Long has there been theoretical speculation on what would be the liability of American Express Co. stockholders should their company fail, for unlike almost all U. S. corporations, American Express was never incorporated, being a voluntary association (joint-stock company) formed in 1850. Chances of American Express failing have, however, become increasingly slim. In March its domestic express business was transferred to an agency controlled by the railways. In July, Chase National Bank and Chase Securities Co. secured practically all American Express stock.
Chief reason for Chase wishing to own American Express was that...
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