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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
                                                                                          February 11, 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     Feb 10, 1999  Feb 3, 1999 Feb 11, 1998 Feb 10, 1999

Reserve Bank Credit  (1,2)                                  500,970    +   1,903    +  39,701      510,183
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      457,896    +   2,835    +  30,803      458,056
    Held under repurchase agreements                          2,895    -     779    +   2,621        6,651
  Federal agency obligations			        		      		     		
    Bought outright                                             336            0    -     346          336
    Held under repurchase agreements                          3,060    +     770    +   2,897        7,358
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            90    -     120    +      65           63
    Seasonal credit                                              10    +       4    +       1            8
    Extended credit                                               0            0            0            0
   Float                                                        302    -     566    -     635          917
   Other F.R. assets                                         36,380    -     242    +   4,293       36,794
Gold stock                                                   11,049    +       2    +       3       11,049
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,286    +      14    +     676       26,286
        Total factors supplying reserve funds               547,505    +   1,920    +  40,380      556,718
						        		      		     		
Currency in circulation*                                    508,437    +   2,133    +  37,941      510,648
Treasury cash holdings*                                         103    +       5    -     120          126
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    4,865    -   2,011    -     197        4,925
  Foreign                                                       217    -       2    +      54          204
  Service-related balances and adjustments (4)                7,336    -     494    +     219        7,336
  Other                                                         267    +      21    -     155          266
Other F.R. liabilities and capital                           16,576    +     301    +     436       16,736
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             537,801    -      47    +  38,178      540,240

Reserve balances with F.R. Banks  (5)                         9,704    +   1,966    +   2,202       16,477
						       		      		     		
On  February 10, 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    600,109 million, a change of
 +$  1,605 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     16,556 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     16,426 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     16,837 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     16,837 million was with foreign official and international
   accounts.  Includes $        715 million securities loaned--fully secured U.S. government securities.
3  Includes $      4,087 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 $      6,511 million and adjustments of $        825 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
                                                           Feb 10, 1999      Feb 3, 1999     Feb 11, 1998
                ASSETS
Gold certificate account                                        11,049        +       3        +       2
Special drawing rights certificate account                       9,200                0                0
Coin                                                               476        +      17        -     102
					
Loans                                                               71        -     999        +      55
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  336                0        -     339
  Held under repurchase agreements (1)                           7,358        +   6,768        +   6,218
U.S. government securities		
  Bought outright--Bills                                       198,863        +   2,840        +   2,515
                   Notes (2)                                   189,105        +     770        +  15,379
                   Bonds (3)                                    70,089                0        +  10,682
    Total bought outright (4)                                  458,056        +   3,610        +  28,575
  Held under repurchase agreements (1)                           6,651        +   4,576        +   4,736
     Total U.S. government securities                          464,707        +   8,186        +  33,311
       Total loans and securities                              472,471        +  13,954        +  39,245
					
Items in process of collection                      (517)        7,815        -   2,762        -     185
Bank premises                                                    1,302        +       2        +      25
Other assets (5)                                                35,507        +     549        +   4,332
                TOTAL ASSETS                        (517)      537,820        +  11,764        +  43,318
					
                LIABILITIES
Federal Reserve notes                                          484,964        +   2,492        +  37,477
Deposits		 		
  Depository institutions                                       23,896        +   9,928        +   4,150
  U.S. Treasury--general account                                 4,925        -     470        +     524
  Foreign--official accounts                                       204        -      11        +      52
    Other                                             (0)          266        -       9        -     136
      Total deposits                                  (0)       29,291        +   9,437        +   4,591
Deferred availability cash items                    (517)        6,830        -   1,051        +     487
Other liabilities and accrued dividends (6)                      4,355        +     430        -     404
                TOTAL LIABILITIES                   (517)      525,440        +  11,309        +  42,151
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,001        +      63        +     529
Surplus                                                          5,943        +      43        +     723
Other capital accounts                                             437        +     351        -      84

*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 $      3,267 million of inflation-indexed securities valued at the original face amount and
   $         67 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 $     16,837 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        715 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,  February 10, 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         65          0     Within 15 days          19,188   -   2,054      7,358   +   6,768
16 to 90 days           6          0     16 to 90 days           99,945   +   4,217         25           0
Over 90 days            0          0     91 days to 1 year      135,598   +   6,023        106   +      25
                                         Over 1 to 5 years      108,470   -       1         30   -      25
                                         Over 5 to 10 years      45,222           0        175           0
                                         Over 10 years           56,283   -       1          0           0
    Total              71          0         Total              464,707   +   8,186      7,694   +   6,768

1  Includes $      4,087 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  February 10, 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                      11,049        582      4,209        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                                             476         24         17         34         25         70         64         50         23         21         33         52         62
				
Loans                                             71          3          0          1          0          0          4         59          0          0          2          0          2
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                336         18        124         10         22         26         20         32         12          4          9         15         42
  Held under repurchase agreements(1)          7,358          0      7,358          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     198,863     10,831     73,707      5,782     12,925     15,665     12,097     19,091      6,988      2,185      5,517      9,042     25,034
                   Notes (2)                 189,105     10,299     70,090      5,498     12,290     14,897     11,503     18,154      6,645      2,078      5,246      8,598     23,806
                   Bonds (3)                  70,089      3,817     25,978      2,038      4,555      5,521      4,264      6,729      2,463        770      1,944      3,187      8,823
     Total bought outright(4)                458,056     24,947    169,774     13,317     29,770     36,083     27,864     43,974     16,097      5,032     12,707     20,827     57,663
  Held under repurchase agreements(1)          6,651          0      6,651          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             464,707     24,947    176,425     13,317     29,770     36,083     27,864     43,974     16,097      5,032     12,707     20,827     57,663
       Total loans and securities            472,471     24,968    183,907     13,328     29,792     36,109     27,888     44,066     16,109      5,036     12,718     20,842     57,708
				
Items in process of collection                 8,332        490        890        442        342        629      1,241        582        280        698        442        330      1,967
Bank premises                                  1,302         93        160         50        158        125         84        106         32        130         53        148        162
Other assets(5)                               35,507      1,640     10,966      1,005      2,214      5,239      2,265      3,265        893        845        865      1,395      4,915
Interdistrict settlement account                   0    + 2,803    -   527    + 2,006    - 4,956    + 2,356    + 1,246    + 3,878    +   921    + 1,073    + 1,009    + 1,277    -11,086
          TOTAL ASSETS                       538,337     31,129    202,825     17,472     28,792     46,128     34,107     53,844     18,955      8,054     15,656     24,942     56,433

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 $      3,267 million of inflation-indexed securities valued at the original face amount and
   $         67 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 $     16,837 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $        715 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  February 10, 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                        484,964     27,618    186,545     16,108     25,737     39,685     30,637     48,897     17,431      6,072     14,035     22,505     49,694
Deposits			      	
  Depository institutions                     23,896      2,296      6,062        510      1,620      2,893      1,349      2,818        758        916        769      1,432      2,473
  U.S. Treasury--general account               4,925          0      4,925          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     204          7         88          4         10         30         10         14          3          5          3          6         24
  Other                                          266          0        142          1          3         96          5          1          4          1          9          1          2
    Total deposits                            29,291      2,303     11,217        515      1,633      3,019      1,364      2,833        765        921        781      1,439      2,500
Deferred credit items                          7,347        429        833        332        314        611        950        484        337        570        392        322      1,773
Other liabilities and accrued	      	
  dividends (1)                                4,355        233      1,551        152        274        347        290        409        167         82        152        204        495
    TOTAL LIABILITIES                        525,957     30,583    200,146     17,106     27,957     43,662     33,242     52,622     18,700      7,646     15,360     24,470     54,461
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,001        260      1,268        177        402      1,234        419        591        119        209        142        224        957
Surplus                                        5,943        267      1,208        177        399      1,231        418        583        121        200        140        227        972
Other capital accounts                           437         19        202         12         34          0         28         48         16          0         14         20         43
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             538,337     31,129    202,825     17,472     28,792     46,128     34,107     53,844     18,955      8,054     15,656     24,942     56,433
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       630,849     32,542    242,955     19,051     29,960     50,988     44,557     60,179     20,683      7,861     18,109     33,405     70,560
  Less--Held by F.R. Banks                   145,885      4,924     56,410      2,943      4,223     11,303     13,920     11,282      3,252      1,789      4,075     10,900     20,866
  F.R. notes, net                            484,964     27,618    186,545     16,108     25,737     39,685     30,637     48,897     17,431      6,072     14,035     22,505     49,694
Collateral held against F.R. notes    	
   Gold certificate account                   11,049
   Special drawing rights	      	
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          464,714
     Total collateral                        484,964

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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