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                                                                                   EXHIBIT 12
                            SOUTHWESTERN BELL CORPORATION
                  COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
                                 DOLLARS IN MILLIONS


     <CAPTION>
                                          THREE MONTHS ENDED                 YEAR ENDED
                                               MARCH 31,                      DECEMBER 31,
                                                                                                        
                                                             
                                            1994        1993    1993     1992     1991     1990    1989
                                                                                                        

     <S>                                   <C>        <C>      <C>     <C>      <C>      <C>      <C>
     Income Before Income Taxes,
       Extraordinary Loss and Cumulative
       Effect of Changes in Accounting
       Principles*                         $ 469.9   $ 386.4 $1,882.9 $1,701.2 $1,557.0  $1,541.4 $1,479.5
       Add:Interest Expense                  115.5     127.9    496.2    530.0    577.7     529.7    543.8
           1/3 Rental Expense                10.0        8.9     41.0     45.1     37.5      43.4     42.5

             Adjusted Earnings             $ 595.4   $ 523.2 $2,420.1 $2,276.3 $2,172.2  $2,114.5 $2,065.8


     Total Interest Charges                $ 115.5    $ 127.9  $496.2  $ 530.0 $  577.7  $  529.7  $543.8
     1/3 Rental Expense                       10.0        8.9    41.0     45.1     37.5      43.4    42.5


             Adjusted Fixed Charges        $ 125.5    $ 136.8  $537.2  $ 575.1 $  615.2  $  573.1  $586.3

     Ratio of Earnings to 
     Fixed Charges                            4.74       3.82    4.51     3.96     3.53     3.69    3.52

     * Undistributed earnings on investments accounted for under
       the equity method have been excluded.

</TABLE> 
