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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 18, 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 17, 1999 Feb 10, 1999 Feb 18, 1998 Feb 17, 1999

Reserve Bank Credit  (1,2)                                  501,332    +     345    +  36,712      502,563
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      458,088    +     192    +  29,950      456,987
    Held under repurchase agreements                          2,292    -     603    -     507        4,101
  Federal agency obligations			        		      		     		
    Bought outright                                             336            0    -     339          336
    Held under repurchase agreements                          3,359    +     299    +   2,742        3,314
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            99    +       9    +      21           59
    Seasonal credit                                               8    -       2    -       4            8
    Extended credit                                               0            0            0            0
   Float                                                      1,258    +     934    +     890        3,581
   Other F.R. assets                                         35,892    -     484    +   3,958       34,178
Gold stock                                                   11,049            0    +       2       11,049
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,300    +      14    +     676       26,300
        Total factors supplying reserve funds               547,881    +     359    +  37,389      549,112
						        		      		     		
Currency in circulation*                                    511,599    +   3,162    +  38,626      512,890
Treasury cash holdings*                                         125    +      22    -     102          117
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    4,223    -     642    -     746        4,893
  Foreign                                                       204    -      13    +      40          185
  Service-related balances and adjustments (4)                6,867    -     469    -     163        6,867
  Other                                                         288    +      21    -     116          291
Other F.R. liabilities and capital                           16,838    +     262    +     684       16,695
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             540,143    +   2,342    +  38,223      541,939

Reserve balances with F.R. Banks  (5)                         7,738    -   1,983    -     833        7,173
						       		      		     		
On  February 17, 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    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 zero
coupon 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 BANKS
Millions of Dollars
                                                                                    Change Since
                                                  *          Wednesday        Wednesday        Wednesday
                                                           Feb 17, 1999     Feb 10, 1999     Feb 18, 1998
                ASSETS
Gold certificate account                                        11,049                0        +       1
Special drawing rights certificate account                       9,200                0                0
Coin                                                               476                0        -     104
					
Loans                                                               67        -       4        +      52
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  336                0        -     339
  Held under repurchase agreements (1)                           3,314        -   4,044        +   2,244
U.S. government securities		
  Bought outright--Bills                                       197,794        -   1,069        +   2,925
                   Notes (2)                                   187,764        -   1,341        +  15,363
                   Bonds (3)                                    71,429        +   1,340        +  10,697
    Total bought outright (4)                                  456,987        -   1,069        +  28,986
  Held under repurchase agreements (1)                           4,101        -   2,550        -     201
     Total U.S. government securities                          461,088        -   3,619        +  28,785
       Total loans and securities                              464,804        -   7,667        +  30,741
					
Items in process of collection                      (434)       14,831        +   7,016        +     661
Bank premises                                                    1,301        -       1        +      24
Other assets (5)                                                32,853        -   2,654        +   4,070
                TOTAL ASSETS                        (434)      534,516        -   3,304        +  35,397
					
                LIABILITIES
Federal Reserve notes                                          487,184        +   2,220        +  37,963
Deposits		 		
  Depository institutions                                       14,704        -   9,192        -   4,247
  U.S. Treasury--general account                                 4,893        -      32        +     194
  Foreign--official accounts                                       185        -      19        +      15
    Other                                             (0)          291        +      25        -     114
      Total deposits                                  (0)       20,073        -   9,218        -   4,152
Deferred availability cash items                    (434)       10,563        +   3,733        +     823
Other liabilities and accrued dividends (6)                      4,212        -     143        -     503
                TOTAL LIABILITIES                   (434)      522,032        -   3,408        +  34,130
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,019        +      18        +     545
Surplus                                                          5,952        +       9        +     732
Other capital accounts                                             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, 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         67          0     Within 15 days          19,247   +      59      3,314   -   4,044
16 to 90 days           0          0     16 to 90 days           96,192   -   3,753         25           0
Over 90 days            0          0     91 days to 1 year      133,643   -   1,955        106           0
                                         Over 1 to 5 years      108,471   +       1         30           0
                                         Over 5 to 10 years      45,911   +     689        175           0
                                         Over 10 years           57,623   +   1,340          0           0
    Total              67          0         Total              461,088   -   3,619      3,650   -   4,044

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, 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                      11,049        582      4,209        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                                             476         25         17         34         26         68         63         51         22         21         35         49         65
				
Loans                                             67          2          0          2          0          0          4         47          0          0          2          0         10
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)          3,314          0      3,314          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     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
                   Notes (2)                 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
                   Bonds (3)                  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
     Total bought outright(4)                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
  Held under repurchase agreements(1)          4,101          0      4,101          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             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
       Total loans and securities            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
				
Items in process of collection                15,265        804      1,931      1,447        758      1,339      1,652      1,324        342        815        907        988      2,959
Bank premises                                  1,301         93        159         50        158        125         84        106         32        130         53        148        162
Other assets(5)                               32,853      1,502      9,945        933      2,052      5,043      2,105      2,987        804        815        794      1,275      4,599
Interdistrict settlement account                   0    + 1,434    + 3,999    + 1,276    - 4,884    -   332    + 1,328    + 4,126    +   859    +   785    +   833    + 1,056    -10,479
          TOTAL ASSETS                       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, 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                        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
Deposits			      	
  Depository institutions                     14,704        708      2,103        454      1,076      1,268      1,324      2,919        542        507        603      1,275      1,926
  U.S. Treasury--general account               4,893          0      4,893          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     185          7         69          4         10         30         10         14          3          5          3          6         24
  Other                                          291          4        142          1          5         98         12          4          7          0         15          1          2
    Total deposits                            20,073        719      7,208        459      1,091      1,396      1,346      2,937        552        512        621      1,282      1,952
Deferred credit items                         10,997        572      1,276        406        410        923      1,172        887        555        716        637        661      2,781
Other liabilities and accrued	      	
  dividends (1)                                4,212        231      1,450        152        271        340        285        404        165         81        149        199        486
    TOTAL LIABILITIES                        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
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,019        260      1,285        177        402      1,234        419        591        119        209        142        225        957
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           512         18        249         15         34         25         28         54         13          2         14         19         42
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             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
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       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
  Less--Held by F.R. Banks                   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
  F.R. notes, net                            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
Collateral held against F.R. notes    	
   Gold certificate account                   11,049
   Special drawing rights	      	
     certificate account                       9,200
   Other eligible assets                       2,197
   U.S. govt. and agency securities          464,737
     Total collateral                        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.`

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