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`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
                                                                                              April 8, 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      Apr 7, 1999 Mar 31, 1999  Apr 8, 1998  Apr 7, 1999

Reserve Bank Credit  (1,2)                                  511,083    +   1,547    +  43,488      512,590
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      466,781    +   1,524    +  33,247      467,237
    Held under repurchase agreements                          9,002    +   1,139    +   8,134        8,910
  Federal agency obligations			        		      		     		
    Bought outright                                             311            0    -     314          311
    Held under repurchase agreements                          2,212    -   1,175    +   1,791        2,096
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                           168    +     124    +      29        1,030
    Seasonal credit                                              27    +       6    -       3           28
    Extended credit                                               0            0            0            0
   Float                                                         45    +      49    -     821          177
   Other F.R. assets                                         32,538    -     119    +   1,426       32,802
Gold stock                                                   11,051    +       3    +       2       11,051
Special drawing rights certificate account                    8,200            0    -   1,000        8,200
Treasury currency outstanding                                26,523    +      14    +     846       26,523
        Total factors supplying reserve funds               556,857    +   1,564    +  43,336      558,364
						        		      		     		
Currency in circulation*                                    518,244    +   2,611    +  42,777      520,414
Treasury cash holdings*                                         135            0    -     126          140
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,644    +     484    +     600        5,438
  Foreign                                                       245    +      77    +      75          183
  Service-related balances and adjustments (4)                6,637    -     180    -     268        6,637
  Other                                                         311    +      84    -      97          304
Other F.R. liabilities and capital                           17,188    +      97    +   1,325       17,135
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             548,405    +   3,175    +  44,287      550,251

Reserve balances with F.R. Banks  (5)                         8,452    -   1,611    -     951        8,114
						       		      		     		
On      April 7, 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    602,719 million, a change of
 +$  5,165 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     17,924 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     17,924 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     17,942 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     17,942 million was with foreign official and international
   accounts.  Includes $         78 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
   $         88 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $      6,445 million and adjustments of $        192 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
                                                            Apr 7, 1999     Mar 31, 1999      Apr 8, 1998
                ASSETS
Gold certificate account                                        11,051        +       2        +       2
Special drawing rights certificate account                       8,200                0        -   1,000
Coin                                                               424        -       4        -      86
					
Loans                                                            1,058        +     812        +      89
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  311                0        -     314
  Held under repurchase agreements (1)                           2,096        -   3,510        +   1,113
U.S. government securities		
  Bought outright--Bills                                       197,758        +     999        +   2,555
                   Notes (2)                                   195,425        +     457        +  17,619
                   Bonds (3)                                    74,055        +      96        +  12,567
    Total bought outright (4)                                  467,237        +   1,551        +  32,740
  Held under repurchase agreements (1)                           8,910        -   3,820        +   6,885
     Total U.S. government securities                          476,147        -   2,269        +  39,625
       Total loans and securities                              479,611        -   4,967        +  40,512
					
Items in process of collection                      (618)        8,303        +   1,206        -     180
Bank premises                                                    1,304        +       1        +      21
Other assets (5)                                                31,410        +     113        +   1,256
                TOTAL ASSETS                        (618)      540,303        -   3,649        +  40,525
					
                LIABILITIES
Federal Reserve notes                                          494,455        +   2,740        +  42,223
Deposits		 		
  Depository institutions                                       14,968        -   7,573        -   4,636
  U.S. Treasury--general account                                 5,438        +      64        +   1,056
  Foreign--official accounts                                       183        +      17        +      21
    Other                                             (0)          304        +      69        -      94
      Total deposits                                  (0)       20,893        -   7,423        -   3,654
Deferred availability cash items                    (618)        7,821        +     704        +     805
Other liabilities and accrued dividends (6)                      4,379        +      51        -     382
                TOTAL LIABILITIES                   (618)      527,547        -   3,928        +  38,991
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,123        +       1        +     635
Surplus                                                          5,952        +       8        +     737
Other capital accounts                                             681        +     270        +     162

*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
   $         75 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
   $         13 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     17,942 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $         78 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,      April 7, 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      1,033          0     Within 15 days          18,048   -   8,737      2,096   -   3,510
16 to 90 days          25          0     16 to 90 days          101,247   +   2,944         27           0
Over 90 days            0          0     91 days to 1 year      137,410   +   2,971         79           0
                                         Over 1 to 5 years      112,518   +     255         30           0
                                         Over 5 to 10 years      46,894   +     296        175           0
                                         Over 10 years           60,029           0          0           0
    Total           1,058          0         Total              476,147   -   2,269      2,407   -   3,510

1  Includes $      4,087 million of inflation-indexed securities valued at the original face amount and
   $         88 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      April 7, 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                      11,051        582      4,211        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                                             424         21         19         50         25         52         43         48         16         25         27         43         55
				
Loans                                          1,058          1        993          0          0          0          7          8         41          2          6          0          1
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)          2,096          0      2,096          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     197,758     10,770     73,297      5,750     12,853     15,578     12,030     18,985      6,949      2,173      5,486      8,992     24,895
                   Notes (2)                 195,425     10,643     72,432      5,682     12,701     15,394     11,888     18,761      6,868      2,147      5,421      8,886     24,601
                   Bonds (3)                  74,055      4,033     27,448      2,153      4,813      5,834      4,505      7,109      2,602        814      2,054      3,367      9,323
     Total bought outright(4)                467,237     25,447    173,177     13,584     30,367     36,806     28,422     44,856     16,419      5,133     12,961     21,245     58,819
  Held under repurchase agreements(1)          8,910          0      8,910          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             476,147     25,447    182,087     13,584     30,367     36,806     28,422     44,856     16,419      5,133     12,961     21,245     58,819
       Total loans and securities            479,611     25,465    185,291     13,593     30,387     36,831     28,448     44,893     16,471      5,139     12,976     21,259     58,859
				
Items in process of collection                 8,922        465      1,141        395        378        530      1,071        652        331        632        527        456      2,343
Bank premises                                  1,304         93        158         50        157        125         89        106         31        130         53        148        164
Other assets(5)                               31,410      1,444     10,229        908      1,931      4,389      1,968      2,816        803        707        760      1,224      4,230
Interdistrict settlement account                   0    + 1,134    + 2,021    + 4,725    - 4,746    - 5,335    -   454    + 6,032    +   774    - 1,292    + 2,365    + 1,632    - 6,856
          TOTAL ASSETS                       540,922     29,610    206,285     20,291     29,172     38,082     32,479     56,270     19,016      5,572     17,228     25,742     61,175

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
   $         75 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
   $         13 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     17,942 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $         78 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      April 7, 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                        494,455     27,708    193,110     19,031     26,333     32,886     28,798     52,077     17,720      3,918     15,436     23,588     53,850
Deposits			      	
  Depository institutions                     14,968        576      2,128        471      1,319      1,424      1,508      1,967        485        529        834      1,053      2,674
  U.S. Treasury--general account               5,438          0      5,438          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     183          7         67          4         10         30         10         14          3          5          3          6         24
  Other                                          304          0        140          1          1        143          3          1          5          1          8          1          2
    Total deposits                            20,893        582      7,773        476      1,330      1,597      1,522      1,982        492        534        845      1,059      2,699
Deferred credit items                          8,439        489      1,052        271        388        714      1,007        552        345        615        467        416      2,122
Other liabilities and accrued	      	
  dividends (1)                                4,379        238      1,538        153        276        357        291        413        168         86        153        204        502
    TOTAL LIABILITIES                        528,166     29,017    203,473     19,930     28,328     35,555     31,618     55,025     18,725      5,153     16,901     25,267     59,174
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,123        285      1,308        171        401      1,247        415        598        140        210        157        226        966
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           681         41        296         14         45         42         28         65         30          7         29         22         63
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             540,922     29,610    206,285     20,291     29,172     38,082     32,479     56,270     19,016      5,572     17,228     25,742     61,175
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       671,979     32,839    265,210     21,707     30,979     51,250     45,185     64,279     21,832      9,454     19,918     34,128     75,198
  Less--Held by F.R. Banks                   177,524      5,131     72,099      2,677      4,645     18,364     16,387     12,202      4,113      5,537      4,482     10,540     21,348
  F.R. notes, net                            494,455     27,708    193,110     19,031     26,333     32,886     28,798     52,077     17,720      3,918     15,436     23,588     53,850
Collateral held against F.R. notes    	
   Gold certificate account                   11,051
   Special drawing rights	      	
     certificate account                       8,200
   Other eligible assets                           0
   U.S. govt. and agency securities          475,204
     Total collateral                        494,455

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.`

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