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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
                                                                                              March 4, 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 3, 1999 Feb 24, 1999  Mar 4, 1998  Mar 3, 1999

Reserve Bank Credit  (1,2)                                  503,908    +     203    +  37,586      505,261
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      461,317    +   1,344    +  32,395      461,998
    Held under repurchase agreements                          4,805    -      24    +     805        5,562
  Federal agency obligations			        		      		     		
    Bought outright                                             336            0    -     339          336
    Held under repurchase agreements                          3,478    -      64    +   1,470        2,047
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            12    -      95    +      10            1
    Seasonal credit                                              14    +       4            0           16
    Extended credit                                               0            0            0            0
   Float                                                       -357    -     728    -     435        1,335
   Other F.R. assets                                         34,304    -     232    +   3,679       33,967
Gold stock                                                   11,047    -       2    -       3       11,047
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,382    +      14    +     730       26,382
        Total factors supplying reserve funds               550,537    +     215    +  38,313      551,890
						        		      		     		
Currency in circulation*                                    512,381    +     276    +  39,599      513,910
Treasury cash holdings*                                         121    +       4    -     120          131
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    4,974    -      24    -     473        5,050
  Foreign                                                       188    +       2    -      28          185
  Service-related balances and adjustments (4)                7,034    +      88    +      44        7,034
  Other                                                         254    -      25    -     116          265
Other F.R. liabilities and capital                           16,520    -     422    +     323       16,257
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             541,471    -     101    +  39,228      542,831

Reserve balances with F.R. Banks  (5)                         9,066    +     316    -     915        9,059
						       		      		     		
On      March 3, 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    602,149 million, a change of
 +$  4,700 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     17,062 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     17,062 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     16,381 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     16,381 million was with foreign official and international
   accounts.  Includes $        652 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 $      6,578 million and adjustments of $        455 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 3, 1999     Feb 24, 1999      Mar 4, 1998
                ASSETS
Gold certificate account                                        11,047        -       1        -       2
Special drawing rights certificate account                       9,200                0                0
Coin                                                               435        -      19        -     130
					
Loans                                                               17        -     428        -       1
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  336                0        -     339
  Held under repurchase agreements (1)                           2,047        -   5,176        +     632
U.S. government securities		
  Bought outright--Bills                                       199,319        -     441        +   3,360
                   Notes (2)                                   191,126        +   1,333        +  18,726
                   Bonds (3)                                    71,553                0        +  10,821
    Total bought outright (4)                                  461,998        +     892        +  32,907
  Held under repurchase agreements (1)                           5,562        -   4,308        +   2,464
     Total U.S. government securities                          467,560        -   3,416        +  35,371
       Total loans and securities                              469,960        -   9,020        +  35,663
					
Items in process of collection                      (546)       10,059        +   3,256        +   1,929
Bank premises                                                    1,302        -       1        +      26
Other assets (5)                                                32,824        -   1,106        +   3,756
                TOTAL ASSETS                        (546)      534,826        -   6,891        +  41,240
					
                LIABILITIES
Federal Reserve notes                                          488,094        +   1,116        +  38,661
Deposits		 		
  Depository institutions                                       16,524        -   9,138        +   1,178
  U.S. Treasury--general account                                 5,050        +     297        +     272
  Foreign--official accounts                                       185        -      33        -      57
    Other                                             (0)          265        -       6        -     115
      Total deposits                                  (0)       22,023        -   8,882        +   1,276
Deferred availability cash items                    (546)        8,452        +   1,476        +     954
Other liabilities and accrued dividends (6)                      4,087        -     198        -     471
                TOTAL LIABILITIES                   (546)      522,656        -   6,488        +  40,420
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,076        +       7        +     597
Surplus                                                          5,894        -      58        +     674
Other capital accounts                                             200        -     352        -     450

*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 $     16,381 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        652 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 3, 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          2          0     Within 15 days          19,073   -   5,923      2,072   -   5,176
16 to 90 days          14          0     16 to 90 days          104,811   +   6,289          0           0
Over 90 days            0          0     91 days to 1 year      129,960   -   3,338        106           0
                                         Over 1 to 5 years      109,847   -     444         30           0
                                         Over 5 to 10 years      46,246           0        175           0
                                         Over 10 years           57,623           0          0           0
    Total              17          0         Total              467,560   -   3,416      2,383   -   5,176

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      March 3, 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                      11,047        582      4,207        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                                             435         24         16         36         23         62         53         47         17         21         34         43         60
				
Loans                                             17          2          0          0          0          0          4          8          0          0          3          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)          2,047          0      2,047          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     199,319     10,855     73,876      5,795     12,954     15,701     12,125     19,135      7,004      2,190      5,529      9,063     25,092
                   Notes (2)                 191,126     10,409     70,839      5,557     12,422     15,056     11,626     18,348      6,716      2,100      5,302      8,690     24,060
                   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)                461,998     25,161    171,235     13,432     30,027     36,394     28,104     44,353     16,235      5,076     12,816     21,006     58,160
  Held under repurchase agreements(1)          5,562          0      5,562          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             467,560     25,161    176,797     13,432     30,027     36,394     28,104     44,353     16,235      5,076     12,816     21,006     58,160
       Total loans and securities            469,960     25,182    178,969     13,442     30,048     36,420     28,128     44,393     16,247      5,079     12,828     21,022     58,202
				
Items in process of collection                10,605        577      1,611        551        413        842      1,523        710        411        598        604        363      2,402
Bank premises                                  1,302         94        158         50        157        125         86        106         32        130         53        148        162
Other assets(5)                               32,824      1,496     10,144        921      2,037      4,946      2,090      2,966        807        803        792      1,269      4,552
Interdistrict settlement account                   0    + 1,135    + 2,014    + 2,178    - 4,357    - 2,108    +   678    + 5,040    +   504    + 1,638    + 1,325    + 1,141    - 9,188
          TOTAL ASSETS                       535,372     29,619    200,321     17,784     29,538     41,886     33,877     55,160     18,716      8,520     16,173     24,882     58,896

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 $     16,381 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        652 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 3, 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                        488,094     27,659    187,916     16,559     26,765     36,974     30,094     49,614     17,455      6,470     14,516     22,759     51,313
Deposits			      	
  Depository institutions                     16,524        669      2,040        382      1,341      1,327      1,504      3,337        467        927        627      1,076      2,827
  U.S. Treasury--general account               5,050          0      5,050          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                                          265          1        143          0          1         83          6          2          9          0         12          3          5
    Total deposits                            22,023        677      7,301        387      1,351      1,440      1,521      3,353        478        932        643      1,084      2,856
Deferred credit items                          8,998        490      1,060        334        354        717      1,149        613        379        636        565        391      2,309
Other liabilities and accrued	      	
  dividends (1)                                4,087        227      1,377        148        264        333        278        396        161         80        146        197        480
    TOTAL LIABILITIES                        523,202     29,054    197,654     17,429     28,734     39,464     33,042     53,976     18,473      8,118     15,870     24,430     56,958
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,076        284      1,304        176        401      1,234        412        595        120        209        153        224        963
Surplus                                        5,894        267      1,208        177        399      1,189        418        583        121        193        140        227        972
Other capital accounts                           200         14        154          2          5          0          4          7          2          0          9          0          3
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             535,372     29,619    200,321     17,784     29,538     41,886     33,877     55,160     18,716      8,520     16,173     24,882     58,896
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       643,700     32,634    248,708     19,503     31,079     50,958     44,886     61,317     20,943      8,666     18,869     33,325     72,815
  Less--Held by F.R. Banks                   155,606      4,975     60,792      2,944      4,314     13,983     14,791     11,703      3,488      2,196      4,353     10,566     21,502
  F.R. notes, net                            488,094     27,659    187,916     16,559     26,765     36,974     30,094     49,614     17,455      6,470     14,516     22,759     51,313
Collateral held against F.R. notes    	
   Gold certificate account                   11,047
   Special drawing rights	      	
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          467,847
     Total collateral                        488,094

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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