EXHIBIT 12.1

                           ALCO STANDARD CORPORATION
                       RATIO OF EARNINGS TO FIXED CHARGES
                            (dollars in thousands)

 
 
                                                           1996          1995          1994          1993          1992      
                                                       ------------  ------------  ------------  ------------  ------------ 
                                                                                                          
Earnings                                                                                                                    
  Income from continuing operations                    $   164,893   $   115,011   $     1,996   $    61,276   $    51,612  
  Add:                                                                                                                      
     Loss from unconsolidated affiliate                                                117,158         2,538                
     Provision for income taxes                            107,984        75,501        41,315        40,093        33,488  
     Fixed charges                                         127,557        82,354        60,367        49,418        39,761  
                                                       ------------  ------------  ------------  ------------  ------------ 
                                                                                                                            
  Earnings, as adjusted                           (A)  $   400,434   $   272,866   $   220,836   $   153,325   $   124,861  
                                                       ============  ============  ============  ============  ============ 
                                                                                                                            
Fixed Charges                                                                                                               
  Other interest expense, including interest                                                                                
     on capital leases                                 $   105,222   $    61,888   $    44,096   $    39,044   $    30,923  
  Estimated interest component of                                                                                           
     rental expense                                         22,335        20,466        16,271        10,374         8,838  
                                                       ------------  ------------  ------------  ------------  ------------ 

  Total fixed charges                             (B)  $   127,557   $    82,364   $    60,367   $    49,418   $    39,761  
                                                       ============  ============  ============  ============  ============ 
                                                                                                                            
Ratio of earnings to fixed charges                                                                                           
     (A)/(B)                                                   3.1           3.3           3.7           3.1           3.1   
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