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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 17, 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 16, 1999  Jun 9, 1999 Jun 17, 1998 Jun 16, 1999

Reserve Bank Credit  (1,2)                                  522,569    +   2,860    +  45,022      520,267
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      484,684    +     781    +  42,482      484,812
    Held under repurchase agreements                          1,851    +     772    -     209        1,430
  Federal agency obligations			        		      		     		
    Bought outright                                             263    -      48    -     288          263
    Held under repurchase agreements                          2,988    +     581    +   2,174        1,457
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            24    +      20    -      47            7
    Seasonal credit                                             111    +      23    -      46          128
    Extended credit                                               0            0            0            0
   Float                                                        743    +     332    -      86          119
   Other F.R. assets                                         31,907    +     401    +   1,043       32,051
Gold stock                                                   11,047            0    -       1       11,047
Special drawing rights certificate account                    8,200            0    -   1,000        8,200
Treasury currency outstanding                                26,841    +      14    +   1,083       26,841
        Total factors supplying reserve funds               568,657    +   2,874    +  45,104      566,356
						        		      		     		
Currency in circulation*                                    528,155    -     754    +  46,596      528,923
Treasury cash holdings*                                         109    -      27    -      98           89
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,449    +     594    -   1,533        4,709
  Foreign                                                       247    +      82    +      88          195
  Service-related balances and adjustments (4)                6,730    -     177    -      31        6,730
  Other                                                         245    -      17    -      92          251
Other F.R. liabilities and capital                           17,656    +     226    +     743       17,368
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             558,591    -      71    +  45,674      558,266

Reserve balances with F.R. Banks  (5)                        10,066    +   2,945    -     570        8,090
						       		      		     		
On      June 16, 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    595,180 million, a change of
 -$  3,269 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     17,155 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     17,155 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     17,611 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     17,611 million was with foreign official and international
   accounts.  Includes $        874 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
   $        134 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $      6,626 million and adjustments of $        105 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 16, 1999      Jun 9, 1999     Jun 17, 1998
                ASSETS
Gold certificate account                                        11,047                0        -       1
Special drawing rights certificate account                       8,200                0        -   1,000
Coin                                                               342        -       3        -      65
					
Loans                                                              135        +      35        -      64
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  263        -      48        -     288
  Held under repurchase agreements (1)                           1,457        -   1,649        +     220
U.S. government securities		
  Bought outright--Bills                                       198,089        -     915        -   1,568
                   Notes (2)                                   208,843        +     848        +  28,251
                   Bonds (3)                                    77,880        +     174        +  15,966
    Total bought outright (4)                                  484,812        +     106        +  42,648
  Held under repurchase agreements (1)                           1,430        +   1,005        -   5,248
     Total U.S. government securities                          486,242        +   1,111        +  37,400
       Total loans and securities                              488,096        -     552        +  37,267
					
Items in process of collection                      (681)        7,625        -     208        -     736
Bank premises                                                    1,316                0        +      23
Other assets (5)                                                30,791        +     425        +     606
                TOTAL ASSETS                        (681)      547,418        -     336        +  36,094
					
                LIABILITIES
Federal Reserve notes                                          502,513        -     602        +  45,369
Deposits		 		
  Depository institutions                                       14,918        +     114        -   6,875
  U.S. Treasury--general account                                 4,709        +      26        -   3,564
  Foreign--official accounts                                       195        +      29        +      19
    Other                                             (0)          251        -       2        -      75
      Total deposits                                  (0)       20,073        +     167        -  10,495
Deferred availability cash items                    (681)        7,465        +      94        +     562
Other liabilities and accrued dividends (6)                      4,272        -      62        -     530
                TOTAL LIABILITIES                   (681)      534,322        -     404        +  34,905
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,286        +      22        +     500
Surplus                                                          5,952                0        +     732
Other capital accounts                                             858        +      47        -      42

*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
   $        112 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
   $         22 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     17,611 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        874 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 16, 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        126          0     Within 15 days          12,685   +   1,925      1,461   -   1,693
16 to 90 days           9          0     16 to 90 days           98,509   -   2,020         21   -       4
Over 90 days            0          0     91 days to 1 year      140,904   +     185         68           0
                                         Over 1 to 5 years      122,047   +     949         20           0
                                         Over 5 to 10 years      49,478   +      70        150           0
                                         Over 10 years           62,619   +       2          0           0
    Total             135          0         Total              486,242   +   1,111      1,720   -   1,697

1  Includes $      4,740 million of inflation-indexed securities valued at the original face amount and
   $        134 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 16, 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        533      4,434        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                                             342         11         15         39         13         39         45         34         19         24         21         43         39
				
Loans                                            135          2          0          0          0          0         10         24         26         31         21          0         21
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                263         14        105          8         15         20         16         25          9          3          8         13         28
  Held under repurchase agreements(1)          1,457          0      1,457          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     198,089     10,244     78,888      5,933     11,466     14,902     12,057     18,605      6,516      2,369      5,940      9,870     21,298
                   Notes (2)                 208,843     10,800     83,171      6,255     12,089     15,711     12,712     19,615      6,870      2,498      6,263     10,406     22,454
                   Bonds (3)                  77,880      4,027     31,015      2,333      4,508      5,859      4,740      7,315      2,562        931      2,335      3,881      8,373
     Total bought outright(4)                484,812     25,071    193,074     14,521     28,063     36,472     29,510     45,534     15,947      5,798     14,539     24,157     52,125
  Held under repurchase agreements(1)          1,430          0      1,430          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             486,242     25,071    194,504     14,521     28,063     36,472     29,510     45,534     15,947      5,798     14,539     24,157     52,125
       Total loans and securities            488,096     25,087    196,066     14,529     28,078     36,492     29,536     45,583     15,982      5,832     14,567     24,170     52,174
				
Items in process of collection                 8,306        453        997        -97        689        618        865        743        265        676        581        482      2,034
Bank premises                                  1,316         93        162         50        157        125         98        107         31        129         52        147        165
Other assets(5)                               30,791      1,397     10,144        943      1,856      4,265      1,945      2,766        771        704        785      1,275      3,942
Interdistrict settlement account                   0    +   203    - 3,098    + 7,854    - 2,711    -10,759    - 1,072    + 9,004    + 2,864    - 3,237    + 2,326    -   838    -   536
          TOTAL ASSETS                       548,099     28,181    211,935     23,884     29,044     32,297     32,736     59,954     20,502      4,371     18,877     26,305     60,013

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
   $        112 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
   $         22 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     17,611 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        874 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 16, 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                        502,513     25,968    199,387     22,514     26,565     27,162     29,069     55,177     18,726      2,556     17,336     24,324     53,729
Deposits			      	
  Depository institutions                     14,918        913      2,268        540      1,003      1,449      1,526      2,467        915        653        555        873      1,757
  U.S. Treasury--general account               4,709          0      4,709          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     195          7         79          4         10         30         10         14          3          5          3          6         24
  Other                                          251          0        144          1          2         88          1          1          0          0          7          2          4
    Total deposits                            20,073        920      7,200        546      1,015      1,567      1,537      2,482        918        658        566        880      1,784
Deferred credit items                          8,145        470        970        247        357        583        942        655        386        630        473        423      2,009
Other liabilities and accrued	      	
  dividends (1)                                4,272        227      1,527        156        254        349        292        404        159         88        155        216        444
    TOTAL LIABILITIES                        535,003     27,585    209,084     23,463     28,191     29,661     31,840     58,719     20,190      3,932     18,530     25,843     57,966
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,286        285      1,313        203        416      1,301        433        598        148        217        167        209        997
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           858         44        329         43         39         97         45         55         44         19         40         25         78
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             548,099     28,181    211,935     23,884     29,044     32,297     32,736     59,954     20,502      4,371     18,877     26,305     60,013
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       719,743     31,843    287,277     26,582     32,942     51,316     49,041     68,477     24,063     11,188     23,822     36,298     76,894
  Less--Held by F.R. Banks                   217,230      5,876     87,890      4,068      6,377     24,154     19,972     13,299      5,337      8,632      6,486     11,974     23,164
  F.R. notes, net                            502,513     25,968    199,387     22,514     26,565     27,162     29,069     55,177     18,726      2,556     17,336     24,324     53,729
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          483,266
     Total collateral                        502,513

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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