ROBERT Fleming & Co intends to issue up to 50 million call warrants on Wheelock and Co. The warrants will be issued initially at $4.15 each and entitle the holder to buy shares in Wheelock by the end of 1995. Each warrant gives the holder the right initially to purchase one Wheelock share at the exercise price of $17.40. The warrants will be placed by Robert Fleming and Jardine Fleming International with professional investors and securities dealers by way of a private placement. It is expected the exercise period will begin on January 6 and expire on December 1, 1995. An application will be made to list the warrants on the stock exchange.