Par-value still has meaning. Delta Airlines is reducing the par value on its common stock.

Shareholders also approved a Delta proposal doubling to 900 million the number of shares of common stock it is authorized to issue and reducing the par value of the common stock from $1.50 to 1 cent. The airline, which is incorporated in Delaware, believes the proposal gives it greater flexibility in using common stock for various corporate purposes because Delaware law permits a company to issue shares only if it receives value equal to at least the par value for the shares.