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F ederal Reserve Bank OF DALLAS Dallas, Texas, May 23,1950 RAISED TREASURY CHECKS To All Banks in the Eleventh Federal Reserve District: Some checks drawn on the Treasurer of the United States and mailed to payees in the Philippine Islands have recently been fraudulently raised. Most of these checks were cleared through commercial houses and banking institutions in Hong Kong before reaching banking channels in the United States. The altered checks were originally drawn for small amounts but were raised to substantial sums with such skill as to be almost impossible of detection without a magnifying aid. Some of the checks issued by United States Disbursing Officers to payees in the Philippines are originally drawn for large amounts, of course; but banks should be mindful of the possi bility that Treasury checks appearing to be for large amounts may have been fraudulently raised. It is possible that this situation is not confined to areas in the Far East, but may arise in other parts of the world. Banks should, therefore, take such steps as are deemed advisable for their protection before making available the proceeds of Treasury cheeks for large amounts, particularly those issued to persons in foreign countries or negotiated outside of the United States. Yours very truly, R. R. GILBERT President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
@FedFRASER