Exhibit 12


             UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

             COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
             -------------------------------------------------

                   (Amounts in Thousands, Except Ratios)
                                (Unaudited)


                                                           Nine Months
                                                        Ended September 30,
                                                        -------------------
                                                       1995           1994   
                                                       ----           ----
                                                             
Earnings:

  Income from continuing operations............. $  440,091        $420,074 
  Add (deduct) distributions greater (to
      extent less) than income of unconsolidated
      affiliates................................    (25,083)        (34,769)
                                                 ----------        --------

            Total...............................    415,008         385,305 
                                                 ----------        --------
Income Taxes:

  Federal, state and local......................    251,502         252,645 
                                                 ----------        --------
 
Fixed Charges:

  Interest expense including amortization of
      debt discount.............................    328,016         254,965 
  Portion of rentals representing an interest
      factor....................................     38,494          31,817 
                                                 ----------        --------

            Total...............................    366,510         286,782 
                                                 ----------        --------

Earnings available for fixed charges............ $1,033,020        $924,732 
                                                 ==========        ======== 

Fixed charges -- as above....................... $  366,510        $286,782 
Interest capitalized............................         --             125 
                                                 ----------        --------

            Total fixed charges................. $  366,510        $286,907 
                                                 ==========        ======== 

Ratio of earnings to fixed charges..............        2.8             3.2 
                                                 ==========        ========