EXHIBIT (12)



    COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
    EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
                     DIVIDEND REQUIREMENTS
                               
                               
                                                     Twelve
                                                  Months Ended
                                                  September 30,
                                                      1995
                                                                    
Income before provision for income taxes and
  fixed charges (Note A)                          $  47,309,561
                                                  
Fixed charges:                                    
  Interest on first mortgage bonds                $  13,783,895
  Amortization of debt discount and expense
    less premium                                        810,126

  Interest on short-term debt                           622,159
  Other interest                                        261,231
  Rental expense representative of an interest
    factor (Note B)                                     117,836
                                                  
    Total fixed charges                              15,595,247
                                                  
Preferred stock dividend requirements:            
  Preferred stock dividend requirements not
    deductible for tax purposes                       2,338,304
  Ratio of income before provision for income
    taxes to net income                                   1.510
                                                  
  Nondeductible dividend requirements                 3,530,839
  Deductible dividends                                   78,036
                                                  
    Total preferred stock dividend requirements       3,608,875
                                                  
Total combined fixed charges and preferred stock  
  dividend requirements                           $  19,204,122
                                                  
Ratio of earnings to fixed charges                        3.03x
                                                  
Ratio of earnings to combined fixed charges and   
  preferred stock dividend requirements                   2.46x

<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).