---

`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
                                                                                           January 28, 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     Jan 27, 1999 Jan 20, 1999 Jan 28, 1998 Jan 27, 1999

Reserve Bank Credit  (1,2)                                  500,951    -   5,020    +  35,568      506,917
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      452,725    -      93    +  24,262      454,538
    Held under repurchase agreements                          6,281    -      10    +   3,385        9,891
  Federal agency obligations			        		      		     		
    Bought outright                                             337    -       1    -     348          336
    Held under repurchase agreements                          3,226    -   2,821    +   2,803        4,027
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                           105    +      83    +      18            7
    Seasonal credit                                               5            0    -      11            5
    Extended credit                                               0            0            0            0
   Float                                                      1,370    -   2,807    +     783          424
   Other F.R. assets                                         36,904    +     629    +   4,676       37,690
Gold stock                                                   11,046            0    +       1       11,046
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,323    +      14    +     675       26,323
        Total factors supplying reserve funds               547,520    -   5,006    +  36,244      553,487
						        		      		     		
Currency in circulation*                                    506,737    -   2,232    +  36,591      506,835
Treasury cash holdings*                                          88    +       2    -     131           98
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    6,963    -     333    -      13        7,038
  Foreign                                                       184    +       3    +      18          168
  Service-related balances and adjustments (4)                7,867    +     395    +     283        7,866
  Other                                                         237    +      25    -     106          217
Other F.R. liabilities and capital                           16,840    -      32    +     757       16,610
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             538,916    -   2,172    +  37,399      538,832

Reserve balances with F.R. Banks  (5)                         8,604    -   2,834    -   1,155       14,654
						       		      		     		
On   January 27, 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 600,443 million, a change of
 -$ 4,713 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 19,852 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $ 18,980 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 18,038 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $ 18,038 million was with foreign official and international
   accounts.  Includes $ 117 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
   $ 79 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $ 6,819 million and adjustments of $ 1,047 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
                                                           Jan 27, 1999     Jan 20, 1999     Jan 28, 1998
                ASSETS
Gold certificate account                                        11,046                0        +       1
Special drawing rights certificate account                       9,200                0                0
Coin                                                               439        +      29        -      94
					
Loans                                                               12        -      67        -      15
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  336        -       2        -     349
  Held under repurchase agreements (1)                           4,027        +      69        +   3,267
U.S. government securities		
  Bought outright--Bills                                       197,662        +     670        +   2,820
                   Notes (2)                                   187,403                0        +  13,676
                   Bonds (3)                                    69,474                0        +  10,067
    Total bought outright (4)                                  454,538        +     670        +  26,563
  Held under repurchase agreements (1)                           9,891        +   3,751        +     913
     Total U.S. government securities                          464,429        +   4,421        +  27,476
       Total loans and securities                              468,804        +   4,421        +  30,378
					
Items in process of collection                      (549)        7,289        -   8,989        -     891
Bank premises                                                    1,301                0        +      27
Other assets (5)                                                36,350        +   1,227        +   4,190
                TOTAL ASSETS                        (549)      534,429        -   3,312        +  33,613
					
                LIABILITIES
Federal Reserve notes                                          481,049        -   1,766        +  35,924
Deposits		 		
  Depository institutions                                       22,563        +   3,104        -   3,863
  U.S. Treasury--general account                                 7,038        -     429        +     192
  Foreign--official accounts                                       168        -       9        +       9
    Other                                                          217        +      11        -     117
      Total deposits                                            29,985        +   2,677        -   3,778
Deferred availability cash items                    (549)        6,785        -   4,207        +     711
Other liabilities and accrued dividends (6)                      4,192        -      35        -     443
                TOTAL LIABILITIES                   (549)      522,011        -   3,330        +  32,413
					
                CAPITAL ACCOUNTS
Capital paid in                                                  5,955        -       9        +     478
Surplus                                                          5,952                0        +     732
Other capital accounts                                             511        +      27        -      10

*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
   $ 68 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 $ 18,038 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 117 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,   January 27, 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         12          0     Within 15 days          23,513   +   6,970      4,027   +     657
16 to 90 days           0          0     16 to 90 days           97,932   -   2,164         25   -     590
Over 90 days            0          0     91 days to 1 year      135,053   -     385         81   +       6
                                         Over 1 to 5 years      107,040           0         55   -       6
                                         Over 5 to 10 years      45,222           0        175           0
                                         Over 10 years           55,669           0          0           0
    Total              12          0         Total              464,429   +   4,421      4,363   +      67

1  Includes $ 4,087 million of inflation-indexed securities valued at the original face amount and
   $ 79 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   January 27, 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                      11,046        582      4,206        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                                             439         21         17         31         20         67         61         44         23         18         29         47         61
				
Loans                                             12          1          0          0          0          0          0          3          2          0          1          0          5
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)          4,027          0      4,027          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     197,662     10,765     73,261      5,747     12,847     15,571     12,024     18,976      6,946      2,172      5,483      8,987     24,883
                   Notes (2)                 187,403     10,206     69,459      5,448     12,180     14,763     11,400     17,991      6,586      2,059      5,199      8,521     23,592
                   Bonds (3)                  69,474      3,784     25,750      2,020      4,515      5,473      4,226      6,670      2,441        763      1,927      3,159      8,746
     Total bought outright(4)                454,538     24,755    168,470     13,215     29,542     35,806     27,650     43,637     15,973      4,994     12,609     20,667     57,221
  Held under repurchase agreements(1)          9,891          0      9,891          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             464,429     24,755    178,361     13,215     29,542     35,806     27,650     43,637     15,973      4,994     12,609     20,667     57,221
       Total loans and securities            468,804     24,775    182,513     13,225     29,563     35,832     27,670     43,672     15,987      4,997     12,619     20,682     57,268
				
Items in process of collection                 7,839        530        924        380        422        533        773        672        341        565        491        395      1,813
Bank premises                                  1,301         94        158         50        158        125         83        106         32        130         54        149        162
Other assets(5)                               36,350      1,706     11,686      1,519      2,160      4,264      2,173      3,203        944        895        851      1,661      5,289
Interdistrict settlement account                   0     +1,534     -1,494     +1,369     -5,372     +4,911     +2,316     +4,081       +948       +872     +1,013     +1,010    -11,188
          TOTAL ASSETS                       534,978     29,772    201,210     17,179     28,168     47,332     34,395     53,677     18,973      7,729     15,592     24,841     56,111

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
   $ 68 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 $ 18,038 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 117 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   January 27, 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                        481,049     27,303    185,066     15,897     25,600     40,019     30,757     47,929     17,118      6,064     14,016     22,272     49,007
Deposits			      	
  Depository institutions                     22,563      1,209      4,102        473      1,152      3,685      1,581      3,623      1,087        631        710      1,500      2,811
  U.S. Treasury--general account               7,038          0      7,038          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     168          7         53          8          9         22          9         14          3          5          3          7         26
  Other                                          217          0        108          1          4         79          5          1          3          0         12          2          1
    Total deposits                            29,985      1,216     11,301        481      1,165      3,787      1,595      3,638      1,094        636        725      1,509      2,838
Deferred credit items                          7,334        466        753        288        305        676        897        499        344        533        406        382      1,785
Other liabilities and accrued	      	
  dividends (1)                                4,192        234      1,467        149        267        337        278        398        163         85        148        197        470
    TOTAL LIABILITIES                        522,560     29,219    198,586     16,815     27,337     44,819     33,527     52,463     18,720      7,318     15,295     24,360     54,100
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                5,955        260      1,215        176        401      1,238        418        585        119        203        142        224        974
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           511         25        201         12         32         37         31         45         14          5         14         29         65
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             534,978     29,772    201,210     17,179     28,168     47,332     34,395     53,677     18,973      7,729     15,592     24,841     56,111
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       623,737     32,121    238,933     18,924     29,700     51,067     44,855     59,405     20,237      7,765     17,793     33,456     69,481
  Less--Held by F.R. Banks                   142,688      4,817     53,868      3,027      4,101     11,048     14,098     11,476      3,119      1,701      3,778     11,184     20,474
  F.R. notes, net                            481,049     27,303    185,066     15,897     25,600     40,019     30,757     47,929     17,118      6,064     14,016     22,272     49,007
Collateral held against F.R. notes    	
   Gold certificate account                   11,046
   Special drawing rights	      	
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          460,803
     Total collateral                        481,049

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.`

---