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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
                                                                                            January 7, 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 6, 1999 Dec 30, 1998  Jan 7, 1998  Jan 6, 1999

Reserve Bank Credit  (1,2)                                  515,752    +   4,794    +  38,848      504,136
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      452,321    -   1,870    +  21,348      455,645
    Held under repurchase agreements                         14,991    +   3,991    +   5,164        4,507
  Federal agency obligations			        		      		     		   
    Bought outright                                             338            0    -     347          338
    Held under repurchase agreements                          8,174    +   2,604    +   6,651        3,353
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                            24    -     321    -     328          103
    Seasonal credit                                              12    -       8    -      11            6
    Extended credit                                               0            0            0            0
   Float                                                      2,783    -     607    +     794        4,320
   Other F.R. assets                                         37,109    +   1,006    +   5,577       35,864
Gold stock                                                   11,046    +       3    -       1       11,046
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,216    +      14    +     662       26,216
        Total factors supplying reserve funds               562,213    +   4,811    +  39,508      550,598
						        		      		     		   
Currency in circulation*                                    516,840    +     108    +  36,187      515,122
Treasury cash holdings*                                          85            0    -     140           85
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,992    -   1,203    +     961        4,960
  Foreign                                                       169    -       5    -      75          170
  Service-related balances and adjustments (4)                7,044    +     192    +     253        7,045
  Other                                                       1,400    +   1,165    +     604          162
Other F.R. liabilities and capital                           16,397    -     755    +     761       16,466
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             547,926    -     499    +  38,551      544,010

Reserve balances with F.R. Banks  (5)                        14,287    +   5,309    +     958        6,588
						       		      		     		    
On    January 6, 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    599,947 million, a change of 
 +$  5,871 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     20,747 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $     20,319 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     17,423 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $     17,423 million was with foreign official and international 
   accounts.  Includes $        180 million securities loaned--fully secured U.S. government securities.
3  Includes $      3,687 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 $      6,781 million and adjustments of $        264 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 6, 1999     Dec 30, 1998      Jan 7, 1998
                ASSETS
Gold certificate account                                        11,046                0        -       1
Special drawing rights certificate account                       9,200                0                0
Coin                                                               353        -       7        -      95
					      
Loans                                                              108        -   1,561        +      82
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  338                0        -     347
  Held under repurchase agreements (1)                           3,353        -   4,035        +   2,606
U.S. government securities		      
  Bought outright--Bills                                       198,277        +     873        +   1,851
                   Notes (2)                                   187,895                0        +  13,689
                   Bonds (3)                                    69,474                0        +  10,067
    Total bought outright (4)                                  455,645        +     873        +  25,606
  Held under repurchase agreements (1)                           4,507        -  11,042        +     232
     Total U.S. government securities                          460,152        -  10,169        +  25,838
       Total loans and securities                              463,951        -  15,765        +  28,180
					      
Items in process of collection                      (711)       13,060        +   4,165        +     498
Bank premises                                                    1,300        +       3        +      28
Other assets (5)                                                34,524        -   1,285        +   4,456
                TOTAL ASSETS                        (711)      533,434        -  12,888        +  33,067
					      
                LIABILITIES
Federal Reserve notes                                          489,345        -   3,179        +  35,598
Deposits		 		     
  Depository institutions                                       13,765        -   5,166        -   3,867
  U.S. Treasury--general account                                 4,960        -   5,214        -     620
  Foreign--official accounts                                       170        +       4        +      11
    Other                                             (5)          162        -       2        -      37
      Total deposits                                  (5)       19,057        -  10,378        -   4,513
Deferred availability cash items                    (706)        8,566        +   1,160        +   1,252
Other liabilities and accrued dividends (6)                      4,089        -     375        -     492
                TOTAL LIABILITIES                   (711)      521,057        -  12,772        +  31,844
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,960        +       9        +     521
Surplus                                                          5,952        +     706        +     732
Other capital accounts                                             465        -     831        -      29

*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 $      2,867 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 $     17,423 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $        180 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 6, 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        105          0     Within 15 days          17,251   -   6,219      2,628   -   1,407
16 to 90 days           4          0     16 to 90 days          103,709   +   1,951        752   -   2,628
Over 90 days            0          0     91 days to 1 year      130,973   -   6,279         75           0
                                         Over 1 to 5 years      107,730   +     380         61           0
                                         Over 5 to 10 years      44,822           0        175           0
                                         Over 10 years           55,669   +       1          0           0
    Total             108          0         Total              460,152   -  10,169      3,691   -   4,035

1  Includes $      3,687 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 6, 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                                             353         23         14         24         16         53         40         36         18         15         25         40         49
				       
Loans                                            108          0          0          0        100          0          0          4          2          0          1          0          1
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                338         18        125         10         22         27         21         32         12          4          9         15         42
  Held under repurchase agreements(1)          3,353          0      3,353          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     198,277     10,799     73,489      5,765     12,887     15,619     12,061     19,035      6,968      2,178      5,500      9,015     24,961
                   Notes (2)                 187,895     10,233     69,641      5,463     12,212     14,801     11,430     18,038      6,603      2,064      5,212      8,543     23,654
                   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)                455,645     24,815    168,881     13,247     29,614     35,893     27,717     43,743     16,012      5,006     12,640     20,718     57,360
  Held under repurchase agreements(1)          4,507          0      4,507          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             460,152     24,815    173,387     13,247     29,614     35,893     27,717     43,743     16,012      5,006     12,640     20,718     57,360
       Total loans and securities            463,951     24,834    176,866     13,257     29,736     35,920     27,738     43,779     16,026      5,009     12,650     20,733     57,403
				       
Items in process of collection                13,771        690      1,451        764        835        860      1,891      1,511        676        875      1,061        598      2,559
Bank premises                                  1,300         94        158         50        158        125         82        107         31        130         54        148        162
Other assets(5)                               34,524      1,657     10,389      1,518      2,106      4,173      2,127      3,125        916        883        829      1,622      5,177
Interdistrict settlement account                   0    -   184    + 7,867    + 1,236    - 4,996    + 4,176    + 2,625    -   926    - 1,363    +   572    +   546    + 1,139    -10,693
          TOTAL ASSETS                       534,145     28,225    204,153     17,455     29,071     46,907     35,823     49,529     17,004      7,737     15,701     25,178     57,363

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 $      2,867 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 $     17,423 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $        180 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 6, 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                        489,345     26,270    192,656     16,117     26,027     41,430     32,543     45,215     15,696      6,143     14,161     22,860     50,227
Deposits			      	      
  Depository institutions                     13,765        674      1,403        442      1,592      1,764      1,073      1,963        486        360        562      1,210      2,237
  U.S. Treasury--general account               4,960          0      4,960          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     170          7         56          8          9         22          9     54,960          3      7,667          3          7         26
  Other                                          167          1        107          0          4         25          6          1          1          1         16          1          6
    Total deposits                            19,062        681      6,525        450      1,604      1,811      1,088      1,978        490        366        581      1,218      2,270
Deferred credit items                          9,273        486        958        374        349        827      1,054        733        400        739        521        428      2,403
Other liabilities and accrued	      	      
  dividends (1)                                4,089        231      1,399        149        264        327        275        396        162         80        146        198        464
    TOTAL LIABILITIES                        521,768     27,668    201,538     17,090     28,244     44,394     34,960     48,322     16,747      7,328     15,410     24,704     55,364
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,960        267      1,214        177        400      1,238        418        584        121        202        140        227        971
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           465         23        193         12         28         37         27         40         16          4         11         19         56
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             534,145     28,225    204,153     17,455     29,071     46,907     35,823     49,529     17,004      7,737     15,701     25,178     57,363
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       613,734     30,489    239,904     18,459     29,581     50,829     44,354     54,960     18,308      7,667     17,303     33,574     68,306
  Less--Held by F.R. Banks                   124,390      4,219     47,248      2,342      3,554      9,399     11,811      9,745      2,612      1,524      3,142     10,715     18,079
  F.R. notes, net                            489,345     26,270    192,656     16,117     26,027     41,430     32,543     45,215     15,696      6,143     14,161     22,860     50,227
Collateral held against F.R. notes    	      
   Gold certificate account                   11,046
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                       5,256
   U.S. govt. and agency securities          463,843
     Total collateral                        489,345

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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