The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-26
4 SURE.PAY CHECK
Admirable Guaranteed Draft Check
Plan Evolved by Fred 1. Gray
Of Minneapolis.
Great Convenience to Travellers Be
ing Introduced by U. S. Fidelity
& Guaranty Company.

One of the cleverest ideas ever mothered
by Necessity is the guaranteed draft check
now being introduced by the United States
Fidelity & Guaranty Co. Fred L. Gray,
president of the Fred L.. Gray Co., of
this city, northwestern manager for that
to the idea. A year ago Mr.. Gray
ran short Of money while tray-
cling In South Dakota, and was
obliged to telegraph ahead to one
Of his agents to met him at way
station with d roll of bills. That was the
necesstty-which was embarrassing and
under some circumstances might have
been humiliating- and Mr.. Gray imme-
diately began to figure out a way to keep
future travellers out of similar predica-
ment. The result is the convenient draft
check, payable anywhere, safeguarded so
as to prevent all abuses that could be
forseen, and any other risks insured by
the big United States Fidelity & Guar
anty Co.
The guaranteed draft-check is handler
than the money order or the bank draft,
because the man using it carries 1t right
with him and IS not dependent upon the
mails for remittances 1t is a better .prop-
osition than the letter of credit, because
1t does not tie up. a large sum of money
before any can be used. It is less ex-
pensive than any other form Of money
transmission, and witha1 the, system is so
| simple and complete that it is being gladly
welcomed by those who travel or. who enl-
ploy commercial travellers. =, 80,
Here is how the new system applies to
the travelling salesman. When he starts
out "the house" gives him a book Of the
the guaranteed draft-checks. These are
all payable In sums not TO exceed $50 a
week, or SIS or $100 a. week, as the needs
Of the case require. Inside the cover of
the check book is a description of the
holder, with his signature. There is a
check for each week. each check being
dated beforehand and made payable in
the United States, Canada or Mexico only
on that date or within six days thereafter.
The drafe-checks= are: upon the: trav-
| eler's employers. Now: when the
salesman needs money he does not
have to take chances on losing time
| house, he does not have. to borrow money
| from the companys customers. nor leave
little bills to be fixed up on the next trip.
| Instead of doing any Of these ?unbusfness-
like things, he simply fills out the properly
dated check draft for the amount bhe
needs, not in excess of the denomination
Of the book This draft check bears the
guarantee Of the United States Fidelity
& Guaranty Co., and every bank and lead
ing hotel in the three countries named
| having already been circulariZed, it Is
easy to cash 1t in any town where the
! traveller may be. a&z.4 -
Thus the traveller is never hampered
for lack of funds, and ''the house" knows
that the holder Of the book. can t go fal
wrong, even If SO inclined; for he can draw
only SO much each week. If he succeeds
in altering check and getting: it ycashed
any loss Is insured against, and if the mar
draws a check and then jumps his en-
ployment, the guaranty company again
makes good. In this respect the system
| Sc CIV p1v Of IN
| Notifications Of this system are pro
vided for travellers who wish to draw upo1
their own funds or for members of firm!
who wish to draw upon the firms banl
account.
The expense Of this draft-check@ p1a1
is one Of the incongruities Of the frsur
arlce business. For a book permitting TIL
holder to draw fifty-twos weekly check
not exceeding $50 each, the annual COS
is IS; for the SIS per week book, tn
annual cost is $3.50. while the ,S190 check
cost SO a year. This IS an inside hgtl'
on money transmission, but aside hfror
the money saving, the system is exceed
ingly convenient, for the man1en the .rea
looks after himself and the checks. h
draws keep the house informed from
week to week as;to how much money h
is using. Banks, which have been ;puslIin
the use of drafts as against postal none
} orders, will also welcome this new, system
as it keeps funds moving thru the prope
:. bank channels. x Ss5H :. !, 80. 80.
: Mr. Gray returned to Minneapolis ate
! spending the last FIVE mon ths In Bal
3 United States Fidelity & Guaranty Cc
t where he was engaged IN per
fecting the details Of the guarantee
! draft check, and the new check. books, jus
!. issued on safety paper. ;bearShis name, a
, patentee. }:+s= - 80: Z