EXHIBIT (12)



    COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
    EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
                     DIVIDEND REQUIREMENTS
                               
                               
                                                          Twelve
                                                       Months Ended
                                                       June 30, 1995
                                                                
Income before provision for income taxes and fixed       $46,699,691
charges (Note A)
                                                                    
Fixed charges:                                                      
Interest on first mortgage bonds                         $13,287,976
Amortization of debt discount and expense less               784,947
premium
Interest on short-term debt                                  725,086
Other interest                                               260,995
Rental expense representative of an interest factor          115,697
(Note B)
                                                                    
Total fixed charges                                       15,174,701
                                                                    
Preferred stock dividend requirements:                              
Preferred stock dividend requirements not deductible       2,338,304
for tax purposes
Ratio of income before provision for incomes taxes             1.513
to net income
                                                                    
Nondeductible dividend requirements                        3,537,854
Deductible dividends                                          78,036
                                                                    
Total preferred stock dividend requirements                3,615,890
                                                                    
Total combined fixed charges and preferred stock         $18,790,591
dividend requirements
                                                                    
Ratio of earnings to fixed charges                              3.08x
                                                                    
Ratio of earnings to combined fixed charges and                     
preferred stock
dividend requirements                                           2.49x


[FN]
NOTE A:For the purpose of determining earnings in the calculation 
       of the ratio, net income has been increased  by  the  
       provision  for  income  taxes,   non-operating  income  
       taxes  and  by  the  sum  of  fixed charges as shown above.

NOTE B:One-third of rental expense (which approximates the interest factor).