---

`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
                                                                                           January 14, 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     Jan 13, 1999  Jan 6, 1999 Jan 14, 1998 Jan 13, 1999

Reserve Bank Credit  (1,2)                                  500,534    -  15,343    +  32,251      503,250
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      454,690    +   2,369    +  23,709      456,411
    Held under repurchase agreements                          3,820    -  11,171    +     387        3,700
  Federal agency obligations			        		      		     		
    Bought outright                                             338            0    -     347          338
    Held under repurchase agreements                          3,256    -   4,918    +   2,431        4,472
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                           697    +     673    +     675          145
    Seasonal credit                                               6    -       6    -      15            7
    Extended credit                                               0            0            0            0
   Float                                                      1,765    -   1,160    +   1,075        2,080
   Other F.R. assets                                         35,962    -   1,131    +   4,335       36,098
Gold stock                                                   11,046            0            0       11,046
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,295    +      14    +     668       26,295
        Total factors supplying reserve funds               547,075    -  15,329    +  32,919      549,791
						        		      		     		
Currency in circulation*                                    511,477    -   5,428    +  36,241      510,280
Treasury cash holdings*                                          85            0    -     143           86
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,423    -     569    +     170        5,006
  Foreign                                                       189    +      20    +      12          214
  Service-related balances and adjustments (4)                7,892    +     839    +     880        7,892
  Other                                                         207    -   1,193    -      45          200
Other F.R. liabilities and capital                           16,874    +     478    +     634       16,613
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             542,147    -   5,853    +  37,749      540,291

Reserve balances with F.R. Banks  (5)                         4,928    -   9,476    -   4,830        9,500
						       		      		     		
On   January 13, 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 600,099 million, a change of
 +$ 152 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 18,378 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $ 17,293 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 16,657 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $ 16,657 million was with foreign official and international
   accounts.  Includes $ 248 million securities loaned--fully secured U.S. government securities.
3  Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and
   $ 79 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $ 6,787 million and adjustments of $ 1,105 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
                                                           Jan 13, 1999      Jan 6, 1999     Jan 14, 1998
                ASSETS
Gold certificate account                                        11,046                0                0
Special drawing rights certificate account                       9,200                0                0
Coin                                                               386        +      33        -      90
					
Loans                                                              152        +      43        +     112
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  338                0        -     347
  Held under repurchase agreements (1)                           4,472        +   1,119        +   2,256
U.S. government securities		
  Bought outright--Bills                                       199,042        +     766        +     941
                   Notes (2)                                   187,895                0        +  13,689
                   Bonds (3)                                    69,474                0        +  10,067
    Total bought outright (4)                                  456,411        +     766        +  24,698
  Held under repurchase agreements (1)                           3,700        -     807        -   1,765
     Total U.S. government securities                          460,111        -      41        +  22,933
       Total loans and securities                              465,073        +   1,121        +  24,954
					
Items in process of collection                      (476)       10,114        -   2,946        +   2,429
Bank premises                                                    1,300                0        +      25
Other assets (5)                                                34,780        +     256        +   3,684
                TOTAL ASSETS                        (476)      531,897        -   1,537        +  31,002
					
                LIABILITIES
Federal Reserve notes                                          484,456        -   4,888        +  35,425
Deposits		 		
  Depository institutions                                       17,730        +   3,965        -   6,419
  U.S. Treasury--general account                                 5,006        +      47        +     362
  Foreign--official accounts                                       214        +      44        +      57
    Other                                                          200        +      38        -     137
      Total deposits                                            23,150        +   4,093        -   6,137
Deferred availability cash items                    (476)        7,678        -     888        +   1,072
Other liabilities and accrued dividends (6)                      4,194        +     105        -     581
                TOTAL LIABILITIES                   (476)      519,478        -   1,579        +  29,780
					
                CAPITAL ACCOUNTS
Capital paid in                                                  5,960                0        +     487
Surplus                                                          5,952                0        +     732
Other capital accounts                                             507        +      42        +       4

*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 $ 2,867 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
   $ 11 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 16,657 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 248 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,   January 13, 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        148          0     Within 15 days          12,752   -   4,498      4,474   +   1,846
16 to 90 days           4          0     16 to 90 days          103,096   -     613         25   -     727
Over 90 days            0          0     91 days to 1 year      136,043   +   5,070         75           0
                                         Over 1 to 5 years      107,730           0         61           0
                                         Over 5 to 10 years      44,822           0        175           0
                                         Over 10 years           55,669           0          0           0
    Total             152          0         Total              460,111   -      41      4,810   +   1,119

1  Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and
   $ 79 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   January 13, 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                      11,046        582      4,206        323        643        807        717        998        358        128        289        530      1,465
Special drawing rights certif. acct.           9,200        530      3,202        282        574        792        602        900        340        123        247        367      1,241
Coin                                             386         24         15         25         20         58         46         39         20         16         25         43         55
				
Loans                                            152          1          0          0          0          0          0         23          2          0          1          0        125
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                338         18        125         10         22         27         21         32         12          4          9         15         42
  Held under repurchase agreements(1)          4,472          0      4,472          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     199,042     10,840     73,773      5,787     12,936     15,679     12,108     19,108      6,995      2,187      5,522      9,050     25,057
                   Notes (2)                 187,895     10,233     69,641      5,463     12,212     14,801     11,430     18,038      6,603      2,064      5,212      8,543     23,654
                   Bonds (3)                  69,474      3,784     25,750      2,020      4,515      5,473      4,226      6,670      2,441        763      1,927      3,159      8,746
     Total bought outright(4)                456,411     24,857    169,164     13,270     29,663     35,953     27,764     43,816     16,039      5,014     12,661     20,752     57,456
  Held under repurchase agreements(1)          3,700          0      3,700          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             460,111     24,857    172,864     13,270     29,663     35,953     27,764     43,816     16,039      5,014     12,661     20,752     57,456
       Total loans and securities            465,073     24,876    177,462     13,279     29,686     35,980     27,784     43,872     16,053      5,018     12,671     20,768     57,624
				
Items in process of collection                10,589        741      1,245        424        824        595      1,067      1,354        412        736        620        430      2,141
Bank premises                                  1,300         94        158         50        158        125         82        107         31        130         54        148        162
Other assets(5)                               34,780      1,683     10,371      1,505      2,137      4,219      2,174      3,166        931        891        838      1,642      5,223
Interdistrict settlement account                   0       +132     +6,230     +1,346     -5,715     +3,819     +2,423     +1,520       -305       +826       +972       +956    -12,203
          TOTAL ASSETS                       532,373     28,661    202,888     17,235     28,326     46,396     34,896     51,955     17,841      7,868     15,715     24,885     55,707

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 $ 2,867 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
   $ 11 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 16,657 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 248 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   January 13, 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                        484,456     26,543    189,651     15,795     25,584     40,760     31,349     46,818     16,246      6,069     14,166     22,479     48,996
Deposits			      	
  Depository institutions                     17,730        875      3,110        621      1,317      2,039      1,432      2,684        775        652        644      1,353      2,227
  U.S. Treasury--general account               5,006          0      5,006          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     214          7         99          8          9         22          9         14          3          5          3          7         26
  Other                                          200          0        103          1          3         72          3          1          0          0         14          1          2
    Total deposits                            23,150        882      8,318        629      1,329      2,133      1,445      2,698        779        658        662      1,362      2,255
Deferred credit items                          8,154        475        868        292        305        643        949        814        392        648        442        360      1,967
Other liabilities and accrued	      	
  dividends (1)                                4,194        201      1,423        153        275        345        288        411        167         84        152        207        487
    TOTAL LIABILITIES                        519,954     28,102    200,260     16,869     27,493     43,881     34,031     50,741     17,585      7,458     15,422     24,408     53,704
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                5,960        267      1,214        176        400      1,238        418        584        119        203        142        227        972
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           507         25        205         14         35         39         29         47         17          4         11         22         60
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             532,373     28,661    202,888     17,235     28,326     46,396     34,896     51,955     17,841      7,868     15,715     24,885     55,707
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       617,857     31,090    239,828     18,582     29,509     51,044     44,316     57,283     19,186      7,677     17,613     33,470     68,259
  Less--Held by F.R. Banks                   133,400      4,547     50,176      2,786      3,926     10,284     12,967     10,465      2,940      1,608      3,447     10,991     19,263
  F.R. notes, net                            484,456     26,543    189,651     15,795     25,584     40,760     31,349     46,818     16,246      6,069     14,166     22,479     48,996
Collateral held against F.R. notes    	
   Gold certificate account                   11,046
   Special drawing rights	      	
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          464,211
     Total collateral                        484,456

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.`

---