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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
                                                                                         September 23, 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     Sep 22, 1999 Sep 15, 1999 Sep 23, 1998 Sep 22, 1999

Reserve Bank Credit  (1,2)                                  538,437    +   3,804    +  52,356      544,850
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      491,006    +     357    +  46,196      491,054
    Held under repurchase agreements                          1,938    +     670    -   3,737        4,893
  Federal agency obligations			        		      		     		
    Bought outright                                             238            0    -     165          238
    Held under repurchase agreements                         11,155    +   2,931    +   9,634       14,877
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            72    +      49    +      61          132
    Seasonal credit                                             283    +      15    +     109          287
    Extended credit                                               0            0            0            0
   Float                                                        171    -     796    -     507         -485
   Other F.R. assets                                         33,574    +     578    +     766       33,855
Gold stock                                                   11,046            0    +       1       11,048
Special drawing rights certificate account                    7,200    -     857    -   2,000        7,200
Treasury currency outstanding                                27,249    +      14    +   1,276       27,249
        Total factors supplying reserve funds               583,931    +   2,960    +  51,632      590,346
						        		      		     		
Currency in circulation*                                    542,430    -      63    +  50,019      543,071
Treasury cash holdings*                                          86    -       1    -       8           93
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    7,512    +   2,032    +     368        7,721
  Foreign                                                       265    +      36    +     100          161
  Service-related balances and adjustments (4)                6,925    -     195    -      22        6,925
  Other                                                         248    -      21    -     122          244
Other F.R. liabilities and capital                           18,601    +     356    +   1,433       18,552
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             576,067    +   2,144    +  51,769      576,767

Reserve balances with F.R. Banks  (5)                         7,865    +     817    -     137       13,579
						       		      		     		
On September 22, 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    614,480 million, a change of
 -$  1,248 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     16,542 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     16,542 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     16,496 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     16,496 million was with foreign official and international
   accounts.  Includes $        497 million securities loaned--fully secured U.S. government securities.
3  Includes $      5,108 million of inflation-indexed securities valued at the original face amount and
   $        168 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $      6,715 million and adjustments of $        209 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
                                                           Sep 22, 1999     Sep 15, 1999     Sep 23, 1998
                ASSETS
Gold certificate account                                        11,048        +       2        +       3
Special drawing rights certificate account                       7,200                0        -   2,000
Coin                                                               284        +       1        -     128
					
Loans                                                              418        +     112        +     233
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  238                0        -     165
  Held under repurchase agreements (1)                          14,877        +   1,837        +  12,802
U.S. government securities		
  Bought outright--Bills                                       199,204        -      79        +   2,353
                   Notes (2)                                   211,798        +       3        +  28,821
                   Bonds (3)                                    80,052        +       1        +  14,076
    Total bought outright (4)                                  491,054        -      75        +  45,250
  Held under repurchase agreements (1)                           4,893        +   3,558        -   3,737
     Total U.S. government securities                          495,946        +   3,482        +  41,512
       Total loans and securities                              511,480        +   5,432        +  54,384
					
Items in process of collection                      (638)        6,892        -   1,507        -     295
Bank premises                                                    1,334        +       1        +      37
Other assets (5)                                                32,591        +     661        +     418
                TOTAL ASSETS                        (638)      570,827        +   4,589        +  52,417
					
                LIABILITIES
Federal Reserve notes                                          516,199        -     317        +  48,327
Deposits		 		
  Depository institutions                                       20,840        +   7,391        +   1,515
  U.S. Treasury--general account                                 7,721        -   2,407        +     213
  Foreign--official accounts                                       161        -      81        -       5
    Other                                             (0)          244        -      12        -     144
      Total deposits                                  (0)       28,966        +   4,891        +   1,579
Deferred availability cash items                    (638)        7,110        -     429        +     910
Other liabilities and accrued dividends (6)                      5,068        +     408        +     306
                TOTAL LIABILITIES                   (638)      557,343        +   4,553        +  51,123
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,318        +       6        +     406
Surplus                                                          5,952                0        +     732
Other capital accounts                                           1,215        +      31        +     157

*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 $      3,938 million of inflation-indexed securities valued at the original face amount and
   $        139 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
3  Includes $      1,170 million of inflation-indexed securities valued at the original face amount and
   $         29 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     16,496 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        497 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, September 22, 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        384          0     Within 15 days          14,729   -   2,742     14,887   +   6,112
16 to 90 days          35          0     16 to 90 days          101,811   +     926         47   -   4,275
Over 90 days            0          0     91 days to 1 year      142,082   +   5,295         51           0
                                         Over 1 to 5 years      122,348   +       1         10           0
                                         Over 5 to 10 years      50,201   +       2        120           0
                                         Over 10 years           64,776   +       1          0           0
    Total             418          0         Total              495,946   +   3,482     15,115   +   1,837

1  Includes $      5,108 million of inflation-indexed securities valued at the original face amount and
   $        168 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 September 22, 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        533      4,435        319        566        834        724        993        337        140        313        575      1,279
Special drawing rights certif. acct.           7,200        357      2,823        217        348        599        523        637        204         90        203        396        803
Coin                                             284          5         12         14         24         37         37         30         18         14         21         37         33
				
Loans                                            418          1          2          3          0         29         85         61         75         69         67          0         26
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                238         12         95          7         14         18         14         22          8          3          7         12         26
  Held under repurchase agreements(1)         14,877          0     14,877          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     199,204     10,301     79,332      5,967     11,531     14,986     12,125     18,709      6,553      2,382      5,974      9,926     21,418
                   Notes (2)                 211,798     10,953     84,348      6,344     12,260     15,934     12,892     19,892      6,967      2,533      6,351     10,553     22,772
                   Bonds (3)                  80,052      4,140     31,880      2,398      4,634      6,022      4,873      7,518      2,633        957      2,401      3,989      8,607
     Total bought outright(4)                491,054     25,394    195,560     14,708     28,424     36,942     29,890     46,120     16,153      5,873     14,726     24,468     52,796
  Held under repurchase agreements(1)          4,893          0      4,893          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             495,946     25,394    200,452     14,708     28,424     36,942     29,890     46,120     16,153      5,873     14,726     24,468     52,796
       Total loans and securities            511,480     25,408    215,426     14,718     28,438     36,989     29,989     46,203     16,235      5,945     14,800     24,480     52,848
				
Items in process of collection                 7,530        403      1,049        351        260        520        857        170        648        603        351        237      2,080
Bank premises                                  1,334         93        164         50        156        124        117        107         31        129         52        146        165
Other assets(5)                               32,591      1,462     10,935        985      1,913      4,494      2,041      2,904        807        744        824      1,336      4,145
Interdistrict settlement account                   0    + 1,733    -    62    + 5,582    -   390    - 6,948    + 4,246    +16,853    + 3,423    - 4,388    + 1,424    -20,844    -   630
          TOTAL ASSETS                       571,466     29,994    234,783     22,236     31,316     36,649     38,533     67,897     21,703      3,276     17,989      6,365     60,724

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 $      3,938 million of inflation-indexed securities valued at the original face amount and
   $        139 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
3  Includes $      1,170 million of inflation-indexed securities valued at the original face amount and
   $         29 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     16,496 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        497 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 September 22, 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                        516,199     27,477    216,840     20,613     28,307     28,841     34,956     62,885     19,197      1,476     16,372      4,479     54,757
Deposits			      	
  Depository institutions                     20,840      1,325      3,928        749      1,590      3,429      1,491      2,659      1,617        679        670        849      1,854
  U.S. Treasury--general account               7,721          0      7,721          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     161          7         45          4         10         30         10         14          3          5          3          6         24
  Other                                          244          0        140          0          2         88          3          1          3          0          2          2          2
    Total deposits                            28,966      1,332     11,834        753      1,602      3,548      1,505      2,674      1,623        684        675        856      1,879
Deferred credit items                          7,748        343      1,028        307        272        601        862        666        383        601        414        334      1,938
Other liabilities and accrued	      	
  dividends (1)                                5,068        238      2,212        161        262        358        308        421        168         92        164        230        455
    TOTAL LIABILITIES                        557,981     29,390    231,914     21,834     30,443     33,347     37,631     66,646     21,371      2,853     17,625      5,899     59,030
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,318        289      1,319        194        422      1,631        436        602        158        209        175        213        670
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                         1,215         48        342         32         53        433         48         66         54         12         49         26         52
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             571,466     29,994    234,783     22,236     31,316     36,649     38,533     67,897     21,703      3,276     17,989      6,365     60,724
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       815,877     38,448    324,735     31,422     39,066     55,576     59,623     80,680     26,777     11,620     25,221     37,332     85,379
  Less--Held by F.R. Banks                   299,677     10,971    107,895     10,809     10,759     26,736     24,667     17,795      7,580     10,144      8,848     32,853     30,621
  F.R. notes, net                            516,199     27,477    216,840     20,613     28,307     28,841     34,956     62,885     19,197      1,476     16,372      4,479     54,757
Collateral held against F.R. notes    	
   Gold certificate account                   11,048
   Special drawing rights	      	
     certificate account                       7,200
   Other eligible assets                           0
   U.S. govt. and agency securities          497,952
     Total collateral                        516,199

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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