FEDERAL RESERVE
These data are scheduled for release each Thursday.  The exact time of each release will be announced, when
the information is available, on (202) 452-3206.

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of F.R. Banks
                                                                                             March 18, 1999
Millions of dollars
                                                                   Averages of daily figures
      Reserve balances of depository institutions at     Week ended   Change from week ended     Wednesday
 F.R. Banks, Reserve Bank credit, and related items     Mar 17, 1999 Mar 10, 1999 Mar 18, 1998 Mar 17, 1999

Reserve Bank Credit  (1,2)                                  507,626    +     409    +  39,268      508,240
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      464,197    +   1,459    +  31,656      464,506
    Held under repurchase agreements                          4,497    -   1,335    +   2,281        4,495
  Federal agency obligations			        		      		     		
    Bought outright                                             311    -      21    -     314          311
    Held under repurchase agreements                          3,690    +     951    +   2,212        3,840
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                             4    -       1    +       2            1
    Seasonal credit                                              16    +       2    -       4           20
    Extended credit                                               0            0            0            0
   Float                                                         75    -   1,071    -     457          177
   Other F.R. assets                                         34,836    +     425    +   3,891       34,892
Gold stock                                                   11,049    +       2            0       11,049
Special drawing rights certificate account                    8,200    -     143    -   1,000        8,200
Treasury currency outstanding                                26,410    +      14    +     752       26,410
        Total factors supplying reserve funds               553,285    +     282    +  39,019      553,899
						        		      		     		
Currency in circulation*                                    514,615    +     870    +  40,656      515,610
Treasury cash holdings*                                         132    +       1    -     124          134
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    6,313    +   1,226    +      19        6,318
  Foreign                                                       180    -      10    +       4          173
  Service-related balances and adjustments (4)                6,903    -      59    -      73        6,903
  Other                                                         261    +      10    -     111          247
Other F.R. liabilities and capital                           17,117    +     262    +     939       16,906
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             545,521    +   2,300    +  41,310      546,291

Reserve balances with F.R. Banks  (5)                         7,764    -   2,018    -   2,291        7,608
						       		      		     		
On     March 17, 1999, the face amount of marketable U.S. government securities held in custody by the
Federal Reserve Banks for foreign official and international accounts was    593,457 million, a change of
 -$  3,533 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     16,776 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     16,776 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     16,468 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     16,468 million was with foreign official and international
   accounts.  Includes $         40 million securities loaned--fully secured U.S. government securities.
3  Includes $      4,087 million of inflation-indexed securities valued at the original face amount and
   $         82 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $      6,695 million and adjustments of $        208 million to
   compensate for float.
5  Excludes required clearing balances and adjustments to compensate for float.

* Estimated (Treasury's figures).
Components may not add to totals due to rounding.


Worksheet for H.4.1 (a)

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
Millions of Dollars
                                                                                    Change Since
                                                  *          Wednesday        Wednesday        Wednesday
                                                           Mar 17, 1999     Mar 10, 1999     Mar 18, 1998
                ASSETS
Gold certificate account                                        11,049        +       2                0
Special drawing rights certificate account                       8,200                0        -   1,000
Coin                                                               450        +       9        -      86
					
Loans                                                               21        +       5        -       5
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  311                0        -     314
  Held under repurchase agreements (1)                           3,840        -   1,562        +   2,620
U.S. government securities		
  Bought outright--Bills                                       199,231        -     135        +   3,419
                   Notes (2)                                   192,493        +   1,019        +  16,328
                   Bonds (3)                                    72,781                0        +  12,049
    Total bought outright (4)                                  464,506        +     885        +  31,798
  Held under repurchase agreements (1)                           4,495        -   5,003        +   1,494
     Total U.S. government securities                          469,001        -   4,118        +  33,292
       Total loans and securities                              473,172        -   5,675        +  35,593
					
Items in process of collection                      (631)        7,350        -     885        +     157
Bank premises                                                    1,303        +       1        +      23
Other assets (5)                                                33,611        +      53        +   3,755
                TOTAL ASSETS                        (631)      535,135        -   6,495        +  38,443
					
                LIABILITIES
Federal Reserve notes                                          489,785        +     463        +  40,032
Deposits		 		
  Depository institutions                                       14,138        -   8,719        -   3,829
  U.S. Treasury--general account                                 6,318        +   1,596        +     573
  Foreign--official accounts                                       173        +       8        +      17
    Other                                             (0)          247        -       3        -     110
      Total deposits                                  (0)       20,877        -   7,117        -   3,347
Deferred availability cash items                    (631)        7,568        +     236        +     732
Other liabilities and accrued dividends (6)                      4,277        -     126        -     415
                TOTAL LIABILITIES                   (631)      522,507        -   6,544        +  37,002
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,077        +       3        +     647
Surplus                                                          5,952        +      15        +     732
Other capital accounts                                             600        +      32        +      64

*Figures in parentheses are the eliminations made in the consolidation process.
1  Does not include U.S. government and federal agency securities resold under matched sale-purchase
   transactions to foreign official and international accounts of which $          0 million was outstanding
   at the end of the latest statement week.
2  Includes $      3,267 million of inflation-indexed securities valued at the original face amount and
   $         70 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
3  Includes $        820 million of inflation-indexed securities valued at the original face amount and
   $         12 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     16,468 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $         40 million securities loaned--fully secured by U.S. government
   securities.
5  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.  Includes
   special investment account at Chicago of $          0 million in Treasury bills maturing within 90 days.
6  Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of
   foreign exchange commitments.
Components may not add to totals due to rounding.


MATURITY DISTRIBUTION OF LOANS AND SECURITIES,     March 17, 1999
Holdings of securities include securitites held under repurchase agreements, which are classified according
to remaining maturity.

Millions of dollars
                                                                 U.S. government         Federal agency
                    Loans   Acceptances                           securities (1)           obligations
                                                                           Weekly                 Weekly
                                                               Holdings    changes    Holdings    changes
Within 15 days         18          0     Within 15 days          18,333   +     985      3,840   -   1,562
16 to 90 days           3          0     16 to 90 days           99,462   -   5,857         23   +      23
Over 90 days            0          0     91 days to 1 year      134,895   -     265         83   -      23
                                         Over 1 to 5 years      110,865   +   1,017         30           0
                                         Over 5 to 10 years      46,595   +       1        175           0
                                         Over 10 years           58,851           0          0           0
    Total              21          0         Total              469,001   -   4,118      4,151   -   1,562

1  Includes $      4,087 million of inflation-indexed securities valued at the original face amount and
   $         82 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
Components may not add to totals due to rounding.


H.4.1 (b)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON     March 17, 1999
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
         ASSETS
Gold certificate account                      11,049        582      4,209        323        643        807        717        998        358        128        289        530      1,465
Special drawing rights certif. acct.           8,200        406      3,215        247        396        683        596        725        232        103        231        451        915
Coin                                             450         26         18         40         26         60         52         51         19         23         32         44         61
				
Loans                                             21          2          0          1          0          0          4          5          3          2          4          0          0
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                311         17        115          9         20         24         19         30         11          3          9         14         39
  Held under repurchase agreements(1)          3,840          0      3,840          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     199,231     10,851     73,843      5,792     12,949     15,694     12,119     19,127      7,001      2,189      5,527      9,059     25,081
                   Notes (2)                 192,493     10,484     71,346      5,596     12,511     15,164     11,710     18,480      6,764      2,115      5,340      8,752     24,232
                   Bonds (3)                  72,781      3,964     26,976      2,116      4,730      5,733      4,427      6,987      2,558        800      2,019      3,309      9,162
     Total bought outright(4)                464,506     25,298    172,165     13,505     30,189     36,591     28,256     44,593     16,323      5,103     12,886     21,120     58,475
  Held under repurchase agreements(1)          4,495          0      4,495          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             469,001     25,298    176,660     13,505     30,189     36,591     28,256     44,593     16,323      5,103     12,886     21,120     58,475
       Total loans and securities            473,172     25,317    180,615     13,515     30,210     36,616     28,279     44,628     16,338      5,109     12,898     21,135     58,515
				
Items in process of collection                 7,981        446      1,026        426        372        547        693        704        355        647        515        365      1,885
Bank premises                                  1,303         94        158         50        157        125         87        106         31        130         53        148        163
Other assets(5)                               33,611      1,546     10,299      1,015      2,092      5,020      2,151      3,054        837        809        814      1,311      4,664
Interdistrict settlement account                   0    + 1,032    + 4,469    + 2,417    - 4,871    - 3,791    + 1,166    + 3,784    +   640    +   187    + 1,260    +   967    - 7,260
          TOTAL ASSETS                       535,766     29,449    204,010     18,031     29,026     40,066     33,741     54,049     18,810      7,136     16,092     24,950     60,407

1  Does not include U.S. government and federal agency securities resold under matched sale-purchase
   transactions to foreign official and international accounts, of which $          0 was outstanding at the
   end of the latest statement week.
2  Includes $      3,267 million of inflation-indexed securities valued at the original face amount and
   $         70 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
3  Includes $        820 million of inflation-indexed securities valued at the original face amount and
   $         12 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     16,468 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $         40 million securities loaned--fully secured by U.S. government
   securities.
5  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.  Includes
   special investment account at Chicago of $          0 million in Treasury bills maturing within 90 days.
Components may not add to totals due to rounding.


H.4.1 (c)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON     March 17, 1999
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
       LIABILITIES
Federal Reserve notes                        489,785     27,647    190,270     16,912     26,365     35,216     29,927     49,787     17,513      5,765     14,580     22,793     53,010
Deposits			      	
  Depository institutions                     14,138        501      1,944        312      1,136      1,227      1,603      2,063        508        314        492      1,141      2,897
  U.S. Treasury--general account               6,318          0      6,318          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     173          7         57          4         10         30         10         14          3          5          3          6         24
  Other                                          247          0        144          0          2         74          5          1          6          1         10          1          2
    Total deposits                            20,877        508      8,464        317      1,148      1,332      1,618      2,078        517        319        506      1,147      2,922
Deferred credit items                          8,199        464        980        296        409        678      1,050        541        359        556        529        337      1,998
Other liabilities and accrued	      	
  dividends (1)                                4,277        236      1,490        151        270        346        291        406        165         84        148        201        489
    TOTAL LIABILITIES                        523,138     28,854    201,204     17,677     28,192     37,572     32,886     52,812     18,555      6,724     15,763     24,479     58,418
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,077        284      1,305        170        401      1,234        412        595        120        209        157        225        964
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           600         43        292          8         33         23         24         59         15          1         31         19         53
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             535,766     29,449    204,010     18,031     29,026     40,066     33,741     54,049     18,810      7,136     16,092     24,950     60,407
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       654,316     32,648    255,242     19,721     31,028     51,244     45,490     61,675     21,167      9,137     19,174     33,245     74,545
  Less--Held by F.R. Banks                   164,531      5,001     64,972      2,809      4,663     16,027     15,563     11,888      3,654      3,372      4,595     10,452     21,536
  F.R. notes, net                            489,785     27,647    190,270     16,912     26,365     35,216     29,927     49,787     17,513      5,765     14,580     22,793     53,010
Collateral held against F.R. notes    	
   Gold certificate account                   11,049
   Special drawing rights	      	
     certificate account                       8,200
   Other eligible assets                           0
   U.S. govt. and agency securities          470,536
     Total collateral                        489,785

1  Includes exchange translation account reflecting the monthly revaluation at market exchange rates of
   foreign exchange commitments.
Components may not add to totals due to rounding.