===============================================================================
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, 1995
-----------------
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
===============================================================================
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, 1995 and 1994 and the
related Statements of Changes in Net Assets Available for Benefits
for the years then ended, Notes to Financial Statements and
Schedules I and II, together with the report thereon of Arthur
Andersen LLP, independent public accountants (pages 3 - 14).
(b) Consent of Arthur Andersen LLP, 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 25, 1996 By: /s/ Dan J. Cheever
------------------------- --------------------------
Dan J. Cheever
President and
Chief Executive Officer
2
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
---------------------------------------
FINANCIAL STATEMENTS
--------------------
AS OF DECEMBER 31, 1995 AND 1994
--------------------------------
AND THE YEARS THEN ENDED
------------------------
TOGETHER WITH AUDITORS' REPORT
------------------------------
3
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Employees' 401(k) Plan of PriMerit Bank Committee:
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, 1995 and 1994, and the related statements of changes in net assets
available for benefits for the years then ended. 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, 1995 and 1994, and the changes in net assets available for
benefits for the years then ended, 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, 1995, and reportable transactions for the year
ended December 31, 1995, 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 fund information in the statements of net assets
available for benefits and the statements of changes in net assets available
for benefits is presented for purposes of additional analysis rather than to
present the net assets available for benefits and the changes in net assets
available for benefits of each fund. The supplemental schedules and fund
information 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 LLP
Las Vegas, Nevada
June 11, 1996
(Except with respect to
the matter discussed in
Note 8 as to which the
date is June 18, 1996)
4
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
DECEMBER 31, 1995
ASSETS
- ------
FUND INFORMATION
---------------------------------------------------------------------------------
SOUTHWEST LARGE
GAS GOVERNMENT CAPITAL-
COMMON CORE CORPORATE IZATION
STOCK GUARANTEED BALANCED EQUITY BOND EQUITY TOTAL
----------- ----------- ----------- ----------- ----------- ----------- -----------
Investments, at market value:
Southwest Gas Common Stock $ 1,496,986 $ -- $ -- $ -- $ -- $ -- $ 1,496,986
Guaranteed Account -- 1,509,518 -- -- -- -- 1,509,518
Balanced Account -- -- 451,868 -- -- -- 451,868
Core Equity Account -- -- -- 662,195 -- -- 662,195
Gov't Corporate Bond Account -- -- -- -- 72,965 -- 72,965
Large Capitalization Equity Account -- -- -- -- -- 258,938 258,938
Dreyfus Treasury
Cash Management Fund 35,608 10,541 4,109 663 887 3,169 54,977
----------- ----------- ----------- ----------- ----------- ----------- -----------
1,532,594 1,520,059 455,977 662,858 73,852 262,107 4,507,447
December 1995 contributions
receivable 40,309 21,141 9,918 12,019 3,247 6,910 93,544
Notes receivable (Note 4) -- 93,999 -- -- -- -- 93,999
Interest receivable 257 56 41 49 14 30 447
----------- ----------- ----------- ----------- ----------- ----------- -----------
$ 1,573,160 $ 1,635,255 $ 465,936 $ 674,926 $ 77,113 $ 269,047 $ 4,695,437
=========== =========== =========== =========== =========== =========== ===========
LIABILITIES AND PLAN EQUITY
- ---------------------------
SOUTHWEST LARGE
GAS GOVERNMENT CAPITAL-
COMMON CORE CORPORATE IZATION
STOCK GUARANTEED BALANCED EQUITY BOND EQUITY TOTAL
----------- ----------- ----------- ----------- ----------- ----------- -----------
Excess contributions payable:
Participants (Note 7) $ -- $ 5,363 $ 2,549 $ 6,406 $ 675 $ 3,125 $ 18,118
Accrued expenses 16,664 -- -- -- -- -- 16,664
Plan equity, at market
value (Note 5) 1,556,496 1,629,892 463,387 668,520 76,438 265,922 4,660,655
----------- ----------- ----------- ----------- ----------- ----------- -----------
$ 1,573,160 $ 1,635,255 $ 465,936 $ 674,926 $ 77,113 $ 269,047 $ 4,695,437
=========== =========== =========== =========== =========== =========== ===========
(See notes to financial statements)
5
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
DECEMBER 31, 1994
ASSETS
- ------
FUND INFORMATION
---------------------------------------------------------------------------------
SOUTHWEST LARGE
GAS GOVERNMENT CAPITAL-
COMMON CORE CORPORATE IZATION
STOCK GUARANTEED BALANCED EQUITY BOND EQUITY TOTAL
----------- ----------- ----------- ----------- ----------- ----------- -----------
Investments, at market value:
Southwest Gas Common Stock $ 820,111 $ -- $ -- $ -- $ -- $ -- $ 820,111
Guaranteed Account -- 1,372,563 -- -- -- -- 1,372,563
Balanced Account -- -- 325,109 -- -- -- 325,109
Core Equity Account -- -- -- 432,628 -- -- 432,628
Gov't Corporate Bond Account -- -- -- -- 40,351 -- 40,351
Large Capitalization Equity Account -- -- -- -- -- 139,968 139,968
Dreyfus Treasury
Cash Management Fund 36,474 61 10 90 95 96 36,826
----------- ----------- ----------- ----------- ---------- ----------- -----------
856,585 1,372,624 325,119 432,718 40,446 140,064 3,167,556
Notes receivable (Note 4) -- 78,251 -- -- -- -- 78,251
Interest receivable 83 49 12 11 3 9 167
----------- ----------- ----------- ----------- ---------- ----------- -----------
$ 856,668 $ 1,450,924 $ 325,131 $ 432,729 $ 40,449 $ 140,073 $ 3,245,974
=========== =========== =========== =========== ========== =========== ===========
LIABILITIES AND PLAN EQUITY
- ---------------------------
SOUTHWEST LARGE
GAS GOVERNMENT CAPITAL-
COMMON CORE CORPORATE IZATION
STOCK GUARANTEED BALANCED EQUITY BOND EQUITY TOTAL
----------- ----------- ----------- ----------- ----------- ----------- -----------
Excess contributions payable:
Participants (Note 7) $ -- $ 16,236 $ 3,739 $ 5,068 $ 391 $ 1,006 $ 26,440
Accrued expenses 19,032 -- -- -- -- -- 19,032
Plan equity, at market
value (Note 5) 837,636 1,434,688 321,392 427,661 40,058 139,067 3,200,502
----------- ----------- ----------- ----------- ----------- ----------- -----------
$ 856,668 $ 1,450,924 $ 325,131 $ 432,729 $ 40,449 $ 140,073 $ 3,245,974
=========== =========== =========== =========== =========== =========== ===========
(See notes to financial statements)
6
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1995
FUND INFORMATION
---------------------------------------------------------------------------------
SOUTHWEST LARGE
GAS GOVERNMENT CAPITAL-
COMMON CORE CORPORATE IZATION
STOCK GUARANTEED BALANCED EQUITY BOND EQUITY TOTAL
----------- ----------- ----------- ----------- ----------- ----------- -----------
Investment Income:
Dividends $ 60,876 $ -- $ -- $ -- $ -- $ -- $ 60,876
Interest 1,263 94,149 209 308 83 223 96,235
----------- ----------- ----------- ----------- ----------- ----------- -----------
62,139 94,149 209 308 83 223 157,111
----------- ----------- ----------- ----------- ----------- ----------- -----------
Realized gain on investments 3,565 -- 5,668 14,362 869 4,023 28,487
Unrealized appreciation
of investments 278,639 -- 79,742 160,013 9,037 45,803 573,234
Contributions:
PriMerit Bank 517,906 -- -- -- -- -- 517,906
Participants -- 290,851 132,035 145,075 36,883 111,029 715,873
----------- ----------- ----------- ----------- ----------- ----------- -----------
517,906 290,851 132,035 145,075 36,883 111,029 1,233,779
----------- ----------- ----------- ----------- ----------- ----------- -----------
Distributions to participants
and beneficiaries (106,861) (242,144) (44,031) (67,051) (11,095) (24,748) (495,930)
Administrative expenses (Note 1) (36,528) -- -- -- -- -- (36,528)
Transfer between funds -- 52,348 (31,628) (11,848) 603 (9,475) --
----------- ----------- ----------- ----------- ------------ ----------- -----------
Net increase in Plan equity 718,860 195,204 141,995 240,859 36,380 126,855 1,460,153
Plan equity, beginning of year 837,636 1,434,688 321,392 427,661 40,058 139,067 3,200,502
----------- ----------- ----------- ----------- ----------- ----------- -----------
Plan equity, end of year $ 1,556,496 $ 1,629,892 $ 463,387 $ 668,520 $ 76,438 $ 265,922 $ 4,660,655
=========== =========== =========== =========== ============ =========== ===========
(See notes to financial statements)
7
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1994
FUND INFORMATION
--------------------------------------------------------------------------------
SOUTHWEST LARGE
GAS GOVERNMENT CAPITAL-
COMMON CORE CORPORATE IZATION
STOCK GUARANTEED BALANCED EQUITY BOND EQUITY TOTAL
----------- ----------- ----------- ----------- ----------- ----------- -----------
Investment Income:
Dividends $ 37,665 $ -- $ -- $ -- $ -- $ -- $ 37,665
Interest 682 90,880 142 118 30 64 91,916
----------- ----------- ----------- ----------- ----------- ----------- -----------
38,347 90,880 142 118 30 64 129,581
----------- ----------- ----------- ----------- ----------- ----------- -----------
Realized gain (loss)
on investments 3,481 -- (245) 33 (20) 58 3,307
Unrealized appreciation
(depreciation)
of investments (134,163) -- (4,845) 5,515 92 2,532 (130,869)
Contributions:
PriMerit Bank 468,995 -- -- -- -- -- 468,995
Participants -- 297,496 143,423 120,947 29,007 81,165 672,038
----------- ----------- ----------- ----------- ----------- ----------- -----------
468,995 297,496 143,423 120,947 29,007 81,165 1,141,033
----------- ----------- ----------- ----------- ----------- ----------- -----------
Distributions to participants
and beneficiaries (104,996) (290,540) (45,289) (64,588) (347) (3,602) (509,362)
Administrative expenses (Note 1) (34,769) -- -- -- -- -- (34,769)
Transfer between funds -- (142,916) 36,596 36,174 11,296 58,850 --
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease)
in Plan equity 236,895 (45,080) 129,782 98,199 40,058 139,067 598,921
Plan equity, beginning of year 600,741 1,479,768 191,610 329,462 -- -- 2,601,581
----------- ----------- ----------- ----------- ----------- ----------- -----------
Plan equity, end of year $ 837,636 $ 1,434,688 $ 321,392 $ 427,661 $ 40,058 $ 139,067 $ 3,200,502
=========== =========== =========== =========== =========== =========== ===========
(See notes to financial statements)
8
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 fifteen percent of their annual
wages, including bonuses, overtime pay and commissions. During 1995 and 1994,
the Bank's contribution was 100 percent of participants' contributions not
exceeding 6 percent of a participant's annual wages. The Bank has discretion
to make profit sharing contributions as determined by the Board of Directors.
No profit sharing contributions were made during 1994 and 1995.
All of the Bank's contributions are invested in Southwest Gas Corporation
(Southwest) common stock. The Bank is a wholly owned subsidiary of Southwest.
Vesting
- -------
Participants are immediately 100 percent vested in their pre-tax 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 1,000 hours in a Plan year.
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 an annuity contract. A
participant, or their beneficiary, may elect to waive the annuity form of
9
distribution in favor of a single lump sum or in installments. 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. Forfeitures have not been used to reduce employer
contributions.
Plan Administration
- -------------------
Bank of America acts as the trustee and the Bank is the administrator for all
activities of the Plan.
Reclassification
- ----------------
Certain reclassifications have been made to conform the prior year with the
current year presentation.
NOTE 2: VALUATION OF INVESTMENTS AND INCOME RECOGNITION
- --------------------------------------------------------
All investments of the Plan are stated at quoted market value. The units of
participation in the Guaranteed, Balanced, Core Equity, Government/Corporate
Bond, and Large Capitalization Equity accounts are valued based upon original
cost plus accumulated net interest income and changes in value of the
underlying investments. Purchases and sales of securities are recorded on a
trade date basis. Dividends are recorded on the ex-dividend date. Interest is
recorded on an accrual basis.
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, 1995 and 1994, the Plan
held 84,924 and 60,630 shares, respectively, of Southwest 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, 1995
and 1994, the Plan held 1,509,518 and 1,372,563 units, respectively, of
the Guaranteed Account.
BALANCED ACCOUNT - The account invests in a combination of stocks,
bonds and money market instruments. At December 31, 1995 and 1994, the
Plan held 112,897 and 101,687 units, respectively, of the Balanced
Account.
CORE EQUITY ACCOUNT - The account invests primarily in large
capitalization stocks of well-established companies and broadly
diversifies them to control risk. At December 31, 1995 and 1994, the
Plan held 95,965 and 86,264 units, respectively, of the Core Equity
Account.
10
GOVERNMENT/CORPORATE BOND ACCOUNT - The account invests primarily in
government mortgage backed and corporate bonds structured to minimize
interest rate risk and maximize return potential. At December 31, 1995
and 1994, the Plan held 15,916 and 10,069 units, respectively, of the
Government/Corporate Bond Account.
LARGE CAPITALIZATION EQUITY ACCOUNT - The account invests primarily in
large capitalization stocks that have potential to grow 50% within
18 months from the date of purchase. At December 31, 1995 and 1994,
the Plan held 53,440 and 37,293 units, respectively, of the Large
Capitalization Equity Account.
Lincoln National Investment Management Company (LNIMC) serves as the primary
investment advisor for the Guaranteed, Balanced, Core Equity,
Government/Corporate Bond, and Large Capitalization Equity Accounts. The
Guaranteed, Balanced and Government/Corporate Bond Accounts are also managed
by LNIMC. The Core Equity Account is managed by Vantage Global Advisors. The
Large Capitalization Equity Account is managed by Lynch & Mayer.
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: PLAN EQUITY
- -------------------
Plan equity at December 31, 1995 and 1994 includes withdrawing participants'
accounts with aggregate market value of $223,496 and $123,147, respectively.
These amounts became payable subsequent to year end. Amounts allocated to
withdrawing participants are recorded on the Form 5500 as a liability.
NOTE 6: 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 7: FEDERAL INCOME TAXES
- -----------------------------
The Plan obtained its last determination letter from the Internal Revenue
Service on March 19, 1992. At that time, the Plan was deemed to be designed
to satisfy the qualification requirements, and consequently the related trust
appeared to satisfy the tax exempt requirement of the Internal Revenue Code.
The Plan has been amended subsequently. The Plan administration and tax
counsel believe that the Plan is currently designed and being operated in
compliance with the qualification requirements of the Internal Revenue Code,
and the related trust was tax exempt as of the financial statement date.
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, 1995 and 1994, the Plan did not comply with the
average deferral percentage tests. In order to retain its qualified plan
status, the Plan returned deferrals of $18,118 and $26,440 to participants for
the years ended December 31, 1995 and 1994. No Bank contributions were
returned for the years ended December 31, 1995 and 1994.
11
NOTE 8: SUBSEQUENT EVENT
- -------------------------
On June 18, 1996, the Plan was amended to provide participants with 100%
vesting upon change of control of the Bank. In January 1996, the Bank's
parent company entered into a definitive agreement to sell the Bank, subject to
regulatory and shareholder approval. The sale is anticipated to be finalized
in the third quarter of 1996. As the Bank fully funds the matching
contributions made on participants' contributions, no financial statement impact
is anticipated upon the change in vesting.
12
SCHEDULE I
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
EIN: 88-0226101
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
MARKET
ISSUER DESCRIPTION OF INVESTMENT COST VALUE
- -------------------- --------------------------------------- ------------ ------------
Lincoln National 1,509,518 units Guaranteed Account $ 1,509,518 $ 1,509,518
Life Insurance Co.
Lincoln National 15,916 units Government/Corporate Bond $ 63,814 $ 72,965
Life Insurance Co.
Lincoln National 112,897 units Balanced Account $ 371,696 $ 451,868
Life Insurance Co.
Lincoln National 95,965 units Core Equity Account $ 500,839 $ 662,195
Life Insurance Co.
Lincoln National 53,440 units Large Capitalization/Equity
Life Insurance Co. Account $ 212,377 $ 258,938
Southwest Gas 84,924 shares Southwest Gas Corporation
Corporation Common Stock* $ 1,218,603 $ 1,496,986
Dreyfus Service 54,977 shares Dreyfus Treasury Cash
Corporation Management $ 54,977 $ 54,977
Various Participants Notes receivable from participants $ 93,999 $ 93,999
* party-in-interest
13
SCHEDULE II
EMPLOYEES' 401(k) PLAN OF PRIMERIT BANK
EIN: 88-0226101
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
Purchases Sales
----------------------------- -----------------------------------------------------
Number of Number of Original Gain
Description Transactions Cost Transactions Proceeds Cost (Loss)
- -------------------- -------------- ------------ ------------ ------------ ----------- ---------
Southwest Gas Common
Stock Account 8 $ 264,576 -- $ -- $ -- $ --
Guaranteed Account 10 $ 224,083 4 $ 165,150 $ 165,150 $ --
Balanced Account -- $ -- -- $ -- $ -- $ --
Core Equity Account -- $ -- -- $ -- $ -- $ --
Large Capitalization
Equity Account -- $ -- -- $ -- $ -- $ --
Dreyfus Treasury Cash
Management Fund 178 $ 1,634,204 129 $ 1,618,420 $ 1,618,420 $ --
14
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
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 LLP
Las Vegas, Nevada
June 25, 1996
EXHIBIT 23
