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MORGAN STANLEY

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                                                                      EXHIBIT 12

                      RATIO OF EARNINGS TO FIXED CHARGES
      AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
                             (DOLLARS IN MILLIONS)

 
 
                                                              THREE MONTHS ENDED           
                                                      --------------------------------    
                                                       FEBRUARY 28,        FEBRUARY 28,   
                                                          1998                1997
                                                      -----------          -----------     
                                                                      
RATIO OF EARNINGS TO FIXED CHARGES                                                         
Earnings:                                                                                  
  Income before income taxes                             $1,133                 $928       
  Add: Fixed charges, net                                 3,168                2,733
    Income before income taxes and                    -----------          -----------  
      fixed charges, net                                 $4,301               $3,661       
                                                      ===========          ===========     
Fixed charges:                                                                             
  Total interest expense                                 $3,145               $2,709       
  Interest factor in rents                                   23                   24       
                                                      -----------          -----------     
    Total fixed charges                                  $3,168               $2,733
                                                      ===========          ===========     
Ratio of earnings to fixed charges                          1.4                  1.3       
                                                                                           
                                                                                           
RATIO OF EARNINGS TO FIXED CHARGES                                                        
  AND PREFERRED STOCK DIVIDENDS                                                              
                                                                                           
Earnings:                                                                                  
  Income before income taxes                             $1,133                 $928       
  Add: Fixed charges, net                                 3,168                2,733       
    Income before income taxes and                    -----------          -----------  
      fixed charges, net                                 $4,301               $3,661       
                                                      ===========          ===========     
                                                                                           
Fixed charges:                                                                             
  Total interest expense                                 $3,145               $2,709       
  Interest factor in rents                                   23                   24       
  Preferred stock dividends                                  24                   31       
                                                      -----------          -----------     
    Total fixed charges and preferred                    $3,192               $2,764       
      stock dividends                                 ===========          ===========     
                                                                                         
Ratio of earnings to fixed charges and                                                     
  preferred stock dividends                                 1.3                  1.3       


 
                                                                            FISCAL YEAR                       
                                                        -------------------------------------------------                   
                                                            1997                1996             1995                       
                                                        -----------         -----------       -----------                    
                                                                                                                
RATIO OF EARNINGS TO FIXED CHARGES                                                                                          
Earnings:                                                                                                                   
  Income before income taxes                               $4,274              $3,117           $2,292                      
  Add: Fixed charges, net                                  10,898               9,026            8,285                      
    Income before income taxes and                      -----------         -----------       -----------                    
      fixed charges, net                                  $15,172             $12,143           10,577                      
                                                        ===========         ===========       ===========                   
                                                                                                                            
Fixed charges:                                                                                                              
  Total interest expense                                  $10,806              $8,934           $8,190                      
  Interest factor in rents                                     92                  92               95                      
                                                        -----------         -----------       -----------                   
    Total fixed charges                                   $10,898              $9,026           $8,285                      
                                                        ===========         ===========       ===========                   
Ratio of earnings to fixed charges                            1.4                 1.3              1.3                      
                                                                                                                       
                                                                                                                       
RATIO OF EARNINGS TO FIXED CHARGES                                                                                    
  AND PREFERRED STOCK DIVIDENDS                                                                                          
                                                                                                                       
Earnings:                                                                                                              
  Income before income taxes                               $4,274              $3,117           $2,292                       
  Add: Fixed charges, net                                  10,898               9,026            8,285                       
    Income before income taxes and                      -----------         -----------       -----------                    
      fixed charges, net                                  $15,172             $12,143          $10,577                       
                                                        ===========         ===========       ===========                    
                                                                                                                             
Fixed charges:                                                                                                               
  Total interest expense                                  $10,806              $8,934           $8,190                       
  Interest factor in rents                                     92                  92               95                       
  Preferred stock dividends                                   110                 101               95                       
    Total fixed charges and preferred                   -----------         -----------       -----------                    
      stock dividends                                     $11,008              $9,127           $8,380                       
                                                        ===========         ===========       ===========                    
Ratio of earnings to fixed charges and                                                                                       
  preferred stock dividends                                   1.4                 1.3              1.3                       
 


        "Earnings" consist of income before income taxes and fixed charges.
        "Fixed charges" consist of interest costs, including interest on
        deposits, and that portion of rent expense estimated to be
        representative of the interest factor. The preferred stock dividend
        amounts represent pre-tax earnings required to cover dividends on
        preferred stock.