
<TABLE>
                                        
                                   EXHIBIT 12
                                        
                          SOUTHWESTERN BELL CORPORATION
               COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
                               DOLLARS IN MILLIONS
                                        
<CAPTION>

                                      SIX MONTHS ENDED                   YEAR ENDED
                                          JUNE 30,                      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*              $1,036.4   $ 868.9  $1,882.9 $1,701.2 $1,557.0 $  1,541.4  $  1,479.5
       Add: Interest Expense            232.7     258.7     496.2    530.0    577.7      529.7       543.8
          1/3 Rental Expense             20.0      20.0      41.0     45.1    37.5        43.4        42.5

       Adjusted Earnings             $1,289.1   $1,147.6 $2,420.1 $2,276.3 $2,172.2 $  2,114.5  $  2,065.8


   Total Interest Charges            $  232.7   $ 258.7  $ 496.2  $ 530.0  $  577.7 $    529.7  $    543.8
   1/3 Rental Expense                    20.0      20.0     41.0     45.1      37.5       43.4        42.5


       Adjusted Fixed Charges        $  252.7   $ 278.7  $ 537.2  $ 575.1  $  615.2 $   573.1  $    586.3


Ratio of Earnings to Fixed Charges       5.10     4.12     4.51     3.96      3.53        3.69      3.52

*Undistributed earnings on investments accounted for under the equity method
have been excluded.
</TABLE>

