<PAGE>

=================================================================
                                
        UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C. 20549
                                
                            FORM 10-K

/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED).
FOR THE TRANSITION PERIOD FROM        TO

COMMISSION FILE NUMBER:  1-3576


                ST. JOSEPH LIGHT & POWER COMPANY
     (Exact name of registrant as specified in its charter)
                                
       STATE OF MISSOURI                      44-0419850
(State or other jurisdiction of            (I.R.S. Employer
 incorporation or organization)           Identification No.)

   520 FRANCIS STREET, P. O. BOX 998
         ST. JOSEPH, MISSOURI                 64502-0998
(Address of principal executive offices)      (Zip Code)
Registrant's telephone number, including area code:(816) 233-8888

   Securities registered pursuant to Section 12(b) of the Act:
                                
Title of each class     Name of each exchange on which registered
   COMMON STOCK,                  NEW YORK STOCK EXCHANGE
 WITHOUT PAR VALUE

Securities registered pursuant to Section 12(g) of the Act:  None

  Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.    Yes     X       No

  Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein,
and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K.  [X]

  The aggregate market value of the registrant's outstanding
common stock, based on the closing price therefor on the New York
Stock Exchange at February 28, 1998, was $146,792,513.

  Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.

  COMMON STOCK,
WITHOUT PAR VALUE                      8,071,066 SHARES
    (Class)                    (Outstanding at February 28, 1998)

               DOCUMENTS INCORPORATED BY REFERENCE
  Portions of the 1997 Annual Report to Shareholders are
incorporated by reference into Parts I, II and IV.
  Portions of the 1998 Definitive Proxy Statement for the 1998
annual meeting are incorporated by reference into Part III,
excluding therefrom the sections titled "Report of Compensation
Committee" and "Cumulative Total Shareholder Return."
  The 1997 Annual Report to Shareholders and the 1997 Definitive
Proxy Statement will be mailed to shareholders on or about April
10, 1998.

=================================================================



<PAGE>
                ST. JOSEPH LIGHT & POWER COMPANY

                             PART I


ITEM 1 - BUSINESS.

   St. Joseph Light & Power Company is a Missouri corporation,
incorporated in 1895. SJLP Inc., its wholly owned subsidiary, was
formed in September 1996 to pursue investments in non-utility
areas.  Collectively, these entities are referred to as the
"Company."

   The Company is engaged primarily in the generation,
transmission and distribution of electric energy to customers in
its ten-county service territory in northwest Missouri. It
supplies this service in St. Joseph, the headquarters city, and
52 other incorporated communities and the intervening rural
territory.  The service area contains approximately 3,300 square
miles.  At December 31, 1997, there were approximately 61,000
electric customers. In 1997, electric revenues accounted for 75%
of total operating revenues.  Natural gas for residential,
commercial and industrial purposes is provided to customers in
Maryville, a state university town of about 10,000, and 14 other
smaller communities in northwest Missouri.  Natural gas revenues
accounted for 5% of total operating revenues in 1997.  Currently
there are about 6,400 natural gas customers.  The Company
supplies industrial steam to six customers in St. Joseph.
Industrial steam revenues accounted for 5% of total operating
revenues in 1997.

   Effective May 31, 1997, SJLP Inc. acquired a controlling
interest in Percy Kent, a manufacturer of multiwall and small
paper bags, primarily for food products, agricultural products,
specialty chemicals, pet foods and other consumer packaging
companies throughout the United States.  In 1997, manufacturing
revenues accounted for 15% of total operating revenues.

SOURCES AND AVAILABILITY OF RAW MATERIALS.

   The Company's principal fuel for electric generation is coal.
Small amounts of natural gas and oil are also used.  During 1997,
fuels utilized for electric generation consisted of 94% coal, 3%
oil and 3% gas.

   The Company, Kansas City Power & Light Company (KCP&L) and The
Empire District Electric Company (EDE), the joint owners of the
Iatan plant, have a twenty-year agreement with a Wyoming mine for
low sulfur western coal. The agreement provides for approximately
two million tons of coal per year through 2003. The coal is
delivered by rail under an agreement which extends through 2000.
The remainder of the coal requirements at the Iatan plant are met
with spot purchases.

   Management anticipates meeting coal requirements for the Lake
Road plant in 1998 with present inventory, short-term contracts
and spot purchases.  The Company's rail contract provides for a
minimum of 180,000 tons per year and expires at the end of 2001.
Natural gas requirements are met with purchases from regional
suppliers and transported under the industrial tariffs of
Missouri Gas Energy as an interruptible customer. The Company
meets all of its oil requirements through spot purchases.

   The Company acquires its natural gas for resale on the open
market and with short-term contracts. An agreement with ANR
Pipeline Company provides natural gas storage and transportation
services until 2003. Management believes the arrangement is
sufficient to fulfill its natural gas requirements.

                             Page 2



<PAGE>
                ST. JOSEPH LIGHT & POWER COMPANY
                                
FRANCHISES.

   The Company currently holds non-exclusive franchises for its
electric utility operations in substantially all of the
incorporated portions of its service area.  The Company holds a
perpetual electric franchise without limitation of time in St.
Joseph.  Franchises in 51 additional incorporated municipalities
expire in various years until 2016.  One small community is
served without a franchise.

   The Company holds gas franchises in each of the 15 communities
served, expiring in various years until 2016.

COMPETITION.

   There are four rural electric cooperatives (RECs) within the
Company's service area. These RECs purchase their total power
requirements from generating and transmission cooperatives which
are financed partially by government loans or grants.

   Two municipally owned electric distribution systems are
located in the Company's territory serving approximately 900
customers.

   The Company's rates are significantly lower than the RECs and
municipally owned systems in the area and also compare very
favorably with other investor-owned utilities in the region.
Further competition information is incorporated by reference to
Management's Discussion and Analysis of Financial Condition and
Results of Operations in the 1997 Annual Report to Shareholders,
pages 10-15, which is Exhibit 13 hereto.

FINANCIAL INFORMATION ABOUT SEGMENTS OF BUSINESS.

   This information is incorporated by reference to Note 8 of the
Notes to Consolidated Financial Statements in the 1997 Annual
Report to Shareholders, page 27, which is Exhibit 13 hereto.

ENVIRONMENTAL REQUIREMENTS.

   This information is incorporated by reference to Management's
Discussion and Analysis of Financial Condition and Results of
Operations of the 1997 Annual Report to Shareholders, pages 10-
15, which is Exhibit 13 hereto.

NUMBER OF EMPLOYEES.

   There were 342 full time employees and 7 part time employees
at December 31, 1997.


ITEM 2 - PROPERTIES.

   The Company has an agreement with KCP&L and EDE for joint
ownership of the coal-burning generating plant at Iatan,
Missouri.  The Company's 18% share of this plant is 121 megawatts
(mw) of net capability.  Refer to "Jointly Owned Iatan Plant"
incorporated by reference to Note 1 of Notes to Consolidated
Financial Statements in the 1997 Annual Report to Shareholders,
page 22, which is Exhibit 13 hereto.

   The Company owns the Lake Road generating station in St.
Joseph, Missouri with an aggregate net capability of 257 mw
(summer rating), of which 107 mw is coal-fired and 150 mw utilize
natural gas and oil.

                             Page 3



<PAGE>
                ST. JOSEPH LIGHT & POWER COMPANY

ITEM 2 - PROPERTIES (Continued)

   The Company owns a 62-mile segment of a 582 mile, 345 KV
transmission line connecting utilities from Kansas City, Missouri
to Minneapolis, Minnesota. A second 345 KV line, 23 miles in
length, is used as a tie-line for two neighboring utilities, one
of which pays all fixed and operating costs. The Company also
owns 32 miles of 345 KV line connecting the Iatan generating
plant with the Company's system. In addition, the Company
constructed, with six other regional utilities, a 103-mile, 345
KV transmission line, primarily in northwest Missouri, to
strengthen the interconnection network. The line provides a high
capacity interconnection facility directly linking the electric
transmission systems of Nebraska Public Power District,
Associated Electric Cooperative of Springfield, Missouri, and St.
Joseph Light & Power Company.  The Company has 97 miles of 161 KV
transmission line which serves as the "backbone" for its internal
transmission/distribution system, and owns the necessary lower
voltage distribution lines, distribution substations,
transformers and equipment required to provide service in its
territory.

ITEM 3 - LEGAL PROCEEDINGS.

   Certain legal actions are pending which, in management's
opinion, are not expected to materially affect the Company's
financial position or results of operations.

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

   No matters were submitted to a vote of security holders during
the fourth quarter of 1997.

EXECUTIVE OFFICERS OF THE REGISTRANT.

   The following are the executive officers of the Company:

T. F. STEINBECKER, President.  Age 52.  BSBA and MBA, University
     of Missouri and CPA.  Employed by the Company in 1975;
     executive capacity since 1976; present position since May
     1986.

G. L. MYERS, Vice President, General Counsel and Secretary.  Age
     44.  AB, Washington University.  JD, University of Missouri-
     Kansas City.  Employed by the Company and executive capacity
     since 1979; General Counsel and Secretary from May 1989 -
     January 1996; present position since February 1996.

L. J. STOLL, Vice President--Finance, Treasurer and Assistant
     Secretary.  Age 45.  BSBA, Missouri Western State College.
     MBA, Northwest Missouri State University.  Employed by the
     Company in 1975; executive capacity since 1980; present
     position since May 1986.

J. A. STUART, Vice President--Customer Services and Energy
     Delivery.  Age 44.  BSEE, California Polytechnic State
     University. Employed by the Company in present position
     since 1994. Prior positions include Senior Operations
     Consultant, Pacific Gas and Electric Company, June 1993-
     March 1994, and Gas and Electric Operations Manager, Pacific
     Gas and Electric Company, March 1991-June 1993.

D. V. SVUBA, Vice President--Energy Supply.  Age 55.  BSEE, Iowa
     State University.  MSEE, University of Missouri.  Employed
     by the Company in 1966; executive capacity since 1990;
     present position since November 1990.

   Each officer is covered by a three-year employment agreement.
There are no family relationships between any officers of the
Company.

                             Page 4



<PAGE>
                ST. JOSEPH LIGHT & POWER COMPANY

                             PART II
                                
ITEM 5 - MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
        STOCKHOLDER MATTERS.

   Information regarding the principal market for the Company's
common stock, the market prices and the dividends paid on such
stock for the past two years is incorporated by reference to the
1997 Annual Report to Shareholders, pages 9 and 33, which is
Exhibit 13 hereto.

   There were 4,584 holders of record of the Company's common
stock as of February 3, 1998, the record date fixed for the
dividend paid on February 18, 1998.

ITEM 6 - SELECTED FINANCIAL DATA.

   This information is incorporated by reference to the 1997
Annual Report to Shareholders, page 9, which is Exhibit 13
hereto.

ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
        CONDITION AND RESULTS OF OPERATIONS.

   This information is incorporated by reference to the 1997
Annual Report to Shareholders, pages 10-15, which is Exhibit 13
hereto.

ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

   This information is incorporated by reference to the 1997
Annual Report to Shareholders, pages 16-29, which is Exhibit 13
hereto.

ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
        ACCOUNTING AND FINANCIAL DISCLOSURE.

   None.


                            PART III

ITEM 10 - DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL
          PERSONS OF THE REGISTRANT.

   Information required by Item 10 regarding directors is not
answered for the reason that the registrant will, within 120 days
after the close of the fiscal year, file with the Securities and
Exchange Commission a "Definitive Proxy Statement" pursuant to
Regulation 14A of the Securities Exchange Act of 1934.  The
information required is incorporated by reference to such
Definitive Proxy Statement.  Certain information concerning the
executive officers of the Company is set forth in Part I under
the caption "Executive Officers of the Registrant."

                             Page 5



<PAGE>
                ST. JOSEPH LIGHT & POWER COMPANY
                                
ITEM 11 - EXECUTIVE COMPENSATION.

   Item 11 is not answered for the reason that the registrant
will, within 120 days after the close of the fiscal year, file
with the Securities and Exchange Commission a "Definitive Proxy
Statement" pursuant to Regulation 14A of the Securities Exchange
Act of 1934. The information required is incorporated by
reference to such Definitive Proxy Statement.

ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
          MANAGEMENT.

   Item 12 is not answered for the reason that the registrant
will, within 120 days after the close of the fiscal year, file
with the Securities and Exchange Commission a "Definitive Proxy
Statement" pursuant to Regulation 14A of the Securities Exchange
Act of 1934. The information required is incorporated by
reference to such Definitive Proxy Statement.

ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

   Item 13 is not answered for the reason that the registrant
will, within 120 days after the close of the fiscal year, file
with the Securities and Exchange Commission a "Definitive Proxy
Statement" pursuant to Regulation 14A of the Securities Exchange
Act of 1934. The information required is incorporated by
reference to such Definitive Proxy Statement.


                             PART IV

ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
          FORM 8-K.

Financial Statements:

   This information is incorporated by reference (as set forth
below) to the 1997 Annual Report to Shareholders, which is
Exhibit 13 hereto.

   Consolidated Statements of Income, page 16
   Consolidated Balance Sheets, page 17
   Consolidated Statements of Capitalization, pages 18-19
   Consolidated Statements of Retained Earnings, page 19
   Consolidated Statements of Cash Flows, page 20
   Consolidated Statements of Taxes, page 21
   Notes to Consolidated Financial Statements, pages 22-28
   Responsibility for Financial Statements, page 29
   Report of Independent Public Accountants, page 29


FINANCIAL STATEMENT SCHEDULES:

Schedule II - Valuation and Qualifying Accounts - For the years
             ended December 31, 1997, 1996 and 1995 (page 10).

   Schedules not listed above are omitted because of absence of
conditions under which they are required or because the required
information is included in the financial statements submitted.

                             Page 6



<PAGE>

                ST. JOSEPH LIGHT & POWER COMPANY

LIST OF EXHIBITS:
Exhibit  3 (a) - Restated Articles of Incorporation adopted on
                May 20, 1987, which are incorporated by
                reference to page 16 of the 1987 Form 10-K.

           (b) - * By-laws of Company as amended on March 19,
                1997.

Exhibit  4 (a) - Indenture of Mortgage and Deed of Trust dated
                April 1, 1946, between the Company and Harris
                Trust and Savings Bank and Bartlett Boder,
                Trustee which is incorporated by reference to
                Exhibit(b)(1)-C in File No.2-62825.

           (b) - Seventeenth Supplemental Indenture dated as of
                February 1, 1991 between the Company and Harris
                Trust and Savings Bank, which is incorporated by
                reference to the 1995 Form 10-K.
           
           (c) - Medium-Term Notes Issuing and Paying Agency
                Agreement dated as of November 19, 1993 between
                the Company and Harris Trust and Savings Bank,
                which is incorporated by reference to the 1995
                Form 10-K.
           
           (d) - Rights Agreement dated September 18, 1996,
                which is incorporated by reference to Exhibit 4
                to Form 8-K, dated October 1, 1996.
                
                Long-term debt instruments of the Company in
                amounts not exceeding ten percent of the total
                assets of the Company will be furnished to the
                Commission upon request.
           
Exhibit 10 (a) - Coal Freight Agreement between Burlington
                Northern Railroad Company, Seller, and Kansas
                City Power & Light Company, St. Joseph Light &
                Power Company and The Empire District Electric
                Company, Buyers.  This exhibit is incorporated
                by reference to page 17 of the 1986 Form 10-K.
                Amendment to Coal Freight Agreement, as amended
                on May 20, 1995, is incorporated by reference to
                the 1995 Form 10-K.

           (b) - Coal Supply Agreement between Atlantic
                Richfield Company, Seller, and Kansas City Power
                & Light Company, St. Joseph Light & Power
                Company and The Empire District Company, Buyers.
                This exhibit is incorporated by reference to
                page 17 of the 1983 Form 10-K.
           
           (c) - CFSI Agreement which is incorporated by
                reference to page 17 of the 1989 Form 10-K.
           
           (d) - ** Form of Key Management Employment Agreements
                which is incorporated by reference to page 18 of
                the 1990 Form 10-K.  Amendment to Key Management
                Employment Agreements as amended on December 1,
                1993, which is incorporated by reference to page
                18 of the 1993 Form 10-K.
           
           (e) - Directors Indemnification Agreement, which is
                incorporated by reference to page 19 of the 1993
                Form 10-K.
           
           (f) - ** Supplemental Executive Retirement Plan which
                is incorporated by reference to page 19 of the
                1990 Form 10-K.  Amendment to Supplemental
                Executive Retirement Plan as amended on November
                17, 1993, which is incorporated by reference to
                page 20 of the 1993 Form 10-K.
           
                             Page 7
                                
                                
<PAGE>
                ST. JOSEPH LIGHT & POWER COMPANY

LIST OF EXHIBITS (CONTINUED):
           (g) - Gas Service Agreements with ANR Piepline
                Company, which are incorporated by reference to
                page 21 of the 1993 Form 10-K.
           
           (h) - *
                ** Long-Term Incentive Plan (Amended and
                Restated)
           
           (i) - ** Long-Term Stock Incentive Plan for Non-
                Employee Directors, which is incorporated by
                reference to Exhibit 10(I) to the 1996 Form 10-
                K.
                
           (j) - Purchased power agreemetn with Nebraska Public
                Power District, which is incorporated by
                reference to Exhibit 10(j) to the 1996 Form 10-
                K.
                
           (k) - *
                ** Officers' Annual Bonus Plan.
           
Exhibit 13     - * The 1997 Annual Report to Shareholders.

Exhibit 21     - * Subsidiaries of Registrant.

Exhibit 23     - * Consent of Independent Public Accountants.

Exhibit 27     - * Financial Data Schedule.

                 * Filed herewith.
                ** Exhibits marked with a double asterisk related
                  to management contracts or compensatory
                  arrangements.
          
REPORTS ON FORM 8-K:

No Current Report on Form 8-K was filed during the quarter ended
December 31, 1997.

            REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To St. Joseph Light & Power Company:
   We have audited in accordance with generally accepted auditing
standards, the consolidated financial statements included in St.
Joseph Light & Power Company's Annual Report to Shareholders
incorporated by reference in this Form 10-K, and have issued our
report thereon dated January 23, 1998.  Our audits were made for
the purpose of forming an opinion on those statements taken as a
whole.  The schedules listed in the index above are presented for
purposes of complying with the Securities and Exchange
Commission's rules and are not part of the basic financial
statements.  These schedules have been subjected to the auditing
procedures applied in our audits of the basic financial
statements and, in our opinion, fairly state in all material
respects the financial data required to be set forth therein in
relation to the basic financial statements taken as a whole.

/s/ Arthur Andersen LLP

Kansas City, Missouri,
January 23, 1998

                             Page 8



<PAGE>
                ST. JOSEPH LIGHT & POWER COMPANY
                                
                           SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                 ST. JOSEPH LIGHT & POWER COMPANY
                                           (Registrant)


March 18, 1998                            By /s/ T.F. Steinbecker
                                                        President

   Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the
dates indicated.


/s/ Terry F. Steinbecker President & Director      March 18, 1998
                        (Chief Executive Officer)


/s/ Larry J. Stoll       Vice-President-Finance,   March 18, 1998
                         Treasurer & Assistant
                         Secretary (Principal
                         Financial & Accounting
                         Officer)


/s/ J.P. Barclay, Jr.    Director                  March 18, 1998



/s/ D.A. Beck            Director                  March 18, 1998



/s/ D.A. Burkhardt       Director                  March 18, 1998



/s/ J.P. Carolus         Director                  March 18, 1998



/s/ W.J. Gremp           Director                  March 18, 1998



/s/ D.W. Shinneman       Director                  March 18, 1998



/s/ R.L. Simpson         Director                  March 18, 1998



/s/ G.R. Sprong          Director                  March 18, 1998


                             Page 9
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                                                                     Schedule II
                                                                                
                                                                                
                          ST. JOSEPH LIGHT & POWER CO.
                 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
                  YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
                                        
<TABLE>
<CAPTION>

          COLUMN A             COLUMN B              COLUMN C              COLUMN D      COLUMN E
                                                                                       
                                                     Additions                         
                                                                          Deductions         
                                            ------------- -------------  for Purposes        
                              Balance at                                   for Which         
                              Begininning    Charged to    Charged to    Reserves Were  Balance at
        Description             of Year        Expense    Construction      Created     End of Year
---------------------------- -------------  ------------- -------------  ------------- -------------
<S>                          <C>            <C>           <C>            <C>           <C>
Valuation accounts deducted                                                            
from assets to which they
apply -
                                                                                       
 Accumulated Provision for                                                             
  Uncollectible Accounts:
                                                                                       
     December 31, 1997       $  232,018     $  218,224    $        0     $  180,214(1) $  270,028
     December 31, 1996       $  324,130     $  191,624    $        0     $  283,736(2) $  232,018
     December 31, 1995       $  339,147     $  161,156    $        0     $  176,173(3) $  324,130
                                                                                       
Other reserves -                                                                       
                                                                                       
 Accumulated Provision for                                                             
   Injuries and Damages:
                                                                                       
     December 31, 1997       $  392,547     $   81,304    $   14,219     $  131,040    $  357,029
     December 31, 1996       $  362,395     $   88,920    $    5,394     $   64,162    $  392,547
     December 31, 1995       $  299,193     $  394,414    $   46,845     $  378,057    $  362,395
                                                                                       
 Accumulated Provision for                                                             
       Major Medical:
                                                                                       
     December 31, 1997       $    5,525     $1,262,902    $  297,971     $1,460,873    $  105,525
     December 31, 1996       $    5,525     $  830,819    $  170,167     $1,000,986    $    5,525
     December 31, 1995       $    5,525     $  622,163    $  128,037     $  750,200    $    5,525
                                                                                       
 Accumulated Provision for                                                             
   Other Post Employment
         Benefits:
                                                                                       
     December 31, 1997       $1,356,468     $  996,974    $  198,567     $1,208,615    $1,343,394(4)
     December 31, 1996       $1,336,809     $1,020,914    $  202,121     $1,203,376    $1,356,468(5)
     December 31, 1995       $1,290,991     $1,030,996    $  182,061     $1,167,239    $1,336,809(6)

(1) Net of $204,682 recovery on accounts previously charged off and $75,000
    reserve of Percy Kent Bag Co., Inc. on acquisition date.
(2) Net of $143,935 recovery on accounts previously charged off.
(3) Net of $128,419 recovery on accounts previously charged off.
(4) Includes Iatan reserve of $172,272.
(5) Includes Iatan reserve of $139,157.
(6) Includes Iatan reserve of $133,845.

</TABLE>

                                  Page 10 of 10