EXHIBIT 12.1

                       RATIO OF EARNINGS TO FIXED CHARGES
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         The ratio of earnings to fixed charges for the six months ended
January 31, 1998 is:  3.0

         For purposes of computing these ratios, earnings have been calculated
by adding fixed charges (excluding capitalized interest and preferred stock
dividends) to income before extraordinary items. Fixed charges consist of
interest costs, whether expensed or capitalized, preferred stock dividend
requirements, the interest component of rental expense, if any, and amortization
of debt discounts and issue costs, whether expensed or capitalized.