Word: amexco
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Dates: during 1960-1969
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...place to change money, pick up the mail from home and meet fellow travelers is American Express. Famed as they are, however, the American Express offices in Paris, Rome, Tokyo and just about every other capital have never been the company's big profit makers. For many years, Amexco was really not much more than a bank with a tourist front. Lately it has branched into two dozen other areas of business, to become a sort of department store of financial and travel-related services...
...prime mover of the diversification is Chairman Howard L. Clark, 53, a lawyer and accountant who joined Amexco in 1945 as assistant to the president and became chief executive in 1960. The company then was taking in revenue of $75 million annually, primarily from arranging tours and selling traveler's checks, but these activities contributed little directly to net income. Most of that came from investing the "float" of money paid for traveler's checks that had not been cashed. Clark saw that the traveler's-check business, in effect, was a license to print money. Investing...
Teacher and Publisher. Almost half of the earnings came from casualty, life and property insurance, mostly sold by companies that Amexco had recently acquired. Amexco has become a force in the mutual-fund business. Last year it took over the Commonwealth Group of four funds, and this spring it started two more, including an "offshore" fund for foreigners. The acquisition of W. H. Morton & Co. and Equitable Securities has given Amexco a strong position in stock and bond underwriting. The company is a major factor in international currency transactions. Every working day the American Express International Banking Corp. buys...
...tour business, Clark admits, still earns only enough to pay for the upkeep of the American Express offices abroad. But it has won customers for such other ventures as the teaching of foreign languages and the publication of Travel & Camera magazine, which Amexco established by purchasing and redesigning U.S. Camera and Travel magazine. In June, the company began a computerized service that can provide almost instantaneous reservations at some 250,000 hotel and motel rooms between Boston and Honolulu...
...American Express President Howard L. Clark announced that Amexco is about to diversify into corporate underwriting by acquiring, for 79,000 shares of stock, W. H. Morton & Co., a New York City investment banking house specializing in municipal bonds...