Word: expressive
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Dates: during 1950-1959
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When Reed took over, American Express was suffering from the impact of World War II, which had forced it to close 100 offices, slash its staff. Charging ahead with postwar expansion plans, he cut back executive deadwood, hired all the bright young men he could find, started sending G.I.s around Europe on tours months before V-E day. Under Reed, American Express traveler's check sales have climbed 20% a year (1955 total: about $2.3 billion), outsell competitors' checks three to one. Money orders, available at 24,330 outlets (v. 12,800 in 1943), have doubled. Loans...
...quietest division of American Express is its unarmed detective force. Since the company replaces millions of lost or stolen checks each year, its 100-man detective bureau has its hands full fighting forgers, pickpockets and counterfeiters, has quietly sent dozens of them to jail. In 1937, after the Government failed to jail Capone Henchman Bugs Moran, American Express nailed him for passing counterfeit traveler's checks...
Almost alone among U.S. companies of its size, American Express is still an unincorporated association (though all foreign operations are handled by a wholly owned incorporated subsidiary). Since stockholders are thus technically liable for its debts, the company has always handled its investments with spinsterish conservatism: all but 6% of the millions in its kitty (Jan. 1, 1955 total: $460 million) is invested in gilt-edged securities and bonds. American Express earned only .16% on its $3.4 billion worth of banking and travel business in 1955. But investment income hiked the net to $5,400,000. Dividends have risen steadily...
...businessmen and Government officials in the U.S. and abroad. One postwar venture for the company was suggested by President Eisenhower, with whom Reed occasionally plays golf. Europe-bound on the Queen Mary in 1946, Reed was called in by Fellow Passenger Ike, who suggested that American Express could set up recreation, banking and sightseeing services for U.S. occupation troops. As a result, American Express now operates 115 overseas offices and 54 mobile units for G.I.s, has 30 agents to handle sailors' tours ashore...
...disposable income spent by U.S. tourists on foreign travel has decreased from the 0.8% peak in 1929. But as travel becomes faster and cheaper, he predicts, foreign countries will lure more than 2,500,000 U.S. tourists a year by 1960, an increase of 50%. Says Reed: "American Express is already planning the jet age weekend in Europe...