Southwestern Bell expandsSouthwestern Bell Corp. said yesterday...


Southwestern Bell expands

Southwestern Bell Corp. said yesterday that it has agreed to buy the cellular telephone business of Pittsburgh-based Associated Communications Corp. in a stock swap valued at $680 million.

San Antonio-based Southwestern Bell, with 2 million cellular customers at the end of 1993, is the nation's No. 2 cellular telephone company.

RJR Nabisco to issue stock

RJR Nabisco Holdings Corp. said yesterday that it plans to raise about $2 billion through an issue of preferred stock that will be converted into common stock in three years.

The food and tobacco conglomerate said it planned to use the proceeds for general corporate purposes such as refinancing debt, but added it may use some money for "one or more significant corporate transactions" that could include a spinoff, merger, joint venture or acquisition.

Northwest awards bonuses

The top five executives at Northwest Airlines received bonuses totaling more than $2.3 million in 1993, a year in which the company threatened to file for bankruptcy protection if workers did not agree to pay cuts.

Included in bonus money for Northwest President John Dasburg was $750,000 for helping to land wage concessions from employees. The bonuses were revealed in documents filed yesterday with the SEC.

Regional tax break approved

Chief executives of the six Baltimore-area local governments took one of their first steps toward regional planning yesterday by jointly agreeing to enact tax cuts for the purchase of research and development equipment.

Baltimore City and five surrounding counties agreed to grant companies property tax credits of up to 75 percent of the value of R&D; equipment purchased since Jan. 1, 1994.

Saul Centers posts quarterly profit

Saul Centers Inc. said yesterday that it earned $6.6 million, or 41 cents a share, from operations in the fourth quarter of last year. The Chevy Chase-based real estate investment trust, which went public in August, did not release its comparable 1992 results.

For the year, the company said, its pro forma operating earnings were $24 million, up 8.6 percent from 1992. Pro forma results reflect what results would have been if the company had been public on Jan. 1 of each year.

Martin gets Social Security pact

The Social Security Administration has awarded Martin Marietta Corp. a contract valued at $68.1 million over the next five years for support services related to the government agency's computer and software modernization program.


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