17

                                                             EXHIBIT 11.2
      
                 STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE



                                                Nine months ended
                                                      July 31,
                                               1997              1996
                                                         
Weighted average shares outstanding          2,020,156         2,020,156
Net effect of dilutive stock options - 
based on the treasury stock method 
using average market price                      28,284            11,143
                                             2,048,440         2,031,299

Net income                                  $  917,954        $  615,524

Net income per share                        $     0.45        $     0.30