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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 1, 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     Mar 31, 1999 Mar 24, 1999  Apr 1, 1998 Mar 31, 1999

Reserve Bank Credit  (1,2)                                  509,538    +   1,167    +  41,284      516,425
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      465,257    +     448    +  32,158      465,686
    Held under repurchase agreements                          7,863    -     143    +   5,678       12,730
  Federal agency obligations			        		      		     		
    Bought outright                                             311            0    -     314          311
    Held under repurchase agreements                          3,387    -     557    +   2,962        5,606
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            44    -      43    +      42          223
    Seasonal credit                                              21    +       1    -       8           22
    Extended credit                                               0            0            0            0
   Float                                                         -3    +     448    -     286         -843
   Other F.R. assets                                         32,657    +   1,011    +   1,051       32,690
Gold stock                                                   11,048            0    -       1       11,049
Special drawing rights certificate account                    8,200            0    -   1,000        8,200
Treasury currency outstanding                                26,509    +      14    +     845       26,509
        Total factors supplying reserve funds               555,294    +   1,180    +  41,127      562,182
						        		      		     		
Currency in circulation*                                    515,633    +     632    +  41,893      517,661
Treasury cash holdings*                                         135    +       1    -     129          135
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,160    -     149    +     127        5,374
  Foreign                                                       168    +       2    -      11          166
  Service-related balances and adjustments (4)                6,817    -     417    -      28        6,817
  Other                                                         227    -       9    -     136          235
Other F.R. liabilities and capital                           17,091    -      93    +   1,197       16,805
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             545,230    -      33    +  42,913      547,193

Reserve balances with F.R. Banks  (5)                        10,065    +   1,214    -   1,785       14,990
						       		      		     		
On     March 31, 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    597,554 million, a change of
 +$    795 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     18,275 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     18,275 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     18,940 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     18,940 million was with foreign official and international
   accounts.  Includes $        153 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
   $         87 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 $        372 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
                                                           Mar 31, 1999     Mar 24, 1999      Apr 1, 1998
                ASSETS
Gold certificate account                                        11,049        +       2                0
Special drawing rights certificate account                       8,200                0        -   1,000
Coin                                                               428        -      18        -      92
					
Loans                                                              246        +     228        +     218
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  311                0        -     314
  Held under repurchase agreements (1)                           5,606        +   1,073        +   4,578
U.S. government securities		
  Bought outright--Bills                                       196,759        -     974        +   1,322
                   Notes (2)                                   194,968        +   1,414        +  18,532
                   Bonds (3)                                    73,959        +     502        +  12,471
    Total bought outright (4)                                  465,686        +     942        +  32,325
  Held under repurchase agreements (1)                          12,730        -   4,283        +   9,433
     Total U.S. government securities                          478,416        -   3,341        +  41,758
       Total loans and securities                              484,578        -   2,041        +  46,239
					
Items in process of collection                      (463)        7,097        +     542        -     918
Bank premises                                                    1,303        -       1        +      23
Other assets (5)                                                31,297        -     456        +   1,659
                TOTAL ASSETS                        (463)      543,952        -   1,971        +  45,911
					
                LIABILITIES
Federal Reserve notes                                          491,715        +   1,563        +  41,386
Deposits		 		
  Depository institutions                                       22,541        -   3,825        +   1,814
  U.S. Treasury--general account                                 5,374        +     175        +   1,840
  Foreign--official accounts                                       166        -       3        -      20
    Other                                             (0)          235        +      15        -     118
      Total deposits                                  (0)       28,316        -   3,639        +   3,516
Deferred availability cash items                    (463)        7,117        +     390        -     400
Other liabilities and accrued dividends (6)                      4,328        -     121        -     273
                TOTAL LIABILITIES                   (463)      531,475        -   1,809        +  44,227
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,122        +      32        +     651
Surplus                                                          5,944        -       8        +     742
Other capital accounts                                             411        -     187        +     291

*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
   $         74 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 $     18,940 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        153 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,     March 31, 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        243          0     Within 15 days          26,785   -   3,003      5,606   +   1,073
16 to 90 days           3          0     16 to 90 days           98,303   -   1,234         27   +       4
Over 90 days            0          0     91 days to 1 year      134,439   -   1,005         79   -       4
                                         Over 1 to 5 years      112,263   +   1,397         30           0
                                         Over 5 to 10 years      46,598   +       2        175           0
                                         Over 10 years           60,029   +     502          0           0
    Total             246          0         Total              478,416   -   3,341      5,917   +   1,073

1  Includes $      4,087 million of inflation-indexed securities valued at the original face amount and
   $         87 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     March 31, 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.           8,200        406      3,215        247        396        683        596        725        232        103        231        451        915
Coin                                             428         23         17         47         26         54         45         47         15         25         27         42         60
				
Loans                                            246          4         19          0          0          0          4          4          5          2        205          0          3
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)          5,606          0      5,606          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     196,759     10,716     72,927      5,721     12,788     15,500     11,969     18,889      6,914      2,162      5,458      8,946     24,769
                   Notes (2)                 194,968     10,618     72,263      5,668     12,671     15,358     11,860     18,717      6,851      2,142      5,409      8,865     24,544
                   Bonds (3)                  73,959      4,028     27,412      2,150      4,807      5,826      4,499      7,100      2,599        813      2,052      3,363      9,311
     Total bought outright(4)                465,686     25,362    172,602     13,539     30,266     36,684     28,328     44,707     16,365      5,116     12,918     21,174     58,624
  Held under repurchase agreements(1)         12,730          0     12,730          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             478,416     25,362    185,332     13,539     30,266     36,684     28,328     44,707     16,365      5,116     12,918     21,174     58,624
       Total loans and securities            484,578     25,383    191,072     13,548     30,286     36,709     28,351     44,741     16,381      5,122     13,132     21,188     58,666
				
Items in process of collection                 7,561        453        859        363        380        480        825        652        364        553        420        370      1,842
Bank premises                                  1,303         93        158         50        157        125         89        106         31        130         53        148        163
Other assets(5)                               31,297      1,419     10,441        893      1,900      4,339      1,935      2,768        786        699        747      1,202      4,167
Interdistrict settlement account                   0    + 1,862    -    75    + 4,098    - 4,550    - 4,226    +   157    + 4,968    +   801    -   298    + 1,547    + 1,455    - 5,740
          TOTAL ASSETS                       544,416     30,221    209,896     19,569     29,238     38,971     32,715     55,005     18,968      6,462     16,446     25,386     61,537

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
   $         74 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 $     18,940 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        153 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     March 31, 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                        491,715     27,743    192,400     18,366     26,260     33,604     28,924     50,614     17,588      4,582     14,894     23,408     53,331
Deposits			      	
  Depository institutions                     22,541      1,200      6,630        441      1,427      1,945      1,661      2,218        598        853        728        961      3,880
  U.S. Treasury--general account               5,374          0      5,374          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     166          7         50          4         10         30         10         14          3          5          3          6         24
  Other                                          235          1        161          1          4         30         10          4          8          1         12          1          3
    Total deposits                            28,316      1,208     12,215        446      1,440      2,005      1,681      2,237        610        859        743        967      3,906
Deferred credit items                          7,580        457        914        263        449        547        988        540        337        527        342        353      1,862
Other liabilities and accrued	      	
  dividends (1)                                4,328        229      1,605        147        265        340        279        398        163         82        147        196        476
    TOTAL LIABILITIES                        531,939     29,637    207,134     19,223     28,414     36,497     31,873     53,789     18,697      6,050     16,126     24,925     59,575
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,122        285      1,307        170        407      1,244        414        597        140        209        157        225        966
Surplus                                        5,944        267      1,208        176        399      1,231        418        583        121        202        140        227        972
Other capital accounts                           411         33        247          0         19          0         10         36         10          1         23          9         25
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             544,416     30,221    209,896     19,569     29,238     38,971     32,715     55,005     18,968      6,462     16,446     25,386     61,537
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       665,942     32,886    262,567     21,106     31,019     51,301     45,227     62,714     21,575      9,191     19,367     33,947     75,042
  Less--Held by F.R. Banks                   174,228      5,143     70,168      2,740      4,759     17,697     16,303     12,100      3,987      4,609      4,472     10,539     21,711
  F.R. notes, net                            491,715     27,743    192,400     18,366     26,260     33,604     28,924     50,614     17,588      4,582     14,894     23,408     53,331
Collateral held against F.R. notes    	
   Gold certificate account                   11,049
   Special drawing rights	      	
     certificate account                       8,200
   Other eligible assets                           0
   U.S. govt. and agency securities          472,466
     Total collateral                        491,715

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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