---

`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 24, 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 23, 1999 Jun 16, 1999 Jun 24, 1998 Jun 23, 1999

Reserve Bank Credit  (1,2)                                  519,197    -   3,325    +  38,700      519,658
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      485,298    +     614    +  43,400      485,243
    Held under repurchase agreements                             44    -   1,807    -   4,100           50
  Federal agency obligations			        		      		     		   
    Bought outright                                             263            0    -     288          263
    Held under repurchase agreements                            837    -   2,151    +     354        1,107
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                            26    +       2    +      20          125
    Seasonal credit                                             142    +      31    -      38          169
    Extended credit                                               0            0            0            0
   Float                                                        385    -     310    -     941          315
   Other F.R. assets                                         32,202    +     296    +     292       32,386
Gold stock                                                   11,047            0    -       2       11,046
Special drawing rights certificate account                    8,200            0    -   1,000        8,200
Treasury currency outstanding                                26,855    +      14    +   1,083       26,855
        Total factors supplying reserve funds               565,299    -   3,311    +  38,781      565,759
						        		      		     		   
Currency in circulation*                                    527,830    -     325    +  46,690      528,886
Treasury cash holdings*                                          89    -      20    -     115           89
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    7,023    +   1,574    -   5,746        6,885
  Foreign                                                       211    -      36    +      47          174
  Service-related balances and adjustments (4)                7,026    +     296    +      69        7,026
  Other                                                         212    -      33    -     121          199
Other F.R. liabilities and capital                           17,569    -      87    +     689       17,294
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             559,960    +   1,369    +  41,513      560,553

Reserve balances with F.R. Banks  (5)                         5,339    -   4,679    -   2,732        5,206
						       		      		     		    
On      June 23, 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    600,145 million, a change of 
 +$  4,965 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     17,128 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $     17,128 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     17,187 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $     17,187 million was with foreign official and international 
   accounts.  Includes $        844 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 
   $        142 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $      6,633 million and adjustments of $        393 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 23, 1999     Jun 16, 1999     Jun 24, 1998
                ASSETS
Gold certificate account                                        11,046        -       1        -       3
Special drawing rights certificate account                       8,200                0        -   1,000
Coin                                                               337        -       5        -      74
					      
Loans                                                              294        +     159        +      98
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  263                0        -     288
  Held under repurchase agreements (1)                           1,107        -     350        -      73
U.S. government securities		      
  Bought outright--Bills                                       198,512        +     423        -     475
                   Notes (2)                                   208,849        +       6        +  28,256
                   Bonds (3)                                    77,882        +       2        +  15,967
    Total bought outright (4)                                  485,243        +     431        +  43,748
  Held under repurchase agreements (1)                              50        -   1,380        -  11,445
     Total U.S. government securities                          485,293        -     949        +  32,303
       Total loans and securities                              486,957        -   1,139        +  32,041
					      
Items in process of collection                      (707)        6,912        -     713        +     516
Bank premises                                                    1,320        +       4        +      29
Other assets (5)                                                31,079        +     288        -     796
                TOTAL ASSETS                        (707)      545,850        -   1,568        +  30,712
					      
                LIABILITIES
Federal Reserve notes                                          502,457        -      56        +  45,613
Deposits		 		     
  Depository institutions                                       12,024        -   2,894        -     636
  U.S. Treasury--general account                                 6,885        +   2,176        -  15,579
  Foreign--official accounts                                       174        -      21        +      20
    Other                                             (0)          199        -      52        -     126
      Total deposits                                  (0)       19,282        -     791        -  16,321
Deferred availability cash items                    (707)        6,818        -     647        +     793
Other liabilities and accrued dividends (6)                      4,202        -      70        -     539
                TOTAL LIABILITIES                   (707)      532,759        -   1,563        +  29,547
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  6,291        +       5        +     502
Surplus                                                          5,952                0        +     732
Other capital accounts                                             849        -       9        -      67

*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 
   $        118 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 
   $         24 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $     17,187 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $        844 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 23, 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        272          0     Within 15 days          13,995   +   1,310      1,111   -     350
16 to 90 days          22          0     16 to 90 days          101,142   +   2,633         21           0
Over 90 days            0          0     91 days to 1 year      136,004   -   4,900         68           0
                                         Over 1 to 5 years      122,048   +       1         20           0
                                         Over 5 to 10 years      49,483   +       5        150           0
                                         Over 10 years           62,621   +       2          0           0
    Total             294          0         Total              485,293   -     949      1,370   -     350

1  Includes $      4,740 million of inflation-indexed securities valued at the original face amount and 
   $        142 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 23, 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                                             337         10         14         38         13         39         41         33         22         23         23         44         38
				       
Loans                                            294          4          1          1          0          0         10        151         35         38         21          1         31
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)          1,107          0      1,107          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     198,512     10,266     79,057      5,946     11,491     14,934     12,083     18,644      6,530      2,374      5,953      9,891     21,343
                   Notes (2)                 208,849     10,800     83,173      6,255     12,089     15,712     12,712     19,615      6,870      2,498      6,263     10,406     22,455
                   Bonds (3)                  77,882      4,028     31,016      2,333      4,508      5,859      4,741      7,315      2,562        931      2,336      3,881      8,374
     Total bought outright(4)                485,243     25,093    193,246     14,534     28,088     36,505     29,536     45,574     15,962      5,803     14,551     24,178     52,172
  Held under repurchase agreements(1)             50          0         50          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             485,293     25,093    193,296     14,534     28,088     36,505     29,536     45,574     15,962      5,803     14,551     24,178     52,172
       Total loans and securities            486,957     25,111    194,508     14,542     28,103     36,525     29,562     45,750     16,006      5,845     14,581     24,193     52,231
				       
Items in process of collection                 7,619        413        846        341        307        548        785        669        382        615        422        407      1,882
Bank premises                                  1,320         93        162         50        157        125        101        107         31        129         52        148        165
Other assets(5)                               31,079      1,417     10,235        954      1,842      4,295      1,968      2,802        783        711        797      1,294      3,981
Interdistrict settlement account                   0    -   251    +   992    + 7,652    - 2,026    -11,193    - 1,924    + 7,794    + 2,211    - 3,248    + 2,197    -   893    - 1,312
          TOTAL ASSETS                       546,557     27,733    214,405     24,143     29,359     31,855     31,853     58,873     20,003      4,319     18,616     26,218     59,179

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 
   $        118 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 
   $         24 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $     17,187 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $        844 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 23, 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                        502,457     25,690    200,702     22,952     26,537     26,906     28,590     55,219     18,733      2,754     17,181     24,062     53,130
Deposits			      	      
  Depository institutions                     12,024        801      1,451        344      1,335      1,261      1,202      1,406        482        460        507      1,109      1,666
  U.S. Treasury--general account               6,885          0      6,885          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     174          7         58          4         10         30         10     68,718          3     11,344          3          6         24
  Other                                          199          0        139          1          2         42          1          1          1          0          7          1          4
    Total deposits                            19,282        808      8,532        349      1,347      1,333      1,213      1,422        486        465        518      1,116      1,693
Deferred credit items                          7,525        414        886        266        366        617        865        586        314        570        413        363      1,866
Other liabilities and accrued	      	      
  dividends (1)                                4,202        227      1,452        156        251        362        292        402        158         91        156        216        441
    TOTAL LIABILITIES                        533,466     27,138    211,572     23,724     28,500     29,217     30,959     57,629     19,691      3,880     18,269     25,757     57,131
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                6,291        285      1,314        203        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                           849         43        311         40         44        100         43         61         43         20         40         24         80
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             546,557     27,733    214,405     24,143     29,359     31,855     31,853     58,873     20,003      4,319     18,616     26,218     59,179
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       723,418     31,857    289,339     27,432     33,208     51,163     49,134     68,718     24,347     11,344     23,941     36,273     76,663
  Less--Held by F.R. Banks                   220,961      6,167     88,636      4,480      6,671     24,258     20,544     13,499      5,613      8,590      6,760     12,210     23,533
  F.R. notes, net                            502,457     25,690    200,702     22,952     26,537     26,906     28,590     55,219     18,733      2,754     17,181     24,062     53,130
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          483,211
     Total collateral                        502,457

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.`

---