---

`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 8, 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      Jul 7, 1999 Jun 30, 1999  Jul 8, 1998  Jul 7, 1999

Reserve Bank Credit  (1,2)                                  525,718    -     902    +  46,286      525,588
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      485,758    +       3    +  45,404      485,449
    Held under repurchase agreements                          1,213    -   3,046    -   3,424        1,425
  Federal agency obligations			        		      		     		
    Bought outright                                             259    -       1    -     267          259
    Held under repurchase agreements                          4,996    +   1,665    +   4,181        4,246
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            47    +      27    +      43           32
    Seasonal credit                                             186    +      13    -      10          191
    Extended credit                                               0            0            0            0
   Float                                                        744    +     762    -      25        1,154
   Other F.R. assets                                         32,515    -     326    +     383       32,833
Gold stock                                                   11,046            0    -       1       11,046
Special drawing rights certificate account                    8,200            0    -   1,000        8,200
Treasury currency outstanding                                26,883    +      14    +   1,084       26,883
        Total factors supplying reserve funds               571,847    -     888    +  46,368      571,717
						        		      		     		
Currency in circulation*                                    534,255    +   5,356    +  48,172      536,102
Treasury cash holdings*                                          90            0    -     111           92
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,766    -   1,057    -     190        5,707
  Foreign                                                       207    -      16    +      31          260
  Service-related balances and adjustments (4)                6,930    -     290    -     154        6,930
  Other                                                         264    +      62    -      37          262
Other F.R. liabilities and capital                           17,513    -     447    +     766       17,348
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             565,026    +   3,608    +  48,479      566,701

Reserve balances with F.R. Banks  (5)                         6,820    -   4,497    -   2,112        5,016
						       		      		     		
On       July 7, 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    601,648 million, a change of
 +$    832 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     16,682 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $     16,682 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     16,991 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $     16,991 million was with foreign official and international
   accounts.  Includes $      1,200 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
   $        152 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $      6,734 million and adjustments of $        197 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
                                                            Jul 7, 1999     Jun 30, 1999      Jul 8, 1998
                ASSETS
Gold certificate account                                        11,046                0        -       1
Special drawing rights certificate account                       8,200                0        -   1,000
Coin                                                               293        -      18        -      84
					
Loans                                                              222        +       2        +      19
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  259                0        -     267
  Held under repurchase agreements (1)                           4,246        -     933        +   3,777
U.S. government securities		
  Bought outright--Bills                                       198,709        +     582        +     891
                   Notes (2)                                   208,856        +       1        +  28,261
                   Bonds (3)                                    77,884                0        +  15,969
    Total bought outright (4)                                  485,449        +     583        +  45,121
  Held under repurchase agreements (1)                           1,425        -   7,675        -   3,469
     Total U.S. government securities                          486,874        -   7,092        +  36,758
       Total loans and securities                              491,601        -   8,023        +  45,181
					
Items in process of collection                      (550)       11,314        +   3,549        +   4,587
Bank premises                                                    1,321                0        +      27
Other assets (5)                                                31,511        -     186        +     443
                TOTAL ASSETS                        (550)      555,287        -   4,677        +  49,153
					
                LIABILITIES
Federal Reserve notes                                          509,604        +   4,181        +  47,097
Deposits		 		
  Depository institutions                                       12,452        -   9,704        -   2,878
  U.S. Treasury--general account                                 5,707        -   1,013        +     773
  Foreign--official accounts                                       260        -     150        +     111
    Other                                             (0)          262        +      21        -      13
      Total deposits                                  (0)       18,682        -  10,845        -   2,007
Deferred availability cash items                    (550)        9,654        +   2,302        +   3,293
Other liabilities and accrued dividends (6)                      4,297        -     357        -     340
                TOTAL LIABILITIES                   (550)      542,236        -   4,720        +  48,042
					
                CAPITAL ACCOUNTS
Capital paid in                                                  6,280        -       2        +     469
Surplus                                                          5,952                0        +     732
Other capital accounts                                             819        +      44        -      89

*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
   $        125 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 $     16,991 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $      1,200 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,       July 7, 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         80          0     Within 15 days          12,385   -  11,968      4,251   -     933
16 to 90 days         142          0     16 to 90 days           99,693   +   7,203         26   +      10
Over 90 days            0          0     91 days to 1 year      140,291   -   2,330         58   -      10
                                         Over 1 to 5 years      122,393           0         20           0
                                         Over 5 to 10 years      49,488   +       1        150           0
                                         Over 10 years           62,623           0          0           0
    Total             222          0         Total              486,874   -   7,092      4,505   -     933

1  Includes $      4,740 million of inflation-indexed securities valued at the original face amount and
   $        152 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       July 7, 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                                             293          7         14         37         11         34         36         26         16         19         21         42         32
				
Loans                                            222          2          0          0         28          0          9         43         42         56         26          0         16
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)          4,246          0      4,246          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     198,709     10,276     79,135      5,952     11,502     14,949     12,095     18,663      6,536      2,377      5,959      9,901     21,364
                   Notes (2)                 208,856     10,801     83,176      6,256     12,090     15,712     12,713     19,616      6,870      2,498      6,263     10,407     22,456
                   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)                485,449     25,104    193,328     14,540     28,100     36,520     29,549     45,594     15,968      5,806     14,558     24,189     52,194
  Held under repurchase agreements(1)          1,425          0      1,425          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             486,874     25,104    194,753     14,540     28,100     36,520     29,549     45,594     15,968      5,806     14,558     24,189     52,194
       Total loans and securities            491,601     25,119    199,102     14,548     28,143     36,540     29,574     45,661     16,019      5,865     14,591     24,202     52,238
				
Items in process of collection                11,864        691      1,555        470        647      1,090      1,323      1,095       -183        876        765        561      2,973
Bank premises                                  1,321         93        163         50        157        124        104        107         31        129         52        147        164
Other assets(5)                               31,511      1,428     10,539        959      1,857      4,295      1,984      2,820        791        713        803      1,305      4,016
Interdistrict settlement account                   0    -   489    - 2,243    + 9,187    - 2,109    -11,311    - 2,297    + 8,394    + 3,260    - 3,119    + 2,375    - 1,058    -   589
          TOTAL ASSETS                       555,837     27,788    216,777     25,816     29,668     32,289     32,043     59,821     20,503      4,726     19,152     26,226     61,028

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
   $        125 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 $     16,991 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $      1,200 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       July 7, 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                        509,604     25,708    202,810     24,438     27,083     27,322     28,805     55,926     19,052      2,937     17,537     24,323     53,664
Deposits			      	
  Depository institutions                     12,452        669      2,218        511        913      1,064      1,122      1,524        500        445        617        766      2,103
  U.S. Treasury--general account               5,707          0      5,707          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     260          7        144          4         10         30         10         14          3          5          3          6         24
  Other                                          262          0        150          0          1         78         10          1         10          0          9          1          2
    Total deposits                            18,682        676      8,220        516        923      1,171      1,142      1,539        513        451        629        773      2,129
Deferred credit items                         10,204        584      1,308        309        552        837        913        711        467        816        483        455      2,768
Other liabilities and accrued	      	
  dividends (1)                                4,297        226      1,616        154        246        324        293        399        159         84        155        216        425
    TOTAL LIABILITIES                        542,786     27,193    213,953     25,417     28,805     29,654     31,153     58,576     20,191      4,288     18,804     25,766     58,985
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                6,280        285      1,314        194        416      1,301        430        601        149        217        167        210        997
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           819         42        302         30         48         97         41         61         43         19         40         22         75
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             555,837     27,788    216,777     25,816     29,668     32,289     32,043     59,821     20,503      4,726     19,152     26,226     61,028
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       728,786     32,079    291,756     28,978     33,548     50,935     49,360     69,011     24,559     11,389     24,057     36,543     76,571
  Less--Held by F.R. Banks                   219,183      6,371     88,947      4,540      6,465     23,613     20,555     13,085      5,508      8,452      6,520     12,220     22,907
  F.R. notes, net                            509,604     25,708    202,810     24,438     27,083     27,322     28,805     55,926     19,052      2,937     17,537     24,323     53,664
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          490,358
     Total collateral                        509,604

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.`

---