Word: amexco
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
After Entero-Vioform and bottled water, the U.S. tourist's surest solace the world over is probably Manhattan's 112-year-old American Express Co. For the timid traveler, Amexco's 392 offices in 33 countries will shoulder every burden, from interpreting to selecting sights. Helping tourists pays off: two weeks ago. President Howard L. Clark, 46, announced Amexco's eighth dividend increase (from 30? to 35? a quarter) in ten years. At heart, however, Amexco is not really a tourist agency but a bank. The cornerstone of its prosperity is a curious nest egg called...
...Float stems from Amexco's estimated $2 billion-a-year sales of its famed blue traveler's checks. The average traveler's check is not cashed until almost three months after it is bought. As a result, Amexco has a continuous pool of cash-now amounting to about $400 million-on which it pays no interest and earns around 3% yearly. "Central banks apart," remarked London's Financial Times recently, "there is probably no other financial institution in the world that manages to obtain a supply of 'free money' on this kind of scale...
...long a credit-card holdout. Diners' bounced right back by announcing a contract with the Stork Club, another holdout. American Express then scored by adding a galaxy of nonrestaurant services: Western Union, Greyhound Bus, Avis and Hertz car rentals, Kinney Parking Systems, Kelly Girls for temporary office help. Amexco spread the word that in any of its 303 international offices, a cardholder could charge a ticket or tour to any spot in the world. In return, Diners' Club, which already boasts such nonrestaurant services as liquor stores and florists, last week said it will offer travel policies from...