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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 27, 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 26, 1999 May 19, 1999 May 27, 1998 May 26, 1999

Reserve Bank Credit  (1,2)                                  515,213    -   3,741    +  43,246      519,018
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      480,308    +   4,129    +  39,725      480,718
    Held under repurchase agreements                            845    -   3,234    +     845        2,476
  Federal agency obligations			        		      		     		
    Bought outright                                             311            0    -     240          311
    Held under repurchase agreements                          1,789    -   3,371    +   1,789        3,522
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                             8    -      25    -      67            8
    Seasonal credit                                             106    +      19    -      11          110
    Extended credit                                               0            0            0            0
   Float                                                        438    +     127    +     143           53
   Other F.R. assets                                         31,408    -   1,387    +   1,062       31,820
Gold stock                                                   11,048    -       1    -       1       11,048
Special drawing rights certificate account                    8,200            0    -   1,000        8,200
Treasury currency outstanding                                26,750    +      14    +   1,021       26,750
        Total factors supplying reserve funds               561,210    -   3,729    +  43,265      565,016
						        		      		     		
Currency in circulation*                                    523,695    +     651    +  42,938      526,353
Treasury cash holdings*                                         142    -       5    -      95          145
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    4,888    -     269    -     291        5,101
  Foreign                                                       251    +      56    +      79          211
  Service-related balances and adjustments (4)                6,958    +     177    +     220        6,958
  Other                                                         269    -      24    -      90          235
Other F.R. liabilities and capital                           17,353    -     118    +     848       17,121
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             553,556    +     469    +  43,609      556,124

Reserve balances with F.R. Banks  (5)                         7,655    -   4,197    -     343        8,892
						       		      		     		
On       May 26, 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    595,315 million, a change of
 -$  4,507 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     18,351 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     18,351 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     18,640 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     18,640 million was with foreign official and international
   accounts.  Includes $      1,249 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
   $        113 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 $        378 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 26, 1999     May 19, 1999     May 27, 1998
                ASSETS
Gold certificate account                                        11,048                0        -       1
Special drawing rights certificate account                       8,200                0        -   1,000
Coin                                                               381        -      25        -      23
					
Loans                                                              119        +      18        -       6
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  311                0        -     240
  Held under repurchase agreements (1)                           3,522        -   2,126        +   3,522
U.S. government securities		
  Bought outright--Bills                                       197,059        +     418        -   3,081
                   Notes (2)                                   206,125        +   2,160        +  25,535
                   Bonds (3)                                    77,533        +     804        +  15,619
    Total bought outright (4)                                  480,718        +   3,383        +  38,075
  Held under repurchase agreements (1)                           2,476        -   2,309        +   2,476
     Total U.S. government securities                          483,194        +   1,074        +  40,551
       Total loans and securities                              487,145        -   1,034        +  43,826
					
Items in process of collection                      (553)        7,099        -     942        -   3,007
Bank premises                                                    1,316        +       1        +      29
Other assets (5)                                                30,515        +     585        +   1,372
                TOTAL ASSETS                        (553)      545,704        -   1,414        +  41,196
					
                LIABILITIES
Federal Reserve notes                                          500,129        +   2,265        +  43,091
Deposits		 		
  Depository institutions                                       15,982        -   3,347        -     674
  U.S. Treasury--general account                                 5,101        +     318        +      88
  Foreign--official accounts                                       211        +      23        +      32
    Other                                             (0)          235        -      70        -      76
      Total deposits                                  (0)       21,529        -   3,076        -     630
Deferred availability cash items                    (553)        6,927        -     478        -   2,089
Other liabilities and accrued dividends (6)                      4,185        -     133        -     454
                TOTAL LIABILITIES                   (553)      532,769        -   1,422        +  39,916
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,238        +      25        +     518
Surplus                                                          5,952                0        +     732
Other capital accounts                                             745        -      17        +      31

*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
   $         96 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
   $         17 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     18,640 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $      1,249 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 26, 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        106          0     Within 15 days          18,577   +     840      3,570   -   2,078
16 to 90 days          12          0     16 to 90 days           97,933   +   2,790         14   -      48
Over 90 days            0          0     91 days to 1 year      134,250   -   4,583         79           0
                                         Over 1 to 5 years      121,435   +   1,222         20           0
                                         Over 5 to 10 years      48,530   +       2        150           0
                                         Over 10 years           62,469   +     805          0           0
    Total             119          0         Total              483,194   +   1,074      3,833   -   2,126

1  Includes $      4,740 million of inflation-indexed securities valued at the original face amount and
   $        113 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 26, 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                                             381         16         14         47         17         45         44         42         19         26         24         42         44
				
Loans                                            119          8          0          0          1          0          8         27         24         25         16          0         11
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)          3,522          0      3,522          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     197,059     10,191     78,478      5,902     11,407     14,825     11,995     18,508      6,482      2,357      5,909      9,819     21,187
                   Notes (2)                 206,125     10,659     82,088      6,174     11,931     15,507     12,547     19,359      6,780      2,465      6,181     10,271     22,162
                   Bonds (3)                  77,533      4,009     30,877      2,322      4,488      5,833      4,719      7,282      2,550        927      2,325      3,863      8,336
     Total bought outright(4)                480,718     24,859    191,444     14,398     27,826     36,164     29,261     45,149     15,813      5,749     14,416     23,953     51,685
  Held under repurchase agreements(1)          2,476          0      2,476          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             483,194     24,859    193,920     14,398     27,826     36,164     29,261     45,149     15,813      5,749     14,416     23,953     51,685
       Total loans and securities            487,145     24,883    197,565     14,408     27,846     36,188     29,287     45,205     15,847      5,778     14,441     23,968     51,729
				
Items in process of collection                 7,653        410        786        311        477        478        838        602        287        569        458        447      1,990
Bank premises                                  1,316         93        162         50        157        125         97        106         31        130         53        148        165
Other assets(5)                               30,515      1,378     10,148        868      1,805      4,258      1,928      2,729        755        709        774      1,253      3,910
Interdistrict settlement account                   0    + 1,060    - 5,448    + 6,270    - 2,125    -10,204    - 1,567    + 9,859    + 2,481    - 3,380    + 2,623    -   594    + 1,026
          TOTAL ASSETS                       546,258     28,780    210,876     22,519     29,139     32,407     31,947     60,262     19,988      4,075     18,916     26,290     61,058

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
   $         96 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
   $         17 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $     18,640 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $      1,249 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 26, 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                        500,129     26,906    197,787     21,258     26,580     27,382     28,095     55,449     18,576      2,404     17,265     24,393     54,035
Deposits			      	
  Depository institutions                     15,982        579      2,521        436      1,124      1,503      1,733      2,571        652        635        707        913      2,608
  U.S. Treasury--general account               5,101          0      5,101          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     211          7         95          4         10         30         10         14          3          5          3          6         24
  Other                                          235          0        140          1          3         56          5          1          1          0         20          1          6
    Total deposits                            21,528        586      7,857        442      1,136      1,588      1,748      2,586        657        640        730        920      2,638
Deferred credit items                          7,480        469        921        250        357        492        942        572        306        511        429        308      1,923
Other liabilities and accrued	      	
  dividends (1)                                4,185        223      1,498        152        246        337        291        393        158         87        155        212        431
    TOTAL LIABILITIES                        533,323     28,185    208,063     22,101     28,320     29,800     31,076     59,001     19,696      3,642     18,579     25,833     59,027
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,238        285      1,308        202        396      1,301        422        608        141        216        163        206        990
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           745         43        297         39         24         69         31         69         31         15         34         23         70
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             546,258     28,780    210,876     22,519     29,139     32,407     31,947     60,262     19,988      4,075     18,916     26,290     61,058
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       709,370     32,150    282,564     24,290     32,629     51,511     47,412     68,502     23,558     11,154     23,404     35,817     76,381
  Less--Held by F.R. Banks                   209,241      5,244     84,777      3,032      6,048     24,128     19,317     13,053      4,982      8,750      6,139     11,424     22,346
  F.R. notes, net                            500,129     26,906    197,787     21,258     26,580     27,382     28,095     55,449     18,576      2,404     17,265     24,393     54,035
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          480,881
     Total collateral                        500,129

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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