Primary Dealers List
Memorandum to all Primary Dealers and Recipients of the
Weekly Press Release on Dealer Positions and Transactions

The latest list reflects the following change:

Effective July 1, 1999, SG Cowen Securities Corporation has been added to the list of primary dealers.

LIST OF THE PRIMARY GOVERNMENT SECURITIES
DEALERS REPORTING TO THE MARKET REPORTS DIVISION
OF THE FEDERAL RESERVE BANK OF NEW YORK

ABN AMRO Incorporated
Aubrey G. Lanston & Co., Inc.
Banc of America Securities LLC
Banc One Capital Markets, Inc.
Barclays Capital Inc.
Bear, Stearns & Co., Inc.
Chase Securities Inc.
CIBC Oppenheimer Corp.
Credit Suisse First Boston Corporation
Daiwa Securities America Inc.
Deutsche Bank Securities Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
Dresdner Kleinwort Benson North America LLC.
Fuji Securities Inc.
Goldman, Sachs & Co.
Greenwich Capital Markets, Inc.
HSBC Securities (USA) Inc.
J. P. Morgan Securities, Inc.
Lehman Brothers Inc.
Merrill Lynch Government Securities Inc.
Morgan Stanley & Co. Incorporated
Nesbitt Burns Securities Inc.
Nomura Securities International, Inc.
Paine Webber Incorporated
Paribas Corporation
Prudential Securities Incorporated
SG Cowen Securities Corporation
Salomon Smith Barney Inc.
Warburg Dillon Read LLC.
Zions First National Bank

NOTE: This list has been compiled and made available for statistical purposes only and has no significance with respect to other relationships between dealers and the Federal Reserve Bank of New York. Qualification for the reporting list is based on the achievement and maintenance of the standards outlined in the Federal Reserve Bank of New York's memorandum of January 22, 1992.