AMERICAN EXPRESS CO — Director's Dealing 2004

Nov 16, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMERICAN EXPRESS CO (AXP)
CIK: 0000004962
Period of Report: 2004-11-12

Reporting Person: SALOW GLEN (EVP, Technologies)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-12	Common Shares	M	12692	$29.302	Acquired	134676	Direct
2004-11-12	Common Shares	F	8778	$55.47	Disposed	125898	Direct
2004-11-12	Common Shares	M	41850	$27.458	Acquired	167748	Direct
2004-11-12	Common Shares	F	28038	$55.47	Disposed	139710	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-12	Employee Stock Option (right to buy)	$29.302	M	12692	Disposed	2008-02-22	Common Shares (12692)	Direct
2004-11-12	Employee Stock Option (right to buy)	$27.458	M	41850	Disposed	2008-09-27	Common Shares (41850)	Direct
2004-11-12	Employee Stock Option (right to buy)	$55.47	A	28038	Acquired	2008-09-27	Common Shares (28038)	Direct
2004-11-12	Employee Stock Option (right to buy)	$55.47	A	8778	Acquired	2008-02-22	Common Shares (8778)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	254	Indirect
Common Shares	9	Indirect

Footnotes

F1: The reported disposition represents the surrender of shares to cover the cost of exercise and tax obligations arising from the ex
ercise of employee stock options.

F2: Shares held in reporting person's account under the Company's Incentive Savings Plan as of November 12, 2004. This plan uses unit accounting, and the number of shares that a participant is deemed to hold varies with the unit price of the Company pooled stock fund.

F3: 1,692 of the options exercised became exercisable on 2/23/2000; the balance became exercisable on 2/23/2001.

F4: 20,400 of the options exercised became exercisable on 9/28/2003; the balance became exercisable on 9/28/2004.