Federal Reserve Bank of Philadelphia Account-Profit and loss, 1926-35-Continued 1 Banking Act of 1933 eliminated the provision in the Federal Reserve Act requiring the payment of a franchise tax. 2 Deficit in earnings after payment of dividends, charged to surplus account. Federal Reserve Bank of Philadelphia-Profit and loss accounts, 1936-45-Continued Paid U.S. Treasury (sec. 13b). Transferred to surplus (sec. 13b). Surplus (sec. 7) Jan. 1 Additions, as above.. Transferred to reserves for contingencies- Surplus (sec. 7) Dec. 31.. 1 Net recoveries. |