To Offer Common StockST. PAUL, Minn. - NWA Inc., parent company of Northwest Airlines Inc., filed a registration statement with the Securities and Exchange Commission for the proposed sale of 3 million shares of common stock.
Merrill Lynch Capital Markets is the sole manager of the offering. Proceeds are expected to be used for general corporate purposes, including the
purchase of aircraft. Initially, the net proceeds will be used to reduce outstanding commercial paper.
NYSE May Drop
Limits on Fines
NEW YORK - The New York Stock Exchange said directors approved a constitutional amendment that eliminated limits for fines in disciplinary actions involving member organizations, members and other persons associated with them.
The change must be approved by the NYSE membership and the Securities and Exchange Commission. Currently the constitution and exchange rules limit fines to a maximum of $25,000 per charge against an individual and $100,000 per charge against a firm.
John J. Phelan Jr., chairman and chief executive of the exchange, explained that the NYSE wanted to allow more appropriate treatment of serious violations.
To Call 12 7/8 percent Bonds
FORTH WORTH, Texas - Burlington Northern Railroad Co. said it plans to call for redemption on March 15 all of its $125 million consolidated mortgage 12 7/8 percent bonds, Series G, due 2005.
The redemption price for the bonds will be 108.84 percent of the principal amount together with accrued interest totaling $1,967,014.
Rose in December
NEW YORK - Bankers U.S. dollar acceptances rose $22 million to $64.974 billion in December, the Federal Reserve Bank of New York said.
The December gain followed two monthly declines totaling $2.057 billion.
Acceptances for the full year of 1986 fell $3.438 billion following a decline of $9.95 billion in the previous year.
The December increase stemmed from a $241 million increase in acceptances financing U.S. exports and a $1.073 billion in acceptances for financing goods stored in, or shipped between, foreign countries. These gains were largely offset by declines in acceptances financing U.S. imports and those financing shipments and storage within the United States.
FRANKFURT - The Bundesbank left its monetary policy unchanged at its biweekly council meeting Thursday, Bundesbank sources said.
No policy changes had been predicted after the Bundesbank cut its Lombard and discount rates by one-half percentage point Jan. 22.
The lower rates were accompanied by moves to tighten liquidity and a lower rate for security repurchase agreements.
Dragoo New Chairman
Of Options Council
CHICAGO - Darrell Dragoo, head of retail sales compliance for the Chicago Board Options Exchange, has been elected chairman of the Options Self- Regulatory Council.
The council, which includes the CBOE; the New York, American, Midwest, Pacific and Philadelphia stock exchanges and the National Association of Securities Dealers, monitors options sales practices at major member firms.