---

`These data are scheduled for release each Thursday.  The exact time of each release will be announced, whenthe information is available, on (202) 452-3206. H.4.1Factors Affecting Reserve Balances of Depository Institutions andCondition Statement of F.R. Banks                                                                                          February 18, 1999Millions of dollars`

|        | Averages of daily figures
|------- | -------------------------
|
|
|501,332 | +     345                
|        |                          
|458,088 | +     192                
|2,292   | -     603                
|        |                          
|336     | 0                        
|3,359   | +     299                
|0       | 0                        
|        |                          
|        |                          
|99      | +       9                
|8       | -       2                
|0       | 0                        
|1,258   | +     934                
|35,892  | -     484                
|11,049  | 0                        
|9,200   | 0                        
|26,300  | +      14                
|547,881 | +     359                
|        |                          
|511,599 | +   3,162                
|125     | +      22                
|        |                          
|4,223   | -     642                
|204     | -      13                
|6,867   | -     469                
|288     | +      21                
|16,838  | +     262                
|540,143 | +   2,342                
|        |                          
|7,738   | -   1,983                

`On  February 17, 1999, the face amount of marketable U.S. government securities held in custody by theFederal Reserve Banks for foreign official and international accounts was    598,655 million, a change of -$  1,454 million for the week.  The total includes the face value of U.S. Treasury strips and other zerocoupon bonds.1  Net of $     16,804 million daily average, matched sale-purchase transactions outstanding during the   latest statement week, of which a net of $     16,525 million was with foreign official and international   accounts.  Includes securities loaned--fully secured by U.S. government securities.2  Net of $     17,905 million matched sale-purchase transactions outstanding at the end of the latest   statement week, of which a net of $     15,950 million was with foreign official and international   accounts.  Includes $        439 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   $         78 million of compensation that adjusts for the effects of inflation on the principal of such   securities.4  Consists of required clearing balances of $      6,561 million and adjustments of $        307 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 BANKSMillions of Dollars`

|      |         |           | Change Since
|----- | ------- | --------- | ------------
|
|      | 11,049  | 0         | +       1   
|      | 9,200   | 0         | 0           
|      | 476     | 0         | -     104   
|      |         |           |             
|      | 67      | -       4 | +      52   
|      | 0       | 0         | 0           
|      |         |           |             
|      | 336     | 0         | -     339   
|      | 3,314   | -   4,044 | +   2,244   
|      |         |           |             
|      | 197,794 | -   1,069 | +   2,925   
|      | 187,764 | -   1,341 | +  15,363   
|      | 71,429  | +   1,340 | +  10,697   
|      | 456,987 | -   1,069 | +  28,986   
|      | 4,101   | -   2,550 | -     201   
|      | 461,088 | -   3,619 | +  28,785   
|      | 464,804 | -   7,667 | +  30,741   
|      |         |           |             
|(434) | 14,831  | +   7,016 | +     661   
|      | 1,301   | -       1 | +      24   
|      | 32,853  | -   2,654 | +   4,070   
|(434) | 534,516 | -   3,304 | +  35,397   
|      |         |           |             
|      |         |           |             
|      | 487,184 | +   2,220 | +  37,963   
|      |         |           |             
|      | 14,704  | -   9,192 | -   4,247   
|      | 4,893   | -      32 | +     194   
|      | 185     | -      19 | +      15   
|(0)   | 291     | +      25 | -     114   
|(0)   | 20,073  | -   9,218 | -   4,152   
|(434) | 10,563  | +   3,733 | +     823   
|      | 4,212   | -     143 | -     503   
|(434) | 522,032 | -   3,408 | +  34,130   
|      |         |           |             
|      |         |           |             
|      | 6,019   | +      18 | +     545   
|      | 5,952   | +       9 | +     732   
|      | 512     | +      75 | -      12   

`*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   $         67 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   $         11 million of compensation that adjusts for the effects of inflation on the principal of such   securities.4  Net of $     17,905 million matched sale-purchase transactions outstanding at the end of the latest   statement week.  Includes $        439 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,  February 17, 1999Holdings of securities include securitites held under repurchase agreements, which are classified accordingto remaining maturity. Millions of dollars`

|   | U.S. government  securities (1) | Federal agency   obligations
|-- | ------------------------------- | ----------------------------
|
|67 | 0                               | Within 15 days              
|0  | 0                               | 16 to 90 days               
|0  | 0                               | 91 days to 1 year           
|   |                                 | Over 1 to 5 years           
|   |                                 | Over 5 to 10 years          
|   |                                 | Over 10 years               
|67 | 0                               | Total                       

`1  Includes $      4,087 million of inflation-indexed securities valued at the original face amount and   $         78 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  February 17, 1999Millions of dollars`

|ASSETS  | Total   | Boston  | New York | Philadelphia | Cleveland | Richmond | Atlanta | Chicago | St. Louis | Minneapolis | Kansas City | Dallas  | SanFrancisco
|------- | ------- | ------- | -------- | ------------ | --------- | -------- | ------- | ------- | --------- | ----------- | ----------- | ------- | ------------
|11,049  | 582     | 4,209   | 323      | 643          | 807       | 717      | 998     | 358     | 128       | 289         | 530         | 1,465  
|9,200   | 530     | 3,202   | 282      | 574          | 792       | 602      | 900     | 340     | 123       | 247         | 367         | 1,241  
|476     | 25      | 17      | 34       | 26           | 68        | 63       | 51      | 22      | 21        | 35          | 49          | 65     
|        |         |         |          |              |           |          |         |         |           |             |             |        
|67      | 2       | 0       | 2        | 0            | 0         | 4        | 47      | 0       | 0         | 2           | 0           | 10     
|0       | 0       | 0       | 0        | 0            | 0         | 0        | 0       | 0       | 0         | 0           | 0           | 0      
|        |         |         |          |              |           |          |         |         |           |             |             |        
|336     | 18      | 124     | 10       | 22           | 26        | 20       | 32      | 12      | 4         | 9           | 15          | 42     
|3,314   | 0       | 3,314   | 0        | 0            | 0         | 0        | 0       | 0       | 0         | 0           | 0           | 0      
|        |         |         |          |              |           |          |         |         |           |             |             |        
|197,794 | 10,772  | 73,311  | 5,751    | 12,855       | 15,581    | 12,032   | 18,989  | 6,951   | 2,173     | 5,487       | 8,993       | 24,900 
|187,764 | 10,226  | 69,593  | 5,459    | 12,203       | 14,791    | 11,422   | 18,026  | 6,598   | 2,063     | 5,209       | 8,537       | 23,637 
|71,429  | 3,890   | 26,474  | 2,077    | 4,642        | 5,627     | 4,345    | 6,857   | 2,510   | 785       | 1,981       | 3,248       | 8,992  
|456,987 | 24,889  | 169,378 | 13,286   | 29,701       | 35,999    | 27,799   | 43,872  | 16,059  | 5,020     | 12,677      | 20,779      | 57,529 
|4,101   | 0       | 4,101   | 0        | 0            | 0         | 0        | 0       | 0       | 0         | 0           | 0           | 0      
|461,088 | 24,889  | 173,479 | 13,286   | 29,701       | 35,999    | 27,799   | 43,872  | 16,059  | 5,020     | 12,677      | 20,779      | 57,529 
|464,804 | 24,909  | 176,917 | 13,298   | 29,723       | 36,025    | 27,823   | 43,951  | 16,071  | 5,024     | 12,689      | 20,794      | 57,581 
|        |         |         |          |              |           |          |         |         |           |             |             |        
|15,265  | 804     | 1,931   | 1,447    | 758          | 1,339     | 1,652    | 1,324   | 342     | 815       | 907         | 988         | 2,959  
|1,301   | 93      | 159     | 50       | 158          | 125       | 84       | 106     | 32      | 130       | 53          | 148         | 162    
|32,853  | 1,502   | 9,945   | 933      | 2,052        | 5,043     | 2,105    | 2,987   | 804     | 815       | 794         | 1,275       | 4,599  
|0       | + 1,434 | + 3,999 | + 1,276  | - 4,884      | -   332   | + 1,328  | + 4,126 | +   859 | +   785   | +   833     | + 1,056     | -10,479
|534,949 | 29,879  | 200,379 | 17,644   | 29,049       | 43,867    | 34,374   | 54,443  | 18,829  | 7,841     | 15,846      | 25,207      | 57,593 

`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   $         67 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   $         11 million of compensation that adjusts for the effects of inflation on the principal of such   securities.4  Net of $     17,905 million matched sale-purchase transactions outstanding at the end of the latest   statement week.  Includes $        439 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  February 17, 1999Millions of dollars`

|LIABILITIES | Total  | Boston  | New York | Philadelphia | Cleveland | Richmond | Atlanta | Chicago | St. Louis | Minneapolis | Kansas City | Dallas | SanFrancisco
|----------- | ------ | ------- | -------- | ------------ | --------- | -------- | ------- | ------- | --------- | ----------- | ----------- | ------ | ------------
|487,184     | 27,811 | 187,703 | 16,258   | 26,444       | 38,712    | 30,706   | 48,986  | 17,304  | 6,119     | 14,142      | 22,595      | 50,404
|            |        |         |          |              |           |          |         |         |           |             |             |       
|14,704      | 708    | 2,103   | 454      | 1,076        | 1,268     | 1,324    | 2,919   | 542     | 507       | 603         | 1,275       | 1,926 
|4,893       | 0      | 4,893   | 0        | 0            | 0         | 0        | 0       | 0       | 0         | 0           | 0           | 0     
|185         | 7      | 69      | 4        | 10           | 30        | 10       | 14      | 3       | 5         | 3           | 6           | 24    
|291         | 4      | 142     | 1        | 5            | 98        | 12       | 4       | 7       | 0         | 15          | 1           | 2     
|20,073      | 719    | 7,208   | 459      | 1,091        | 1,396     | 1,346    | 2,937   | 552     | 512       | 621         | 1,282       | 1,952 
|10,997      | 572    | 1,276   | 406      | 410          | 923       | 1,172    | 887     | 555     | 716       | 637         | 661         | 2,781 
|4,212       | 231    | 1,450   | 152      | 271          | 340       | 285      | 404     | 165     | 81        | 149         | 199         | 486   
|522,466     | 29,333 | 197,637 | 17,275   | 28,215       | 41,371  ; | 33,509   | 53,214  | 18,576  | 7,428     | 15,550      | 24,736      | 55,622
|           
|            |        |         |          |              |           |          |         |         |           |             |             |       
|6,019       | 260    | 1,285   | 177      | 402          | 1,234     | 419      | 591     | 119     | 209       | 142         | 225         | 957   
|5,952       | 267    | 1,208   | 177      | 399          | 1,238     | 418      | 583     | 121     | 202       | 140         | 227         | 972   
|512         | 18     | 249     | 15       | 34           | 25        | 28       | 54      | 13      | 2         | 14          | 19          | 42    
|534,949     | 29,879 | 200,379 | 17,644   | 29,049       | 43,867    | 34,374   | 54,443  | 18,829  | 7,841     | 15,846      | 25,207      | 57,593
|            |        |         |          |              |           |          |         |         |           |             |             |        |             
|            |        |         |          |              |           |          |         |         |           |             |             |       
|634,337     | 32,617 | 244,624 | 19,281   | 30,626       | 51,029    | 44,342   | 60,473  | 20,724  | 7,840     | 18,239      | 33,354      | 71,188
|147,153     | 4,805  | 56,920  | 3,022    | 4,182        | 12,317    | 13,636   | 11,487  | 3,421   | 1,721     | 4,097       | 10,760      | 20,785
|487,184     | 27,811 | 187,703 | 16,258   | 26,444       | 38,712    | 30,706   | 48,986  | 17,304  | 6,119     | 14,142      | 22,595      | 50,404
|            |        |         |          |              |           |          |         |         |           |             |             |       
|11,049      |        |         |          |              |           |          |         |         |           |             |             |       
|9,200       |        |         |          |              |           |          |         |         |           |             |             |       
|2,197       |        |         |          |              |           |          |         |         |           |             |             |       
|464,737     |        |         |          |              |           |          |         |         |           |             |             |       
|487,184     |        |         |          |              |           |          |         |         |           |             |             |       

`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.`

---