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Show FEDERAL RESERVE'S SURPLUS INCREASED WASHINGTON". March 5. Amendment of the federal reserve act by the congress just adjourned has resulted in increasing from $22,739,900 to fl9.46S.340 the combined' com-bined' surplus of the twelve fedenil reserve re-serve banks, said a reserve board statement state-ment today. Tho law, before amendment, provided that after payment of expenses and dividends divi-dends one-half of the net earnings of the banks should be paid to the government as a franchise tax and the remaining one-half, one-half, up to 40 per cent of their paid-in capital, should be retained by the banks as surplus.- As amended, tho law permits per-mits the federal reserve hanks to retain as surplus their net earnings. Including those for 1018, up to 100 per cent of their suhscribed capital, and 10 per cent thereafter. |