SUMMIT SECURITIES, INC.
                COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                          AND PREFERRED STOCK DIVIDENDS

      The ratio of adjusted earnings to fixed charges and preferred stock
dividends was computed using the following tabulations to compute adjusted
earnings and the defined fixed charges and preferred stock dividends.

<TABLE>
<CAPTION>
                                                          Year Ended September 30
                                   ______________________________________________________________________
                                                           (Dollars in Thousands)
                                      1997          1996           1995           1994          1993
                                   __________    __________     __________     __________    __________
<S>                                <C>           <C>            <C>            <C>           <C>
Income (loss) before                                                                         
  extraordinary item               $1,851,240    $1,244,522     $  587,559     $  264,879    $  283,107
Add:                                                                                         
  Interest                          4,325,528     3,741,095      3,251,334      2,527,945     1,792,059
  Taxes (benefit) on income           126,905       237,951        239,707        140,407       145,951
                                   __________    __________     __________     __________    __________
Adjusted earnings                  $6,303,673    $5,223,568     $4,078,600     $2,933,231    $2,221,117
                                   ==========    ==========     ==========     ==========    ==========
Preferred stock dividend                                                                     
  requirements                     $  446,560    $  333,606     $  309,061     $    2,930    
Ratio factor of income after                                                                 
  provision for income taxes                                                                 
  to income before provision                                                                 
  for income taxes                         94%           84%            71%            65%   
Preferred stock dividend                                                                     
  factor on pretax basis              477,196       397,387        435,297          4,508    
Fixed charges                                                                                
  Interest                          4,325,528     3,741,095      3,251,334      2,527,945     1,792,059
                                   __________    __________     __________     __________    __________
                                                                                             
<PAGE>  108                                                                                  
                                                                                             

Fixed charges and                                                                            
  preferred stock                                                                            
  dividends                        $4,802,724    $4,138,482     $3,686,631     $2,532,453    $1,792,059
                                   ==========    ==========     ==========     ==========    ==========
Ratio of adjusted earnings                                                                   
  to fixed charges and                                                                       
  preferred stock dividends              1.31          1.26           1.11           1.16          1.24
                                   ==========    ==========     ==========     ==========    ==========
</TABLE>