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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
                                                                                               June 3, 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      Jun 2, 1999 May 26, 1999  Jun 3, 1998  Jun 2, 1999

Reserve Bank Credit  (1,2)                                  524,681    +   9,468    +  48,137      517,509
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      482,393    +   2,085    +  41,040      481,204
    Held under repurchase agreements                          5,556    +   4,711    +   2,718        2,634
  Federal agency obligations			        		      		     		
    Bought outright                                             311            0    -     240          311
    Held under repurchase agreements                          4,139    +   2,350    +   3,546        2,867
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            13    +       5    -      22           13
    Seasonal credit                                             105    -       1    -      24           97
    Extended credit                                               0            0            0            0
   Float                                                         28    -     410    -     370       -1,193
   Other F.R. assets                                         32,137    +     729    +   1,489       31,577
Gold stock                                                   11,048            0    -       1       11,048
Special drawing rights certificate account                    8,200            0    -   1,000        8,200
Treasury currency outstanding                                26,764    +      14    +   1,034       26,764
        Total factors supplying reserve funds               570,692    +   9,482    +  48,169      563,521
						        		      		     		
Currency in circulation*                                    528,205    +   4,510    +  46,929      529,877
Treasury cash holdings*                                         144    +       2    -      82          140
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    4,897    +       9    -     444        4,979
  Foreign                                                       185    -      66    +      24          270
  Service-related balances and adjustments (4)                6,888    -      70    +     214        6,887
  Other                                                         233    -      36    -      87          266
Other F.R. liabilities and capital                           17,526    +     173    +     804       17,110
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             558,077    +   4,521    +  47,357      559,531

Reserve balances with F.R. Banks  (5)                        12,615    +   4,960    +     812        3,991
						       		      		     		
On       June 2, 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    602,173 million, a change of
 +$  6,858 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     18,119 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     17,928 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     19,309 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     17,971 million was with foreign official and international
   accounts.  Includes $        838 million securities loaned--fully secured U.S. government securities.
3  Includes $      4,740 million of inflation-indexed securities valued at the original face amount and
   $        117 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $      6,580 million and adjustments of $        308 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
                                                            Jun 2, 1999     May 26, 1999      Jun 3, 1998
                ASSETS
Gold certificate account                                        11,048                0                0
Special drawing rights certificate account                       8,200                0        -   1,000
Coin                                                               348        -      33        -      35
					
Loans                                                              110        -       9        -     224
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  311                0        -     240
  Held under repurchase agreements (1)                           2,867        -     655        +   1,537
U.S. government securities		
  Bought outright--Bills                                       196,390        -     669        -   2,688
                   Notes (2)                                   207,109        +     984        +  26,519
                   Bonds (3)                                    77,704        +     171        +  15,790
    Total bought outright (4)                                  481,204        +     486        +  39,622
  Held under repurchase agreements (1)                           2,634        +     158        -   1,560
     Total U.S. government securities                          483,838        +     644        +  38,062
       Total loans and securities                              487,126        -      19        +  39,135
					
Items in process of collection                      (587)       13,053        +   5,954        +   4,345
Bank premises                                                    1,315        -       1        +      29
Other assets (5)                                                30,306        -     209        +     833
                TOTAL ASSETS                        (587)      551,395        +   5,691        +  43,305
					
                LIABILITIES
Federal Reserve notes                                          503,601        +   3,472        +  46,657
Deposits		 		
  Depository institutions                                       14,549        -   1,433        -   6,971
  U.S. Treasury--general account                                 4,979        -     122        -     232
  Foreign--official accounts                                       270        +      59        +     108
    Other                                             (0)          266        +      31        -      68
      Total deposits                                  (0)       20,064        -   1,465        -   7,163
Deferred availability cash items                    (587)       10,619        +   3,692        +   3,154
Other liabilities and accrued dividends (6)                      4,333        +     148        -     574
                TOTAL LIABILITIES                   (587)      538,617        +   5,848        +  42,075
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,247        +       9        +     521
Surplus                                                          5,952                0        +     732
Other capital accounts                                             579        -     166        -      22

*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 $      3,570 million of inflation-indexed securities valued at the original face amount and
   $         99 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
3  Includes $      1,170 million of inflation-indexed securities valued at the original face amount and
   $         18 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     19,309 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        838 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,       June 2, 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         37          0     Within 15 days          17,182   -   1,395      2,915   -     655
16 to 90 days          73          0     16 to 90 days           93,767   -   4,166         25   +      11
Over 90 days            0          0     91 days to 1 year      139,774   +   5,524         68   -      11
                                         Over 1 to 5 years      121,096   -     339         20           0
                                         Over 5 to 10 years      49,404   +     874        150           0
                                         Over 10 years           62,615   +     146          0           0
    Total             110          0         Total              483,838   +     644      3,178   -     655

1  Includes $      4,740 million of inflation-indexed securities valued at the original face amount and
   $        117 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       June 2, 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                      11,048        533      4,435        319        566        834        724        993        337        140        313        575      1,279
Special drawing rights certif. acct.           8,200        406      3,215        247        396        683        596        725        232        103        231        451        915
Coin                                             348         13         12         45         13         41         39         38         16         24         23         41         44
				
Loans                                            110          2          7          0          0          0          8         12         24         29         19          0          8
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                311         16        124          9         18         23         19         29         10          4          9         15         33
  Held under repurchase agreements(1)          2,867          0      2,867          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     196,390     10,156     78,212      5,882     11,368     14,774     11,954     18,445      6,460      2,349      5,889      9,786     21,115
                   Notes (2)                 207,109     10,710     82,480      6,203     11,988     15,581     12,607     19,452      6,813      2,477      6,211     10,320     22,268
                   Bonds (3)                  77,704      4,018     30,945      2,327      4,498      5,846      4,730      7,298      2,556        929      2,330      3,872      8,355
     Total bought outright(4)                481,204     24,885    191,637     14,413     27,854     36,201     29,290     45,195     15,829      5,755     14,430     23,977     51,737
  Held under repurchase agreements(1)          2,634          0      2,634          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             483,838     24,885    194,271     14,413     27,854     36,201     29,290     45,195     15,829      5,755     14,430     23,977     51,737
       Total loans and securities            487,126     24,903    197,269     14,422     27,872     36,224     29,317     45,236     15,863      5,788     14,458     23,993     51,779
				
Items in process of collection                13,640        759      1,398        655        899      1,332      1,725      1,117        700      1,033        781        386      2,857
Bank premises                                  1,315         93        162         50        157        124         98        106         31        129         52        148        164
Other assets(5)                               30,306      1,360     10,071        923      1,786      4,205      1,955      2,695        747        697        761      1,243      3,862
Interdistrict settlement account                   0    +   781    - 5,230    + 6,185    - 1,589    -11,031    - 1,958    + 9,757    + 2,725    - 3,455    + 2,797    -    16    + 1,034
          TOTAL ASSETS                       551,982     28,848    211,332     22,845     30,100     32,413     32,496     60,667     20,652      4,459     19,416     26,820     61,934

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 $      3,570 million of inflation-indexed securities valued at the original face amount and
   $         99 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
3  Includes $      1,170 million of inflation-indexed securities valued at the original face amount and
   $         18 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     19,309 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        838 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       June 2, 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                        503,601     26,811    198,633     21,357     26,881     27,533     28,562     55,946     18,748      2,536     17,501     24,575     54,518
Deposits			      	
  Depository institutions                     14,549        554      1,735        578      1,585        826      1,632      2,137        952        499        917      1,065      2,067
  U.S. Treasury--general account               4,979          0      4,979          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     270          7        154          4         10         30         10         14          3          5          3          6         24
  Other                                          266          2        140          1          1         93          6          1          1          0         12          2          6
    Total deposits                            20,064        563      7,009        584      1,596        950      1,649      2,152        956        504        933      1,073      2,097
Deferred credit items                         11,206        657      1,381        335        544        985      1,125        929        488        897        489        509      2,865
Other liabilities and accrued	      	
  dividends (1)                                4,333        232      1,528        157        265        355        299        412        163         90        159        223        451
    TOTAL LIABILITIES                        539,204     28,262    208,551     22,434     29,285     29,823     31,635     59,440     20,356      4,027     19,081     26,380     59,930
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,247        285      1,308        202        407      1,301        422        598        141        217        164        206        997
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           579         33        265         32          9         52         20         47         35         14         31          6         35
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             551,982     28,848    211,332     22,845     30,100     32,413     32,496     60,667     20,652      4,459     19,416     26,820     61,934
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       713,123     32,173    284,289     24,591     32,974     51,396     47,810     68,765     23,872     11,218     23,498     35,955     76,582
  Less--Held by F.R. Banks                   209,521      5,362     85,656      3,234      6,093     23,863     19,248     12,819      5,123      8,682      5,997     11,379     22,064
  F.R. notes, net                            503,601     26,811    198,633     21,357     26,881     27,533     28,562     55,946     18,748      2,536     17,501     24,575     54,518
Collateral held against F.R. notes    	
   Gold certificate account                   11,048
   Special drawing rights	      	
     certificate account                       8,200
   Other eligible assets                           0
   U.S. govt. and agency securities          484,354
     Total collateral                        503,601

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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