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, 1997
                                                                
                                                
Income before provision for income taxes and fixed              
charges (Note A)                                    $49,436,266
                                                                
Fixed charges:                                                  
Interest on first mortgage bonds                    $14,907,206
Amortization of debt discount and expense less                  
premium                                                 878,694
Interest on short-term debt                             826,135
Other interest                                          318,905
Rental expense representative of an interest                    
factor (Note B)                                         147,912
                                                                
Total fixed charges                                  17,078,852
                                                                
Preferred stock dividend requirements:                          
Preferred stock dividend requirements not                       
deductible for tax purposes                           2,338,304
Ratio of income before provision for incomes taxes              
to net income                                             1.517
                                                                
Nondeductible dividend requirements                   3,547,207
Deductible dividends                                     78,036
                                                                
Total preferred stock dividend requirements           3,625,243
                                                                
Total combined fixed charges and preferred stock                
dividend requirements                               $20,704,095
                                                                
Ratio of earnings to fixed charges                         2.89x
                                                                
Ratio of earnings to combined fixed charges and                 
preferred stock dividend requirements                      2.39x


<footnote>
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).