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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 11, 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 10, 1999  Mar 3, 1999 Mar 11, 1998 Mar 10, 1999

Reserve Bank Credit  (1,2)                                  507,167    +   3,260    +  39,683      514,575
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      462,738    +   1,421    +  32,403      463,621
    Held under repurchase agreements                          5,832    +   1,027    +   2,982        9,498
  Federal agency obligations			        		      		     		
    Bought outright                                             332    -       4    -     335          311
    Held under repurchase agreements                          2,739    -     739    +     324        5,402
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                             5    -       7    +       2            4
    Seasonal credit                                              14            0    -       5           12
    Extended credit                                               0            0            0            0
   Float                                                      1,096    +   1,453    +     538          897
   Other F.R. assets                                         34,411    +     107    +   3,773       34,831
Gold stock                                                   11,047            0    -       2       11,047
Special drawing rights certificate account                    8,343    -     857    -     857        8,200
Treasury currency outstanding                                26,396    +      14    +     741       26,396
        Total factors supplying reserve funds               552,952    +   2,416    +  39,564      560,217
						        		      		     		
Currency in circulation*                                    513,745    +   1,364    +  39,942      515,145
Treasury cash holdings*                                         131    +      10    -     114          131
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,087    +     113    +     220        4,722
  Foreign                                                       190    +       2    +      31          165
  Service-related balances and adjustments (4)                6,962    -      72    -     164        6,961
  Other                                                         251    -       3    -     125          250
Other F.R. liabilities and capital                           16,855    +     335    +     446       16,982
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             543,221    +   1,750    +  40,235      544,357

Reserve balances with F.R. Banks  (5)                         9,732    +     667    -     670       15,860
						       		      		     		
On     March 10, 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    596,990 million, a change of
 -$  5,159 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     16,411 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     16,411 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     16,334 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     16,334 million was with foreign official and international
   accounts.  Includes $        170 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
   $         80 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 $        383 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 10, 1999      Mar 3, 1999     Mar 11, 1998
                ASSETS
Gold certificate account                                        11,047                0        -       3
Special drawing rights certificate account                       8,200        -   1,000        -   1,000
Coin                                                               441        +       6        -     110
					
Loans                                                               16        -       1        -       2
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  311        -      25        -     314
  Held under repurchase agreements (1)                           5,402        +   3,355        +   1,983
U.S. government securities		
  Bought outright--Bills                                       199,366        +      47        +   3,740
                   Notes (2)                                   191,474        +     348        +  15,310
                   Bonds (3)                                    72,781        +   1,228        +  12,049
    Total bought outright (4)                                  463,621        +   1,623        +  31,100
  Held under repurchase agreements (1)                           9,498        +   3,936        +   2,558
     Total U.S. government securities                          473,119        +   5,559        +  33,658
       Total loans and securities                              478,847        +   8,887        +  35,324
					
Items in process of collection                      (585)        8,235        -   1,824        +   1,080
Bank premises                                                    1,302                0        +      23
Other assets (5)                                                33,558        +     734        +   3,805
                TOTAL ASSETS                        (585)      541,630        +   6,804        +  39,120
					
                LIABILITIES
Federal Reserve notes                                          489,322        +   1,228        +  39,203
Deposits		 		
  Depository institutions                                       22,857        +   6,333        -   1,971
  U.S. Treasury--general account                                 4,722        -     328        +     166
  Foreign--official accounts                                       165        -      20        +       6
    Other                                             (0)          250        -      15        -     129
      Total deposits                                  (0)       27,994        +   5,971        -   1,928
Deferred availability cash items                    (585)        7,332        -   1,120        +     893
Other liabilities and accrued dividends (6)                      4,403        +     316        -     437
                TOTAL LIABILITIES                   (585)      529,051        +   6,395        +  37,731
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,074        -       2        +     646
Surplus                                                          5,937        +      43        +     717
Other capital accounts                                             568        +     368        +      26

*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
   $         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
   $         12 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     16,334 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        170 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 10, 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          4          0     Within 15 days          17,348   -   1,725      5,402   +   3,330
16 to 90 days          12          0     16 to 90 days          105,319   +     508          0           0
Over 90 days            0          0     91 days to 1 year      135,160   +   5,200        106           0
                                         Over 1 to 5 years      109,848   +       1         30           0
                                         Over 5 to 10 years      46,594   +     348        175           0
                                         Over 10 years           58,851   +   1,228          0           0
    Total              16          0         Total              473,119   +   5,559      5,713   +   3,330

1  Includes $      4,087 million of inflation-indexed securities valued at the original face amount and
   $         80 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 10, 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                                             441         26         17         38         26         62         50         48         16         21         33         44         60
				
Loans                                             16          0          0          0          0          0          4          2          6          1          3          0          0
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)          5,402          0      5,402          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     199,366     10,858     73,893      5,796     12,957     15,705     12,128     19,139      7,006      2,190      5,531      9,065     25,098
                   Notes (2)                 191,474     10,428     70,968      5,567     12,444     15,083     11,648     18,382      6,729      2,104      5,312      8,706     24,104
                   Bonds (3)                  72,781      3,964     26,976      2,116      4,730      5,733      4,427      6,987      2,558        800      2,019      3,309      9,162
     Total bought outright(4)                463,621     25,250    171,837     13,479     30,132     36,521     28,202     44,508     16,292      5,093     12,861     21,080     58,364
  Held under repurchase agreements(1)          9,498          0      9,498          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             473,119     25,250    181,335     13,479     30,132     36,521     28,202     44,508     16,292      5,093     12,861     21,080     58,364
       Total loans and securities            478,847     25,267    186,852     13,488     30,152     36,546     28,225     44,541     16,309      5,097     12,873     21,094     58,403
				
Items in process of collection                 8,819        571      1,076        403        401        556      1,191        856        274        692        476        307      2,017
Bank premises                                  1,302         94        158         50        157        125         86        106         32        130         53        148        163
Other assets(5)                               33,558      1,527     10,452      1,007      2,072      4,992      2,132      3,023        826        805        805      1,297      4,620
Interdistrict settlement account                   0    + 2,792    - 1,307    + 2,461    - 4,476    - 1,518    +   465    + 5,410    + 1,113    + 1,444    + 1,482    + 1,141    - 9,006
          TOTAL ASSETS                       542,214     31,265    204,669     18,017     29,370     42,253     33,462     55,706     19,160      8,421     16,241     25,011     58,637

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
   $         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
   $         12 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     16,334 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        170 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 10, 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                        489,322     27,718    189,345     16,725     26,781     36,229     29,884     49,784     17,580      6,256     14,579     22,779     51,661
Deposits			      	
  Depository institutions                     22,857      2,273      5,092        468      1,169      2,450      1,454      3,633        814      1,006        717      1,201      2,578
  U.S. Treasury--general account               4,722          0      4,722          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     165          7         49          4         10         30         10         14          3          5          3          6         24
  Other                                          250          0         90          1          3        130          5          1          6          1         12          1          2
    Total deposits                            27,994      2,280      9,954        473      1,182      2,610      1,470      3,648        823      1,012        732      1,208      2,604
Deferred credit items                          7,917        437      1,001        309        296        601        958        630        331        663        457        347      1,887
Other liabilities and accrued	      	
  dividends (1)                                4,403        238      1,563        152        277        352        297        413        169         84        152        207        500
    TOTAL LIABILITIES                        529,636     30,673    201,863     17,659     28,535     39,793     32,609     54,475     18,903      8,014     15,921     24,540     56,652
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,074        284      1,305        169        401      1,234        413        595        120        209        157        225        963
Surplus                                        5,937        267      1,208        177        399      1,227        418        583        121        198        140        227        972
Other capital accounts                           568         40        293         13         36          0         22         54         16          0         23         20         51
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             542,214     31,265    204,669     18,017     29,370     42,253     33,462     55,706     19,160      8,421     16,241     25,011     58,637
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       648,379     32,724    252,253     19,467     31,140     51,082     44,990     61,491     21,065      8,825     19,033     33,208     73,101
  Less--Held by F.R. Banks                   159,057      5,006     62,908      2,742      4,359     14,852     15,106     11,707      3,484      2,569      4,454     10,429     21,440
  F.R. notes, net                            489,322     27,718    189,345     16,725     26,781     36,229     29,884     49,784     17,580      6,256     14,579     22,779     51,661
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          470,075
     Total collateral                        489,322

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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