Exhibit 12.1

                  UAL Corporation and Subsidiary Companies

              Computation of Ratio of Earnings to Fixed Charges


                                        Nine Months Ended  
                                           September 30    
                                         1995        1994  
                                           (In Millions)
Earnings:
                                             

  Earnings before income taxes         $   651     $   161 
  Fixed charges, from below                913         772 
  Undistributed earnings of affiliates     (34)        (20)
  Interest capitalized                     (31)        (31)

    Earnings                           $ 1,499     $   882


Fixed charges:

  Interest expense                     $   304     $   268

  Portion of rental expense
    representative of the
    interest factor                        609         504

      Fixed charges                    $   913     $   772


Ratio of earnings to
  fixed charges                           1.64        1.14