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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
                                                                                          February 25, 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     Feb 24, 1999 Feb 17, 1999 Feb 25, 1998 Feb 24, 1999

Reserve Bank Credit  (1,2)                                  503,737    +   2,407    +  37,607      514,216
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      459,973    +   1,885    +  31,355      461,106
    Held under repurchase agreements                          4,829    +   2,537    -     914        9,870
  Federal agency obligations			        		      		     		
    Bought outright                                             336            0    -     339          336
    Held under repurchase agreements                          3,542    +     183    +   3,100        7,223
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                           107    +       8    +      92          433
    Seasonal credit                                              10    +       2    -       3           12
    Extended credit                                               0            0            0            0
   Float                                                        402    -     855    +     268          -41
   Other F.R. assets                                         34,538    -   1,354    +   4,049       35,277
Gold stock                                                   11,049            0            0       11,048
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,368    +      14    +     730       26,368
        Total factors supplying reserve funds               550,354    +   2,421    +  38,338      560,832
						        		      		     		
Currency in circulation*                                    512,105    +     453    +  39,331      512,771
Treasury cash holdings*                                         117    -       8    -     112          120
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    4,998    +     775    +     598        4,753
  Foreign                                                       186    -      18    +      14          218
  Service-related balances and adjustments (4)                6,946    +      79    -       7        6,945
  Other                                                         279    -       9    -      92          271
Other F.R. liabilities and capital                           16,942    +     104    +     803       16,858
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             541,572    +   1,375    +  40,534      541,938

Reserve balances with F.R. Banks  (5)                         8,782    +   1,046    -   2,196       18,894
						       		      		     		
On  February 24, 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    597,449 million, a change of
 -$  1,206 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     16,734 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     16,734 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     15,940 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     15,940 million was with foreign official and international
   accounts.  Includes $        647 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
   $         77 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 $        385 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
                                                           Feb 24, 1999     Feb 17, 1999     Feb 25, 1998
                ASSETS
Gold certificate account                                        11,048        -       1        -       2
Special drawing rights certificate account                       9,200                0                0
Coin                                                               454        -      22        -     115
					
Loans                                                              445        +     378        +     428
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  336                0        -     339
  Held under repurchase agreements (1)                           7,223        +   3,909        +   5,613
U.S. government securities		
  Bought outright--Bills                                       199,760        +   1,966        +   3,703
                   Notes (2)                                   189,793        +   2,029        +  17,393
                   Bonds (3)                                    71,553        +     124        +  10,821
    Total bought outright (4)                                  461,106        +   4,119        +  31,917
  Held under repurchase agreements (1)                           9,870        +   5,769        -   2,210
     Total U.S. government securities                          470,976        +   9,888        +  29,707
       Total loans and securities                              478,980        +  14,176        +  35,409
					
Items in process of collection                      (621)        6,803        -   8,028        -     396
Bank premises                                                    1,303        +       2        +      27
Other assets (5)                                                33,930        +   1,077        +   3,876
                TOTAL ASSETS                        (621)      541,717        +   7,201        +  38,799
					
                LIABILITIES
Federal Reserve notes                                          486,978        -     206        +  38,629
Deposits		 		
  Depository institutions                                       25,662        +  10,958        -   1,813
  U.S. Treasury--general account                                 4,753        -     140        +     355
  Foreign--official accounts                                       218        +      33        +      24
    Other                                             (0)          271        -      20        -     103
      Total deposits                                  (0)       30,905        +  10,832        -   1,535
Deferred availability cash items                    (621)        6,976        -   3,587        +     778
Other liabilities and accrued dividends (6)                      4,285        +      73        -     431
                TOTAL LIABILITIES                   (621)      529,144        +   7,112        +  37,440
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,069        +      50        +     591
Surplus                                                          5,952                0        +     732
Other capital accounts                                             552        +      40        +      35

*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
   $         66 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 $     15,940 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        647 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 24, 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        445          0     Within 15 days          24,996   +   5,749      7,248   +   3,934
16 to 90 days           0          0     16 to 90 days           98,522   +   2,330          0   -      25
Over 90 days            0          0     91 days to 1 year      133,298   -     345        106           0
                                         Over 1 to 5 years      110,291   +   1,820         30           0
                                         Over 5 to 10 years      46,246   +     335        175           0
                                         Over 10 years           57,623           0          0           0
    Total             445          0         Total              470,976   +   9,888      7,559   +   3,909

1  Includes $      4,087 million of inflation-indexed securities valued at the original face amount and
   $         77 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 24, 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                      11,048        582      4,208        323        643        807        717        998        358        128        289        530      1,465
Special drawing rights certif. acct.           9,200        530      3,202        282        574        792        602        900        340        123        247        367      1,241
Coin                                             454         24         17         35         25         65         60         46         18         21         35         46         62
				
Loans                                            445          3          0          1          0        394          4         41          0          0          2          0          0
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                336         18        124         10         22         26         20         32         12          4          9         15         42
  Held under repurchase agreements(1)          7,223          0      7,223          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     199,760     10,879     74,039      5,808     12,983     15,736     12,152     19,177      7,020      2,195      5,541      9,083     25,147
                   Notes (2)                 189,793     10,337     70,345      5,518     12,335     14,951     11,545     18,221      6,670      2,085      5,265      8,630     23,893
                   Bonds (3)                  71,553      3,897     26,521      2,080      4,650      5,637      4,353      6,869      2,514        786      1,985      3,253      9,008
     Total bought outright(4)                461,106     25,113    170,905     13,406     29,969     36,323     28,050     44,267     16,204      5,066     12,791     20,966     58,047
  Held under repurchase agreements(1)          9,870          0      9,870          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             470,976     25,113    180,775     13,406     29,969     36,323     28,050     44,267     16,204      5,066     12,791     20,966     58,047
       Total loans and securities            478,980     25,134    188,122     13,416     29,990     36,744     28,074     44,341     16,216      5,069     12,803     20,981     58,090
				
Items in process of collection                 7,423        430        822        411        476        603        977        491        310        491        364        318      1,730
Bank premises                                  1,303         93        158         50        158        125         86        106         32        130         53        149        162
Other assets(5)                               33,930      1,531     10,706        948      2,081      5,079      2,136      3,036        824        823        810      1,298      4,656
Interdistrict settlement account                   0    + 2,123    - 5,421    + 2,428    - 4,679    + 2,189    + 1,912    + 5,843    +   500    + 1,523    + 1,282    + 1,383    - 9,084
          TOTAL ASSETS                       542,338     30,448    201,815     17,892     29,269     46,404     34,564     55,761     18,598      8,309     15,883     25,072     58,322

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
   $         66 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 $     15,940 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        647 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 24, 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                        486,978     27,547    186,639     16,475     26,736     37,838     30,605     49,072     17,166      6,499     14,340     22,778     51,285
Deposits			      	
  Depository institutions                     25,662      1,689      4,953        515      1,087      5,013      1,769      4,527        677        770        625      1,260      2,776
  U.S. Treasury--general account               4,753          0      4,753          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     218          7        102          4         10         30         10         14          3          5          3          6         24
  Other                                          271          0        142          1          3         88         11          3          8          0         12          1          2
    Total deposits                            30,905      1,696      9,950        520      1,100      5,132      1,791      4,544        688        775        641      1,266      2,802
Deferred credit items                          7,597        405        906        383        334        582      1,026        518        325        535        445        361      1,777
Other liabilities and accrued	      	
  dividends (1)                                4,285        230      1,537        149        266        340        284        399        165         82        149        198        485
    TOTAL LIABILITIES                        529,764     29,878    199,032     17,526     28,435     43,891     33,706     54,534     18,344      7,891     15,575     24,602     56,348
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,069        284      1,304        176        402      1,234        412        594        119        209        153        224        957
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           552         18        270         13         33         41         28         50         15          6         15         18         45
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             542,338     30,448    201,815     17,892     29,269     46,404     34,564     55,761     18,598      8,309     15,883     25,072     58,322
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       639,119     32,559    245,503     19,495     31,128     51,053     44,882     60,661     20,780      8,274     18,641     33,438     72,703
  Less--Held by F.R. Banks                   152,141      5,012     58,864      3,020      4,393     13,216     14,278     11,589      3,614      1,775      4,302     10,661     21,419
  F.R. notes, net                            486,978     27,547    186,639     16,475     26,736     37,838     30,605     49,072     17,166      6,499     14,340     22,778     51,285
Collateral held against F.R. notes    	
   Gold certificate account                   11,048
   Special drawing rights	      	
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          466,730
     Total collateral                        486,978

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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