Word: amexco
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Dates: during 1960-1969
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...into the mass card market could increase the lines' revenues by $250 million yearly. American Express then surveyed its card holders, concluded that almost half of them who had not traveled abroad in the past year would be interested in making the trip if they could charge it. Amexco, which got airborne in May, now permits cardholders to pay for flights over a period of twelve months, charges them interest at an annual rate of 6% (Diners' Club and Carte Blanche, which started later, charge 9½% , and have made a major departure from their usual billing procedures...
...hapless victim of the mess is giant American Express Co., whose subsidiary operates the tank farm in which Allied Crude supposedly stored millions of pounds of oil. One of Allied's creditors holds receipts for 161 million Ibs. of oil supposedly in Amexco's 138 tanks -but as of last week Amexco had only been able to find 7,000,000 Ibs. American Express stock plummeted from $60 to $41 a share because stockholders feared that the company's unusual organizational setup might make it liable for the complete loss; Amexco is an unincorporated joint-stock venture...
American Express (890,000 cardholders) and Diners' Club (1,250,000) have also profited by tightening up their operations. Though its earnings are buried within Amexco's overall figures, Amexco's credit card last year turned its first profit since starting five years ago, had billings of $189 million. For its current business year, Diners' Club will probably show earnings of about $2,000,000 on billings of $200 million. Both companies have cut thousands of poor risks from their rolls, and Amexco has installed a sophisticated data processing system that sends out not only bills...
Unwitting Help. Since the IRS ruling was announced in November, applications have risen 40% for Diners' Club cards, 17% for Amexco cards. Applications for Carte Blanche have jumped 50% so far this month. And though many credit card industry executives had feared that businessmen would spend less with the Government looking over their shoulders, the average individual tab charged on Amexco cards in January climbed $1 to $23. Apparently, Mortimer Caplin has unwittingly helped the credit card industry to convince only too willing Americans that living on the card as well as on the cuff is the proper...
Long Way to So. Under Clark, Amexco is putting increased emphasis on its financial operations. Though it is already licensed as a banking firm in 15 countries (not including the U.S.), Amexco, with $300 million in deposits, still ranks far below such globe-girdling banking networks as those operated by New York's Chase Manhattan or First National City. But Amexco's regional managers are currently engaged in a doorbell-ringing campaign to line up more commercial banking business. In line with this drive, the company recently announced plans to put up a new commercial banking office...