Communication legislation stirs talk of mergers by baby Bells.

Relates that the United States' telephone companies are jockeying furiously in preparation for a wide-open race for customers and profit. Congress on the verge of sweeping away six decades of communications laws; Rumors concerning a possible merger between Nynex and Bell Atlantic; Negotiations by Pacific Telesis Group with several telephone companies including Bell Atlantic and Nynex; What the deals would mean for Wall Street.