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<PAGE> 1
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED]
For the transitional period from to
Commission file number 1-7850
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
SOUTHWEST GAS CORPORATION
5241 Spring Mountain Road, Post Office Box 98510
Las Vegas, Nevada 89193-8510
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<PAGE> 2
ITEM 1. FINANCIAL STATEMENTS AND EXHIBITS
Listed below are all financial statements and exhibits filed as a part
of this Annual Report:
(a) Financial statements, including Statements of Net Assets
Available for Benefits as of December 31, 1993 and 1992 and the
related Statements of Changes in Net Assets Available for Benefits for
each of the three years in the period ended December 31, 1993 and
Notes to Financial Statements and Schedules I and II, together with
the report thereon of Arthur Andersen & Co., independent public
accountants (pages 3 - 16).
(b) Consent of Arthur Andersen & Co., independent public accountants.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the members
of the Employees' 401(k) Plan of PriMerit Bank Committee have duly caused this
Annual Report to be signed by the undersigned thereunto duly authorized.
EMPLOYEES' 401(k) PLAN
OF PRIMERIT BANK
Date: June 20, 1994 By: /s/ Dan J. Cheever
____________________________
Dan J. Cheever
President and
Chief Executive Officer<PAGE>
<PAGE> 3
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 1993 AND 1992
AND FOR EACH OF THE THREE YEARS IN THE PERIOD ENDED
DECEMBER 31, 1993
TOGETHER WITH AUDITORS' REPORT<PAGE>
<PAGE> 4
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Employees' 401(k) Plan Committee of PriMerit Bank:
We have audited the accompanying statements of net assets available for benefits
of the Employees' 401(k) Plan of PriMerit Bank (the plan) as of December 31,
1993 and 1992, and the related statements of changes in net assets available for
benefits for each of the three years in the period ended December 31, 1993.
These financial statements and the schedules referred to below are the
responsibility of the Plan Committee. Our responsibility is to express an
opinion on these financial statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
Plan Committee, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1993 and 1992, and the changes in net assets available for benefits
for each of the three years in the period ended December 31, 1993, in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of
investments held at December 31, 1993, and reportable transactions for the year
ended December 31, 1993, are presented for purposes of additional analysis and
are not a required part of the basic financial statements, but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules have been subjected to the auditing procedures
applied in our audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
ARTHUR ANDERSEN & CO.
Las Vegas, Nevada
March 16, 1994<PAGE>
<PAGE> 5
<TABLE>
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993
<CAPTION>
Southwest
Gas Corp
Common Core
Stock Guaranteed Balanced Equity
Account Account Account Account Total
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
- - ------
Investments, at market value
(Notes 2 and 3):
Southwest Gas Corporation
common stock $ 619,329 $ -- $ -- $ -- $ 619,329
Guaranteed Account -- 1,438,457 -- -- 1,438,457
Balanced Account -- -- 191,610 -- 191,610
Core Equity Account -- -- -- 328,043 328,043
Dreyfus Treasury cash
management fund 235 7 6 86 334
---------- ---------- ---------- ---------- ----------
619,564 1,438,464 191,616 328,129 2,577,773
Notes receivable (Note 4) -- 42,485 -- 1,500 43,985
Interest receivable 28 23 9 12 72
---------- ---------- ---------- ---------- ----------
$ 619,592 $1,480,972 $ 191,625 $ 329,641 $2,621,830
========== ========== ========== ========== ==========
LIABILITIES AND PLAN EQUITY
- - ---------------------------
Excess contributions payable:
PriMerit Bank $ 4,013 $ -- $ -- $ -- $ 4,013
Participants (Note 8) 14,838 1,204 15 179 16,236
---------- ---------- ---------- ---------- ----------
18,851 1,204 15 179 20,249
Plan equity, at market
value (Note 6) 600,741 1,479,768 191,610 329,462 2,601,581
---------- ---------- ---------- ---------- ----------
$ 619,592 $1,480,972 $ 191,625 $ 329,641 $2,621,830
========== ========== ========== ========== ==========
</TABLE>
See notes to financial statements<PAGE>
<PAGE> 6
<TABLE>
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1992
<CAPTION>
Southwest
Gas Corp
Common Core
Stock Guaranteed Balanced Equity
Account Account Account Account Total
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
- - ------
Investments, at market value
(Notes 2 and 3):
Southwest Gas Corporation
common stock $ 472,849 $ -- $ -- $ -- $ 472,849
Guaranteed Account -- 1,298,772 -- -- 1,298,772
Balanced Account -- -- 182,523 -- 182,523
Core Equity Account -- -- -- 345,890 345,890
Dreyfus Treasury cash
management fund 1,292 10,226 3,599 6,755 21,872
---------- ---------- ---------- ---------- ----------
474,141 1,308,998 186,122 352,645 2,321,906
Notes receivable (Note 4) -- 39,134 -- -- 39,134
Interest receivable 12 6 2 3 23
---------- ---------- ---------- ---------- ----------
$ 474,153 $1,348,138 $ 186,124 $ 352,648 $2,361,063
========== ========== ========== ========== ==========
LIABILITIES AND PLAN EQUITY
- - ---------------------------
Excess contributions payable:
PriMerit Bank $ 1,573 $ -- $ -- $ -- $ 1,573
Participants (Note 8) -- 19,870 1,039 4,898 25,807
---------- ---------- ---------- ---------- ----------
1,573 19,870 1,039 4,898 27,380
Plan equity, at market
value (Note 6) 472,580 1,328,268 185,085 347,750 2,333,683
---------- ---------- ---------- ---------- ----------
$ 474,153 $1,348,138 $ 186,124 $ 352,648 $2,361,063
========== ========== ========== ========== ==========
</TABLE>
See notes to financial statements<PAGE>
<PAGE> 7
<TABLE>
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993
<CAPTION>
Southwest
Gas Corp
Common Core
Stock Guaranteed Balanced Equity
Account Account Account Account Total
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Investment income:
Dividends $ 27,641 $ -- $ -- $ -- $ 27,641
Interest 351 359 78 127 915
---------- ---------- ---------- ---------- ----------
27,992 359 78 127 28,556
---------- ---------- ---------- ---------- ----------
Realized gain on investments:
Aggregate cost 137,585 342,985 77,704 146,099 704,373
Aggregate proceeds 163,879 350,132 81,407 152,518 747,936
---------- ---------- ---------- ---------- ----------
Net gain 26,294 7,147 3,703 6,419 43,563
---------- ---------- ---------- ---------- ----------
Unrealized appreciation
of investments 48,016 91,133 17,986 30,437 187,572
---------- ---------- ---------- ---------- ----------
Contributions:
PriMerit Bank 189,738 -- -- -- 189,738
Participants -- 352,070 66,165 97,247 515,482
---------- ---------- ---------- ---------- ----------
189,738 352,070 66,165 97,247 705,220
---------- ---------- ---------- ---------- ----------
Distributions to
participants and
beneficiaries (142,073) (350,132) (72,990) (110,048) (675,243)
Administrative expenses
(Note 1) (21,770) -- -- -- (21,770)
Transfer between funds (36) 50,923 (8,417) (42,470) --
---------- ---------- ---------- ---------- ---------
Net increase (decrease)
in plan equity 128,161 151,500 6,525 (18,288) 267,898
Plan equity, beginning
of year 472,580 1,328,268 185,085 347,750 2,333,683
---------- ---------- ---------- ---------- ----------
Plan equity, end of year $ 600,741 $1,479,768 $ 191,610 $ 329,462 $2,601,581
========== ========== ========== ========== ==========
</TABLE>
See notes to financial statements<PAGE>
<PAGE> 8
<TABLE>
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1992
<CAPTION>
Southwest
Gas Corp
Common Core
Stock Guaranteed Balanced Equity
Account Account Account Account Total
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Investment income:
Dividends $ 22,227 $ -- $ -- $ -- $ 22,227
Interest 198 169 38 70 475
---------- ---------- ---------- ---------- ----------
22,425 169 38 70 22,702
---------- ---------- ---------- ---------- ----------
Realized gain on investments:
Aggregate cost 51,160 150,571 19,604 31,562 252,897
Aggregate proceeds 63,832 155,407 19,147 30,790 269,176
---------- ---------- ---------- ---------- ----------
Net gain (loss) 12,672 4,836 (457) (772) 16,279
---------- ---------- ---------- ---------- ----------
Unrealized appreciation
of investments 80,062 83,437 10,852 9,884 184,235
---------- ---------- ---------- ---------- ----------
Contributions:
PriMerit Bank 113,519 -- -- -- 113,519
Participants -- 334,542 52,270 87,906 474,718
---------- ---------- ---------- ---------- ----------
113,519 334,542 52,270 87,906 588,237
---------- ---------- ---------- ---------- ----------
Distributions to
participants and
beneficiaries (38,284) (126,376) (19,147) (30,790) (214,597)
Administrative expenses
(Note 1) (21,592) -- -- -- (21,592)
Transfer between funds -- (32,755) 7,902 24,853 --
---------- ---------- ---------- ---------- ----------
Net increase in plan equity 168,802 263,853 51,458 91,151 575,264
Plan equity, beginning
of year 303,778 1,064,415 133,627 256,599 1,758,419
---------- ---------- ---------- ---------- ----------
Plan equity, end of year $ 472,580 $1,328,268 $ 185,085 $ 347,750 $2,333,683
========== ========== ========== ========== ==========
</TABLE>
See notes to financial statements<PAGE>
<PAGE> 9
<TABLE>
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1991
<CAPTION>
Southwest
Gas Corp
Common Core
Stock Guaranteed Balanced Equity
Account Account Account Account Total
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Investment income:
Dividends $ 26,854 $ -- $ -- $ -- $ 26,854
Interest 273 171 19 30 493
---------- ---------- ---------- ---------- ----------
27,127 171 19 30 27,347
---------- ---------- ---------- ---------- ----------
Realized gain on investments:
Aggregate cost 54,040 171,679 12,904 29,718 268,341
Aggregate proceeds 49,490 176,645 13,649 33,545 273,329
---------- ---------- ---------- ---------- ----------
Net gain (loss) (4,550) 4,966 745 3,827 4,988
---------- ---------- ---------- ---------- ----------
Unrealized appreciation
(depreciation) of
investments (63,347) 70,134 24,253 44,871 75,911
---------- ---------- ---------- ---------- ----------
Contributions:
PriMerit Bank 88,738 -- -- -- 88,738
Participants -- 330,547 37,692 63,071 431,310
---------- ---------- ---------- ---------- ----------
88,738 330,547 37,692 63,071 520,048
---------- ---------- ---------- ---------- ----------
Distributions to
participants and
beneficiaries (44,927) (106,890) (10,408) (30,947) (193,172)
Administrative expenses
(Note 1) (9,728) -- -- -- (9,728)
Transfer between funds (1,099) (44,821) 2,360 43,560 --
---------- ---------- ---------- ---------- ----------
Net increase (decrease)
in plan equity (7,786) 254,107 54,661 124,412 425,394
Plan equity, beginning
of year 311,564 810,308 78,966 132,187 1,333,025
---------- ---------- ---------- ---------- ----------
Plan equity, end of year $ 303,778 $1,064,415 $ 133,627 $ 256,599 $1,758,419
========== ========== ========== ========== ==========
</TABLE>
See notes to financial statements<PAGE>
<PAGE> 10
NOTE 1: DESCRIPTION OF PLAN
The following description of the Employees' 401(k) Plan (the Plan) of PriMerit
Bank (the Bank) provides summary information regarding the Plan.
General
- - -------
Effective January 1, 1988 the Bank offered to all its eligible employees
participation in a voluntary defined contribution plan. All employees who were
employed by the Bank on January 1, 1988 and who were at least age 21 on that
date became participants on January 1, 1988. An employee hired after that date
or reaching age 21 after that date is eligible to participate in the Plan on the
applicable entry date on or following the date on which the employee reaches
age 21 and has completed one year of service. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
- - -------------
Participants may contribute from one percent to ten percent of their annual
wages, including bonuses, overtime pay and commissions. During 1993, the Bank's
contribution was 50 percent of participants contributions not exceeding
3 percent of a participant's annual wages. During 1992 and 1991, the Bank
contributed 25 percent of a participant's contributions not exceeding 1.5
percent of a participant's annual wages.
All of the Bank's contributions are invested in Southwest Gas Corporation
(Southwest) common stock. The Bank is a wholly owned subsidiary.
Vesting
- - -------
Participants are immediately 100 percent vested in their voluntary contributions
plus actual earnings thereon. Vesting in the contributions made by the Bank and
in any earnings thereon is determined based on years of service with the Bank as
follows:
Years of Service Vested Percentage
---------------- -----------------
1 0%
2 20%
3 40%
4 60%
5 80%
6 or more 100%
A participant will receive a year of service if the participant has worked at
least 1000 hours in a Plan year.<PAGE>
<PAGE> 11
Withdrawals from the Plan
- - -------------------------
The Plan permits distributions from participants' accounts when any of the
following events occur: (1) participant reaches normal or deferred retirement
age; (2) participant becomes permanently disabled while employed by the Bank;
(3) participant dies while employed by the Bank; (4) participant terminates
employment with the Bank; (5) participant qualifies under a hardship withdrawal
or a loan to withdraw amounts from the Plan and (6) the Bank terminates the
Plan. All distributions from the Plan, except hardship withdrawals and loans,
less than $3,500 will be paid in a single lump sum, while distributions greater
than $3,500 from the Plan are made in the form of a annuity contract. A
participant, or their beneficiary, may elect to waive the annuity form of
distribution in favor of a single lump sum. Distributions, other than hardship
withdrawals and loans, will be paid shortly after the end of the Plan year (or
sooner, if administratively convenient) in the form selected by the participant
or beneficiary.
Plan Expenses
- - -------------
Plan expenses were paid by the Plan via participants' forfeitures with the Bank
paying any excess.
Plan Administration
- - -------------------
Bank of America acts as the trustee and the Bank is the administrator for all
activities of the Plan.
NOTE 2: VALUATION OF INVESTMENTS
- - ---------------------------------
All investments of the Plan are stated at quoted market value. The units of
participation in the Guaranteed, Balanced and Core Equity accounts are valued
based upon original cost plus accumulated net interest income and changes in
value of the underlying investments.
NOTE 3: ACCOUNT DESCRIPTIONS
- - -----------------------------
A description of the Plan accounts is as follows:
SOUTHWEST COMMON STOCK ACCOUNT - The Bank's contributions are invested in
common stock of its parent. At December 31, 1993, the Plan holds 38,708
shares of Southwest Gas common stock.
GUARANTEED ACCOUNT - The account invests primarily in high-quality bonds
and mortgages. The assets of the account are backed by the general assets
of The Lincoln National Life Insurance Company (Lincoln Life) and are
invested the same way as Lincoln Life's general investment account. The
account guarantees principal, a minimum rate of return and a current
interest crediting rate. At December 31, 1993, the Plan holds 1,121,460
units of the Guaranteed Account.<PAGE>
<PAGE> 12
BALANCED ACCOUNT - The account invests in a combination of stocks, bonds
and money market instruments. At December 31, 1993, the Plan holds 58,539
units of the Balanced Account.
CORE EQUITY ACCOUNT - The account invests primarily in large capitalization
stocks of well-established companies. At December 31, 1993, the Plan holds
66,092 units of the Core Equity Account.
Lincoln National Investment Management Company (LNIMC) serves as the primary
investment advisor for the Guaranteed, Balanced and Core Equity Accounts. The
Guaranteed and Balanced Accounts are managed by LNIMC. The Core Equity Account
is managed by Vantage Global Advisors.
Participants' contributions can be divided among the three investment options.
The number of employees participating in each account during the three years
ended December 31, are as follows:
Southwest
Common Core
Stock Guaranteed Balanced Equity
Year Account Account Account Account
---- --------- ---------- -------- -------
1993 366 335 134 146
1992 345 331 127 135
1991 292 275 91 105
The total number of employees eligible to participate and the number
participating in the Plan during each of the three years ended December 31, are
as follows:
Year Eligible Participating Not Participating
---- -------- ------------- -----------------
1993 684 366 318
1992 598 345 253
1991 525 292 233
NOTE 4: NOTES RECEIVABLE
- - -------------------------
The Plan provides that participants may borrow against the balances in their
accounts, subject to certain limitations specified in the Plan. Funds for loans
are obtained through liquidation of participants' investment accounts. Payments
on the loans include interest at a rate at or above the prime interest rate.
NOTE 5: DISTRIBUTIONS AND FORFEITURES
- - --------------------------------------
The balances in the accounts of participating employees in Southwest common
stock who withdrew from the Plan and the amounts<PAGE>
<PAGE> 13
disbursed or to be disbursed (see Note 6) to such employees in settlement
thereof during each of the three years in the period ended December 31, were as
follows:
1993
----
Cost Market
--------- ---------
Balance in employees' account before withdrawals $ 162,273 $ 190,359
Cash and securities disbursed in settlement thereof (142,481) (167,253)
--------- ---------
Balances forfeited - non-vested portion $ 19,792 $ 23,106
========= =========
1992
----
Cost Market
--------- ---------
Balance in employees' account before withdrawals $ 64,036 $ 80,888
Cash and securities disbursed in settlement thereof (56,331) (71,228)
--------- ---------
Balances forfeited - non-vested portion $ 7,705 $ 9,660
========= =========
1991
----
Cost Market
--------- ---------
Balance in employees' account before withdrawals $ 48,127 $ 42,407
Cash and securities disbursed in settlement thereof (40,887) (36,358)
--------- ---------
Balances forfeited - non-vested portion $ 7,240 $ 6,049
========= =========
NOTE 6: PLAN EQUITY
- - --------------------
Plan equity at December 31, 1993 and 1992 includes withdrawing participants'
accounts with aggregate market value of $273,934 and $166,050, respectively.
These amounts became payable subsequent to year end.
At December 31, 1993, the trustee held for the Plan the following:
Southwest
Common Core
Stock Guaranteed Balanced Equity
Account Account Account Account
---------- ---------- ---------- ----------
Shares or units held by
the trustee 38,708 1,121,460 58,539 66,092
========== ========== ========== ==========
Market value per share
or unit $ 16.00 $ 1.28 $ 3.27 $ 4.96
========== ========== ========== ==========
Average unrealized market
appreciation per unit $ 2.25 $ .08 $ .35 $ .51
========== ========== ========== ==========
The average unrealized market appreciation per unit is not necessarily the same
as the unrealized market appreciation per unit of a particular participant.
Each participant's average unrealized market appreciation per share or unit at
December 31, 1993 can be determined as the difference between the average cost
of all units purchased for the participant's account and the market value per
unit at such date.<PAGE>
<PAGE> 14
NOTE 7: PLAN TERMINATION
- - -------------------------
Although the Bank expects to continue the Plan indefinitely, it reserves the
right to amend or terminate the Plan at any time. Upon termination or complete
discontinuance of contributions to the Plan, the participants will become 100
percent vested in all Bank contributions already allocated to participants'
accounts.
NOTE 8: FEDERAL INCOME TAXES
- - -----------------------------
The Bank has received a favorable determination letter from the Internal Revenue
Service stating that the Plan, effective March 19, 1992, qualifies for deferred
tax treatment of contribution under Section 401(k) of the Internal Revenue Code.
The Internal Revenue Code requires that the Plan, on an annual basis, meet
certain average deferral percentage tests in order to maintain its qualified
plan status. At December 31, 1993 and 1992, the Plan did not comply with the
average deferral percentage tests. In order to retain its qualified plan
status, the Plan returned deferrals of $1,398 and $25,807 to participants for
the years ended December 31, 1993 and 1992, respectively, and returned $14,838
of the Bank's contributions to participants for the year ended December 31,
1993. In addition, $4,013 and $1,573 of the Bank's contributions were returned
to the Bank for the years ended December 31, 1993 and 1992, respectively.
NOTE 9: SUBSEQUENT EVENT
- - -------------------------
At the Bank's March 1, 1994 Board of Directors' meeting the Board approved
increasing the Bank's 401(k) Plan match to 100 percent of a participant's
contributions not exceeding 6 percent of the participant's annual wages. In
addition, the Board approved (1) increasing the maximum contribution percentage
from 10 percent of annual wages to 15 percent of annual wages; (2) adding two
additional investment alternatives - a government/corporate bond account and a
large capitalization account and (3) amending the Plan document due to certain
changes in the Internal Revenue Code. The changes are effective April 1, 1994.<PAGE>
<PAGE> 15
SCHEDULE I
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
SCHEDULE OF INVESTMENTS ITEM 27a
HELD AT DECEMBER 31, 1993
Shares/Units Cost Value
------------ ---------- ----------
Southwest Common
Stock Account 38,708 $ 568,841 $ 619,329
Guaranteed Account 1,121,460 $1,348,142 $1,438,457
Balanced Account 58,539 $ 173,621 $ 191,610
Core Equity Account 66,092 $ 297,719 $ 328,043
Dreyfus Treasury Cash
Management Fund 334 $ 334 $ 334<PAGE>
<PAGE> 16
<TABLE>
SCHEDULE II
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
SCHEDULE OF REPORTABLE TRANSACTIONS ITEM 27d
FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
Purchases Sales
---------------------------- ------------------------------------------------------
Number of Number of Original Gain
Description Transactions Cost Transactions Proceeds Cost (Loss)
- - --------------------- ------------ ---------- ------------ ---------- ---------- ------
<S> <C> <C> <C> <C> <C> <C>
Guaranteed Account 10 $ 205,100 4 $ 163,730 $ 160,388 $3,342
Dreyfus Treasury Cash
Management Fund 133 $1,242,293 123 $1,263,915 $1,263,915 --
</TABLE>
<PAGE> 1
As independent public accountants, we hereby consent to the incorporation by
reference of our report included in this Form 11-K, into Southwest Gas
Corporation's previously filed Registration Statement File No. 33-35737.
ARTHUR ANDERSEN & CO.
Las Vegas, Nevada
June 24, 1994
