the Midland Walwyn acquisition, as
required under pooling-of-interests accounting.


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