Exhibit 12



            UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

             COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

                   (Amounts in Thousands, Except Ratios)
                                (Unaudited)


                                                                                
                                                          Six Months        
                                                        Ended June 30,      
                                                     ------------------  
                                                       1995     1994   
                                                     --------  --------
                                                         
Earnings:

  Income from Continuing Operations..............    $280,024  $285,314 
  Add (deduct) distributions greater (to
      extent less) than income of unconsolidated
      affiliates.................................      (8,184)  (24,302)
                                                     --------  --------
            Total................................     271,840   261,012 
                                                     --------  --------
Income Taxes:

  Federal, state and local.......................     150,989   170,872 
                                                     --------  -------- 
Fixed Charges:

  Interest expense including amortization of
      debt discount..............................     195,475   157,946 
  Portion of rentals representing an interest
      factor.....................................      25,281    21,646 
                                                     --------  --------
            Total................................     220,756   179,592 
                                                     --------  --------
Earnings available for fixed charges.............    $643,585  $611,476 
                                                     ========  ======== 

Fixed Charges -- as above........................    $220,756  $179,592 
Interest capitalized.............................          --       124 
                                                     --------  --------
            Total fixed charges..................    $220,756  $179,716 
                                                     ========  ======== 

Ratio of earnings to fixed charges...............         2.9       3.4 
                                                     ========  ========