ALSO

The Federal Reserve cleared the way for Bankers Trust New York Corp. to purchase Alex. Brown Inc. for $1.64 billion in stock--one of the biggest acquisitions of a securities firm by a U.S. bank. . . . To pare its hefty debt, Kansas City, Mo.-based building materials retailer Payless Cashways said it will close 29 stores, cut 1,900 jobs and seek bankruptcy court protection from its creditors.