American Express: An Unofficial

Financial journalist Grossman does a thorough job of following ""Amexco'' from its beginnings in the 1840s as a package carrier to the international travel, insurance, banking, brokerage and financial services colossus it has become, with travelers checks (since 1895) and a charge card known the world over. His well-documented history is measured and conscientious, even tedious at times, but there is plenty of excitement in such things as corporate infighting, war and Depression crises, takeover attempts and a ``scandal'' in which Amexco indirectly backed nonexistent collateral for commercial loans. American Express survives and prospers, this narrative makes clear, on income derived from ``the float''money paid for travelers checks and made use of by the company for investment until the checks are cashed weeks or months later and sometimes never. (June 26)