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                  KANSAS CITY SOUTHERN INDUSTRIES, INC.
                        AND SUBSIDIARY COMPANIES
                                    
           COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES-
                 EXCLUDING INTEREST ON DEPOSITS OF IFTC
                          (Dollars in Millions)


                                    Years Ended December 31,      
 
                                  1994     1993   1992   1991   1990
                                                 
Pretax Income, excluding
 equity in earnings of
 unconsolidated affiliates       $148.9   $160.9 $ 92.8  $ 66.2 $ 56.3

Interest expense on 
 Indebtedness                      53.6     51.2   33.1    32.1   31.4

Portion of Rents Representative
 of an Appropriate 
 Interest Factor                   17.7     11.0    8.3     5.7    5.3

Equity in Undistributed Earnings
 of 50% Owned Affiliates           15.6      9.0    8.2     7.0    3.9

Distributed Earnings of Less Than
 50% Owned Affiliates               0.1      0.5    0.6     0.2    0.3

Fixed Charges of 
 50% Owned Affiliates               0.9      1.4    1.0     1.3    1.6

 Income as Adjusted              $236.8   $234.0 $144.0  $112.5 $ 98.8

Fixed Charges:

Interest Expense 
 on Indebtedness                 $ 53.6   $ 51.2 $ 33.1  $ 32.1 $ 31.4

Portion of Rents 
 Representative of an 
 Appropriate Interest Factor       17.7     11.0    8.3     5.7    5.3

Fixed Charges of 
 50% Owned Affiliates               0.9      1.4    1.0     1.3    1.6

 Total Fixed Charges             $ 72.2   $ 63.6 $ 42.4  $ 39.1 $ 38.3

Ratio of Earnings to 
 Fixed Charges Excluding
 Interest on Deposits of IFTC      3.28     3.68   3.40    2.88   2.58


                                                                  
      
                                                             
Page 2 of 2


                                    
                  KANSAS CITY SOUTHERN INDUSTRIES, INC.
                        AND SUBSIDIARY COMPANIES
                                    
           COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES-
                 INCLUDING INTEREST ON DEPOSITS OF IFTC
                          (Dollars in Millions)
                                    

                                    Years Ended December 31,      
 
                                  1994     1993    1992   1991  1990
                                                 
Pretax Income, excluding
 equity in earnings of
 unconsolidated affiliates       $148.9  $160.9  $ 92.8  $ 66.2 $ 56.3

Interest expense 
 on Indebtedness                   53.6    51.2    33.1    32.1   31.4

Portion of Rents 
 Representative of an 
 Appropriate Interest Factor       17.7    11.0     8.3     5.7    5.3

Equity in Undistributed Earnings
 of 50% Owned Affiliates           15.6     9.0     8.2     7.0    3.9

Distributed Earnings of Less Than
 50% Owned Affiliates               0.1     0.5     0.6     0.2    0.3

Fixed Charges of 
 50% Owned Affiliates               5.5     7.8     9.8    13.0   12.3

 Income as Adjusted              $241.4  $240.4  $152.8  $124.2 $109.5

Fixed Charges:

Interest Expense 
 on Indebtedness                 $ 53.6  $ 51.2  $ 33.1  $ 32.1 $ 31.4

Portion of Rents 
 Representative of an 
 Appropriate Interest Factor       17.7    11.0     8.3     5.7    5.3

Fixed Charges of 
 50% Owned Affiliates               5.5     7.8     9.8    13.0   12.3

 Total Fixed Charges             $ 76.8  $ 70.0  $ 51.2  $ 50.8 $ 49.0

Ratio of Earnings to 
 Fixed Charges Including
 Interest on Deposits of IFTC      3.14    3.43    2.98    2.44   2.23