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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
                                                                                               May 20, 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     May 19, 1999 May 12, 1999 May 20, 1998 May 19, 1999

Reserve Bank Credit  (1,2)                                  518,977    +   4,485    +  44,995      520,147
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      476,179    +   1,775    +  34,665      477,335
    Held under repurchase agreements                          4,079    +   2,117    +   3,658        4,785
  Federal agency obligations			        		      		     		
    Bought outright                                             311            0    -     240          311
    Held under repurchase agreements                          5,160    +   1,694    +   5,010        5,648
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            33    +      30    +      28            6
    Seasonal credit                                              87    +       5    -      10           95
    Extended credit                                               0            0            0            0
   Float                                                        334    -     621    -     412          711
   Other F.R. assets                                         32,794    -     516    +   2,295       31,258
Gold stock                                                   11,049            0    +       1       11,048
Special drawing rights certificate account                    8,200            0    -   1,000        8,200
Treasury currency outstanding                                26,736    +      14    +   1,008       26,736
        Total factors supplying reserve funds               564,962    +   4,499    +  45,004      566,131
						        		      		     		
Currency in circulation*                                    523,044    +     693    +  44,711      524,053
Treasury cash holdings*                                         147            0    -     100          141
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,157    -     150    -     271        4,783
  Foreign                                                       195    +      14    +      28          188
  Service-related balances and adjustments (4)                6,781    -     234    -       1        6,781
  Other                                                         293    +       4    -      75          305
Other F.R. liabilities and capital                           17,471    +     264    +   1,008       17,244
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             553,087    +     589    +  45,300      553,496

Reserve balances with F.R. Banks  (5)                        11,875    +   3,910    -     297       12,636
						       		      		     		
On       May 19, 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    599,822 million, a change of
 +$  8,017 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     18,510 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     18,510 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     19,058 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     19,058 million was with foreign official and international
   accounts.  Includes $      1,730 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
   $        110 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $      6,538 million and adjustments of $        243 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
                                                           May 19, 1999     May 12, 1999     May 20, 1998
                ASSETS
Gold certificate account                                        11,048        -       1                0
Special drawing rights certificate account                       8,200                0        -   1,000
Coin                                                               406        -       1        -      28
					
Loans                                                              101        +      20        -      34
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  311                0        -     240
  Held under repurchase agreements (1)                           5,648        +   2,512        +   4,598
U.S. government securities		
  Bought outright--Bills                                       196,641        -   1,988        -   3,677
                   Notes (2)                                   203,965        +   1,871        +  23,376
                   Bonds (3)                                    76,729        +   1,537        +  14,815
    Total bought outright (4)                                  477,335        +   1,421        +  34,515
  Held under repurchase agreements (1)                           4,785        +   3,322        +   1,840
     Total U.S. government securities                          482,120        +   4,743        +  36,355
       Total loans and securities                              488,179        +   7,274        +  40,679
					
Items in process of collection                      (591)        8,041        -     291        +     854
Bank premises                                                    1,315        +       4        +      27
Other assets (5)                                                29,930        -   2,376        +   1,005
                TOTAL ASSETS                        (591)      547,118        +   4,607        +  41,536
					
                LIABILITIES
Federal Reserve notes                                          497,864        +     198        +  43,136
Deposits		 		
  Depository institutions                                       19,329        +   3,614        -   3,397
  U.S. Treasury--general account                                 4,783        +     688        +      86
  Foreign--official accounts                                       188        +      10        +      14
    Other                                             (0)          305        +      23        -      66
      Total deposits                                  (0)       24,605        +   4,334        -   3,363
Deferred availability cash items                    (591)        7,405        +      34        +     770
Other liabilities and accrued dividends (6)                      4,318        -       9        -     397
                TOTAL LIABILITIES                   (591)      534,191        +   4,557        +  40,145
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,213        +       9        +     555
Surplus                                                          5,952                0        +     732
Other capital accounts                                             762        +      41        +     104

*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
   $         94 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
   $         16 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     19,058 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $      1,730 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,       May 19, 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         88          0     Within 15 days          17,737   +      40      5,648   +   2,512
16 to 90 days          12          0     16 to 90 days           95,143   +     402         62           0
Over 90 days            0          0     91 days to 1 year      138,833   -     422         79           0
                                         Over 1 to 5 years      120,213   +   3,848         20           0
                                         Over 5 to 10 years      48,528   +     257        150           0
                                         Over 10 years           61,664   +     615          0           0
    Total             101          0         Total              482,120   +   4,743      5,959   +   2,512

1  Includes $      4,740 million of inflation-indexed securities valued at the original face amount and
   $        110 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       May 19, 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                                             406         18         16         50         20         48         46         48         18         26         27         39         49
				
Loans                                            101          4          0          0          0          0          7         23         18         25         14          0          9
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)          5,648          0      5,648          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     196,641     10,169     78,311      5,890     11,383     14,793     11,969     18,469      6,468      2,352      5,897      9,798     21,142
                   Notes (2)                 203,965     10,548     81,228      6,109     11,806     15,344     12,415     19,156      6,709      2,439      6,116     10,163     21,930
                   Bonds (3)                  76,729      3,968     30,557      2,298      4,441      5,772      4,670      7,206      2,524        918      2,301      3,823      8,250
     Total bought outright(4)                477,335     24,684    190,096     14,297     27,630     35,910     29,055     44,831     15,701      5,709     14,314     23,784     51,321
  Held under repurchase agreements(1)          4,785          0      4,785          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             482,120     24,684    194,881     14,297     27,630     35,910     29,055     44,831     15,701      5,709     14,314     23,784     51,321
       Total loans and securities            488,179     24,705    200,653     14,307     27,648     35,933     29,081     44,884     15,729      5,738     14,337     23,800     51,364
				
Items in process of collection                 8,632        424        999        339        339        687        946        679        476        689        480        333      2,242
Bank premises                                  1,315         93        162         50        157        125         95        107         31        130         53        148        165
Other assets(5)                               29,930      1,351      9,870        855      1,775      4,224      1,893      2,682        741        700        759      1,227      3,853
Interdistrict settlement account                   0    + 1,616    - 8,144    + 5,733    -   900    -10,204    - 2,062    +11,833    + 2,408    - 3,357    + 2,514    +    64    +   498
          TOTAL ASSETS                       547,709     29,146    211,206     21,900     30,001     32,330     31,319     61,949     19,973      4,168     18,715     26,638     60,365

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
   $         94 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
   $         16 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     19,058 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $      1,730 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       May 19, 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                        497,864     27,138    198,070     20,530     26,599     27,229     27,363     55,747     18,344      2,356     16,960     24,200     53,327
Deposits			      	
  Depository institutions                     19,329        746      2,770        505      1,963      1,443      1,780      3,926        851        668        788      1,341      2,547
  U.S. Treasury--general account               4,783          0      4,783          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     188          7         72          4         10         30         10         14          3          5          3          6         24
  Other                                          305          0        142          1          3        112          6          5          2          0         27          1          5
    Total deposits                            24,605        753      7,767        511      1,976      1,585      1,796      3,945        856        673        818      1,348      2,576
Deferred credit items                          7,996        436        939        285        359        617      1,006        598        317        622        441        367      2,009
Other liabilities and accrued	      	
  dividends (1)                                4,318        224      1,592        153        248        337        291        397        159         87        154        244        432
    TOTAL LIABILITIES                        534,783     28,551    208,368     21,479     29,181     29,768     30,456     60,687     19,677      3,739     18,374     26,159     58,344
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,213        285      1,307        202        396      1,265        418        608        141        212        163        227        989
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           762         43        322         42         25         59         27         71         35         15         38         24         61
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             547,709     29,146    211,206     21,900     30,001     32,330     31,319     61,949     19,973      4,168     18,715     26,638     60,365
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       703,827     32,379    280,172     23,745     32,547     51,344     46,440     68,763     23,243     11,096     22,741     35,555     75,802
  Less--Held by F.R. Banks                   205,963      5,241     82,102      3,215      5,949     24,114     19,077     13,015      4,899      8,739      5,781     11,355     22,475
  F.R. notes, net                            497,864     27,138    198,070     20,530     26,599     27,229     27,363     55,747     18,344      2,356     16,960     24,200     53,327
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          478,616
     Total collateral                        497,864

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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