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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 25, 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 24, 1999 Mar 17, 1999 Mar 25, 1998 Mar 24, 1999

Reserve Bank Credit  (1,2)                                  508,381    +     755    +  41,881      516,543
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      464,809    +     612    +  31,922      464,744
    Held under repurchase agreements                          8,006    +   3,509    +   6,893       17,013
  Federal agency obligations			        		      		     		
    Bought outright                                             311            0    -     314          311
    Held under repurchase agreements                          3,944    +     254    +   3,770        4,533
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            87    +      83    +      68            2
    Seasonal credit                                              20    +       4    -       6           17
    Extended credit                                               0            0            0            0
   Float                                                       -439    -     514    -     894         -291
   Other F.R. assets                                         31,644    -   3,192    +     443       30,216
Gold stock                                                   11,048    -       1    -       1       11,047
Special drawing rights certificate account                    8,200            0    -   1,000        8,200
Treasury currency outstanding                                26,495    +      14    +     834       26,495
        Total factors supplying reserve funds               554,124    +     768    +  41,713      562,285
						        		      		     		
Currency in circulation*                                    515,001    +     315    +  41,359      516,067
Treasury cash holdings*                                         134    +       2    -     126          134
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,309    -   1,004    +     128        5,199
  Foreign                                                       166    -      14    +       2          169
  Service-related balances and adjustments (4)                7,234    +     331    +     221        7,234
  Other                                                         236    -      25    -     121          220
Other F.R. liabilities and capital                           17,184    +      67    +   1,095       17,089
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             545,263    -     329    +  42,558      546,113

Reserve balances with F.R. Banks  (5)                         8,861    +   1,097    -     845       16,172
						       		      		     		
On     March 24, 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    596,759 million, a change of
 +$  3,302 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     17,322 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     17,322 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     17,966 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     17,966 million was with foreign official and international
   accounts.  Includes $        350 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
   $         84 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $      6,696 million and adjustments of $        538 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 24, 1999     Mar 17, 1999     Mar 25, 1998
                ASSETS
Gold certificate account                                        11,047        -       2        -       2
Special drawing rights certificate account                       8,200                0        -   1,000
Coin                                                               446        -       4        -      92
					
Loans                                                               18        -       3        -      20
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  311                0        -     314
  Held under repurchase agreements (1)                           4,533        +     693        +   3,488
U.S. government securities		
  Bought outright--Bills                                       197,733        -   1,498        +   1,537
                   Notes (2)                                   193,554        +   1,061        +  17,119
                   Bonds (3)                                    73,457        +     676        +  11,969
    Total bought outright (4)                                  464,744        +     238        +  30,625
  Held under repurchase agreements (1)                          17,013        +  12,518        +  11,278
     Total U.S. government securities                          481,757        +  12,756        +  41,903
       Total loans and securities                              486,619        +  13,447        +  45,058
					
Items in process of collection                      (545)        6,555        -     795        +      65
Bank premises                                                    1,304        +       1        +      24
Other assets (5)                                                31,753        -   1,858        +   1,330
                TOTAL ASSETS                        (545)      545,923        +  10,788        +  45,382
					
                LIABILITIES
Federal Reserve notes                                          490,152        +     367        +  40,606
Deposits		 		
  Depository institutions                                       26,366        +  12,228        +   2,776
  U.S. Treasury--general account                                 5,199        -   1,119        +     380
  Foreign--official accounts                                       169        -       4        +      10
    Other                                             (0)          220        -      27        -     144
      Total deposits                                  (0)       31,955        +  11,078        +   3,022
Deferred availability cash items                    (545)        6,727        -     841        +     579
Other liabilities and accrued dividends (6)                      4,449        +     172        -     244
                TOTAL LIABILITIES                   (545)      533,284        +  10,777        +  43,964
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,090        +      13        +     636
Surplus                                                          5,952                0        +     732
Other capital accounts                                             598        -       2        +      51

*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
   $         72 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
   $         12 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     17,966 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        350 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 24, 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         18          0     Within 15 days          29,788   +  11,455      4,533   +     693
16 to 90 days           0          0     16 to 90 days           99,537   +      75         23           0
Over 90 days            0          0     91 days to 1 year      135,444   +     549         83           0
                                         Over 1 to 5 years      110,866   +       1         30           0
                                         Over 5 to 10 years      46,596   +       1        175           0
                                         Over 10 years           59,527   +     676          0           0
    Total              18          0         Total              481,757   +  12,756      4,844   +     693

1  Includes $      4,087 million of inflation-indexed securities valued at the original face amount and
   $         84 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 24, 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.           8,200        406      3,215        247        396        683        596        725        232        103        231        451        915
Coin                                             446         27         16         45         27         58         49         48         18         24         30         44         60
				
Loans                                             18          3          0          0          0          0          4          1          3          2          4          0          1
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)          4,533          0      4,533          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     197,733     10,769     73,288      5,749     12,851     15,576     12,028     18,983      6,949      2,172      5,485      8,991     24,892
                   Notes (2)                 193,554     10,541     71,739      5,627     12,580     15,247     11,774     18,582      6,802      2,126      5,369      8,801     24,366
                   Bonds (3)                  73,457      4,001     27,226      2,136      4,774      5,787      4,468      7,052      2,581        807      2,038      3,340      9,247
     Total bought outright(4)                464,744     25,311    172,253     13,512     30,205     36,610     28,271     44,616     16,332      5,106     12,892     21,131     58,505
  Held under repurchase agreements(1)         17,013          0     17,013          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             481,757     25,311    189,266     13,512     30,205     36,610     28,271     44,616     16,332      5,106     12,892     21,131     58,505
       Total loans and securities            486,619     25,331    193,914     13,521     30,225     36,634     28,293     44,647     16,346      5,111     12,905     21,145     58,545
				
Items in process of collection                 7,101        408        898        390        304        553        703        648        216        620        430        143      1,788
Bank premises                                  1,304         94        158         50        157        125         88        106         31        130         53        148        163
Other assets(5)                               31,753      1,426     10,743        926      1,907      4,377      1,948      2,783        791        703        751      1,209      4,190
Interdistrict settlement account                   0    + 2,149    - 4,453    + 3,629    - 4,577    - 1,205    +   996    + 6,076    +   983    +   550    + 1,562    + 1,552    - 7,263
          TOTAL ASSETS                       546,469     30,423    208,697     19,131     29,082     42,032     33,390     56,031     18,975      7,370     16,252     25,222     59,864

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
   $         72 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
   $         12 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     17,966 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        350 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 24, 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                        490,152     27,473    191,458     17,755     26,256     34,357     29,419     50,132     17,527      5,157     14,640     23,031     52,948
Deposits			      	
  Depository institutions                     26,366      1,694      6,490        580      1,399      4,099      1,948      3,725        722      1,155        716      1,195      2,643
  U.S. Treasury--general account               5,199          0      5,199          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     169          7         53          4         10         30         10         14          3          5          3          6         24
  Other                                          220          0        123          1          2         73         18          1         -8          1          8          1          1
    Total deposits                            31,955      1,701     11,865        585      1,411      4,202      1,976      3,740        717      1,161        727      1,201      2,668
Deferred credit items                          7,273        424        893        290        314        611        850        524        307        553        412        319      1,775
Other liabilities and accrued	      	
  dividends (1)                                4,449        231      1,679        148        267        353        290        399        164         84        149        200        486
    TOTAL LIABILITIES                        533,829     29,829    205,895     18,778     28,248     39,524     32,535     54,795     18,715      6,954     15,927     24,751     57,877
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,090        284      1,306        170        401      1,237        414        597        122        209        157        225        966
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           598         42        289          6         34         34         22         56         17          4         27         19         49
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             546,469     30,423    208,697     19,131     29,082     42,032     33,390     56,031     18,975      7,370     16,252     25,222     59,864
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       660,570     32,617    259,164     20,487     31,070     51,397     45,404     62,226     21,537      9,183     19,199     33,510     74,777
  Less--Held by F.R. Banks                   170,418      5,144     67,707      2,732      4,814     17,039     15,985     12,094      4,010      4,026      4,560     10,479     21,829
  F.R. notes, net                            490,152     27,473    191,458     17,755     26,256     34,357     29,419     50,132     17,527      5,157     14,640     23,031     52,948
Collateral held against F.R. notes    	
   Gold certificate account                   11,047
   Special drawing rights	      	
     certificate account                       8,200
   Other eligible assets                           0
   U.S. govt. and agency securities          470,905
     Total collateral                        490,152

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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