EXHIBIT 12.1

               RATIO OF EARNINGS TO FIXED CHARGES

     
     The  ratio of earnings to fixed charges for the three months
ended October 31, 1997 is:  3.0

     For purposes of computing these ratios, earnings have been
calculated by adding fixed charges (excluding capitalized
interest) 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.