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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
                                                                                               July 1, 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 30, 1999 Jun 23, 1999  Jul 1, 1998 Jun 30, 1999

Reserve Bank Credit  (1,2)                                  526,643    +   7,447    +  34,828      532,899
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      485,755    +     457    +  45,171      484,866
    Held under repurchase agreements                          4,259    +   4,215    -  10,694        9,100
  Federal agency obligations			        		      		     		
    Bought outright                                             260    -       3    -     280          259
    Held under repurchase agreements                          3,331    +   2,494    +   1,866        5,179
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            20    -       6    -     172           56
    Seasonal credit                                             173    +      31    -      15          164
    Extended credit                                               0            0            0            0
   Float                                                          6    -     379    -     472          307
   Other F.R. assets                                         32,841    +     639    -     574       32,968
Gold stock                                                   11,046    -       1    -       1       11,046
Special drawing rights certificate account                    8,200            0    -   1,000        8,200
Treasury currency outstanding                                26,869    +      14    +   1,083       26,869
        Total factors supplying reserve funds               572,758    +   7,460    +  34,909      579,014
						        		      		     		
Currency in circulation*                                    528,899    +   1,069    +  46,760      531,892
Treasury cash holdings*                                          90    +       1    -     114           90
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    6,823    -     200    -  11,894        6,720
  Foreign                                                       223    +      12    +      51          410
  Service-related balances and adjustments (4)                7,220    +     194    +     202        7,220
  Other                                                         202    -      10    -     114          241
Other F.R. liabilities and capital                           17,960    +     391    +     868       17,662
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             561,418    +   1,458    +  35,760      564,235

Reserve balances with F.R. Banks  (5)                        11,340    +   6,002    -     852       14,780
						       		      		     		
On      June 30, 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    600,816 million, a change of
 +$    671 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     16,680 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     16,680 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     17,572 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     17,572 million was with foreign official and international
   accounts.  Includes $      1,000 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
   $        150 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $      6,634 million and adjustments of $        586 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 30, 1999     Jun 23, 1999      Jul 1, 1998
                ASSETS
Gold certificate account                                        11,046                0        -       1
Special drawing rights certificate account                       8,200                0        -   1,000
Coin                                                               311        -      26        -      78
					
Loans                                                              220        -      74        -     493
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  259        -       4        -     267
  Held under repurchase agreements (1)                           5,179        +   4,072        +   4,764
U.S. government securities		
  Bought outright--Bills                                       198,127        -     385        +     114
                   Notes (2)                                   208,855        +       6        +  28,261
                   Bonds (3)                                    77,884        +       2        +  15,969
    Total bought outright (4)                                  484,866        -     377        +  44,344
  Held under repurchase agreements (1)                           9,100        +   9,050        -   2,506
     Total U.S. government securities                          493,966        +   8,673        +  29,932
       Total loans and securities                              499,624        +  12,667        +  45,843
					
Items in process of collection                      (706)        7,765        +     853        -     739
Bank premises                                                    1,321        +       1        +      31
Other assets (5)                                                31,697        +     618        +     161
                TOTAL ASSETS                        (706)      559,964        +  14,114        +  44,216
					
                LIABILITIES
Federal Reserve notes                                          505,423        +   2,966        +  45,703
Deposits		 		
  Depository institutions                                       22,156        +  10,132        -   1,334
  U.S. Treasury--general account                                 6,720        -     165        -   1,146
  Foreign--official accounts                                       410        +     236        +     244
    Other                                             (0)          241        +      42        -      72
      Total deposits                                  (0)       29,527        +  10,245        -   2,307
Deferred availability cash items                    (706)        7,352        +     534        -     293
Other liabilities and accrued dividends (6)                      4,654        +     452        -      79
                TOTAL LIABILITIES                   (706)      546,956        +  14,197        +  43,023
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,282        -       9        +     473
Surplus                                                          5,952                0        +     732
Other capital accounts                                             775        -      74        -      11

*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
   $        124 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
   $         26 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     17,572 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $      1,000 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 30, 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        149          0     Within 15 days          24,353   +  10,358      5,184   +   4,073
16 to 90 days          71          0     16 to 90 days           92,490   -   8,652         16   -       5
Over 90 days            0          0     91 days to 1 year      142,621   +   6,617         68           0
                                         Over 1 to 5 years      122,393   +     345         20           0
                                         Over 5 to 10 years      49,487   +       4        150           0
                                         Over 10 years           62,623   +       2          0           0
    Total             220          0         Total              493,966   +   8,673      5,438   +   4,068

1  Includes $      4,740 million of inflation-indexed securities valued at the original face amount and
   $        150 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 30, 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        533      4,433        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                                             311          9         13         39         11         36         38         28         18         21         22         41         34
				
Loans                                            220          6          0          2          0          0         41         49         35         45         23          0         19
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                259         13        103          8         15         19         16         24          9          3          8         13         28
  Held under repurchase agreements(1)          5,179          0      5,179          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     198,127     10,246     78,903      5,934     11,469     14,905     12,060     18,608      6,517      2,370      5,941      9,872     21,302
                   Notes (2)                 208,855     10,801     83,176      6,256     12,090     15,712     12,713     19,616      6,870      2,498      6,263     10,407     22,455
                   Bonds (3)                  77,884      4,028     31,017      2,333      4,508      5,859      4,741      7,315      2,562        931      2,336      3,881      8,374
     Total bought outright(4)                484,866     25,074    193,096     14,523     28,066     36,476     29,513     45,539     15,949      5,799     14,540     24,160     52,131
  Held under repurchase agreements(1)          9,100          0      9,100          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             493,966     25,074    202,196     14,523     28,066     36,476     29,513     45,539     15,949      5,799     14,540     24,160     52,131
       Total loans and securities            499,624     25,093    207,478     14,532     28,081     36,496     29,570     45,612     15,993      5,847     14,570     24,172     52,178
				
Items in process of collection                 8,472        435      1,145        384        486        591        749        849        204        660        486        359      2,122
Bank premises                                  1,321         93        163         50        157        124        103        107         31        129         52        147        164
Other assets(5)                               31,697      1,409     10,945        948      1,833      4,264      1,958      2,786        779        708        791      1,286      3,989
Interdistrict settlement account                   0    -   187    - 4,359    + 8,385    - 1,859    -10,824    - 1,722    + 8,706    + 2,704    - 2,661    + 2,675    -   947    +    89
          TOTAL ASSETS                       560,670     27,791    223,034     24,904     29,671     32,205     32,017     59,806     20,299      4,948     19,141     26,084     60,771

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
   $        124 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
   $         26 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     17,572 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $      1,000 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 30, 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                        505,423     25,708    202,202     23,552     26,797     27,049     28,455     55,434     18,849      2,868     17,365     23,943     53,201
Deposits			      	
  Depository institutions                     22,156        806      7,926        550      1,278      1,499      1,442      2,083        633        908        818      1,140      3,073
  U.S. Treasury--general account               6,720          0      6,720          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     410          7        294          4         10         30         10         14          3          5          3          6         24
  Other                                          241          0        150          1          1         42         13          6         13          0         11          1          3
    Total deposits                            29,527        813     15,090        555      1,289      1,571      1,465      2,103        649        913        832      1,147      3,099
Deferred credit items                          8,058        452        931        238        482        643        919        632        332        646        443        322      2,016
Other liabilities and accrued	      	
  dividends (1)                                4,654        226      1,984        152        250        322        286        400        159         84        155        215        421
    TOTAL LIABILITIES                        547,662     27,199    220,208     24,498     28,818     29,585     31,124     58,569     19,989      4,512     18,796     25,626     58,737
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,282        285      1,314        193        416      1,301        433        601        148        217        167        210        997
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           775         39        304         37         38         82         41         53         41         16         37         21         65
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             560,670     27,791    223,034     24,904     29,671     32,205     32,017     59,806     20,299      4,948     19,141     26,084     60,771
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       726,892     32,059    291,452     28,206     33,392     51,017     49,230     68,753     24,443     11,400     24,014     36,494     76,431
  Less--Held by F.R. Banks                   221,469      6,351     89,251      4,654      6,594     23,968     20,775     13,319      5,595      8,532      6,649     12,551     23,230
  F.R. notes, net                            505,423     25,708    202,202     23,552     26,797     27,049     28,455     55,434     18,849      2,868     17,365     23,943     53,201
Collateral held against F.R. notes    	
   Gold certificate account                   11,046
   Special drawing rights	      	
     certificate account                       8,200
   Other eligible assets                           0
   U.S. govt. and agency securities          486,177
     Total collateral                        505,423

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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