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,
                                                           1997
                                                                         
Income before provision for income taxes and fixed       $52,767,534
charges (Note A)
                                                                    
Fixed charges:                                                      
  Interest on first mortgage bonds                       $15,357,870
  Amortization of debt discount and expense less             884,630
premium
  Interest on short-term debt                              1,053,597
  Other interest                                             326,201
  Rental expense representative of an interest factor        161,612
(Note B)
                                                                    
    Total fixed charges                                   17,783,910
                                                                    
Preferred stock dividend requirements:                              
  Preferred stock dividend requirements not                2,338,304
deductible for tax purposes
  Ratio of income before provision for incomes taxes           1.527
to net income
                                                                    
  Nondeductible dividend requirements                      3,570,590
  Deductible dividends                                        78,036
                                                                    
    Total preferred stock dividend requirements            3,648,626
                                                                    
Total combined fixed charges and preferred stock                    
dividend                                                 $21,432,536
  requirements
                                                                    
Ratio of earnings to fixed charges                             2.97X
                                                                    
Ratio of earnings to combined fixed charges and                     
preferred stock
  dividend requirements                                        2.46x



<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).