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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

                                                                                              November 29, 1996
 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    Nov 27, 1996  Nov 20, 1996  Nov 29, 1995  Nov 27, 1996
 ________________________________________________________________________________________________________________
 Reserve Bank credit 1 2                                      430,771    -    1,424    +   14,533       435,126
   U.S. government securities
     Bought outright--system account                          394,121    +      326    +   20,386       392,767
     Held under repurchase agreements                           2,588    -    1,395    -    3,790         5,988
   Federal agency obligations
     Bought outright                                            2,242    -        4    -      518         2,237
     Held under repurchase agreements                             659    -       27    +      490         2,323
   Acceptances                                                      0             0             0             0
   Loans to depository institutions
     Adjustment credit                                            221    +      157    -      139             2
     Seasonal credit                                               96    -       10    +       38            90
     Extended credit                                                0             0             0             0
   Float                                                          430    -      397    -      694           947
   Other F.R. assets                                           30,414    -       75    -    1,240        30,771
 Gold stock                                                    11,049             0    -        1        11,049
 Special drawing rights certificate account                     9,718             0    -      450         9,718
 Treasury currency outstanding                                 24,878    +       14    +      962        24,878
                                                         --------------------------------------------------------
         Total factors supplying reserve funds                476,417    -    1,410    +   15,044       480,772

 Currency in circulation*                                     438,091    +      924    +   21,434       440,953
 Treasury cash holdings*                                          272    -        3    -        6           273
 Deposits, other than reserve balances, with F.R. Banks
   Treasury                                                     4,996    -       43    -      618         4,688
   Foreign                                                        170    -        3    -       71           164
   Service-related balances and adjustments 3                   6,939    +      160    +    1,727         6,939
   Other                                                          343    -       21    +       60           299
 Other F.R. liabilities and capital                            14,381    -       76    +    1,246        14,165
                                                         --------------------------------------------------------
         Total factors, other than reserve balances,
         absorbing reserve funds                              465,191    +      938    +   23,772       467,480

 Reserve balances with F.R. Banks 4                            11,225    -    2,348    -    8,728        13,292
 ----------------------------------------------------------------------------------------------------------------
 On   November 27, 1996, the face amount of marketable U.S. government securities held in custody by the Federal Reserve Banks for foreign
 official and international accounts was $     610,668 million, a change of + $     3,105 million for the week.  The total includes the face
 value of U.S. Treasury strips and other zero coupon bonds.
 1 Net of $    11,492 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which
   a net of $    11,492 million was with foreign official and international accounts.  Includes securities loaned--fully secured by U.S.
   government securities.
 2 Net of $    12,846 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of
   $    12,846 million was with foreign official and international accounts.  Includes $       682 million securities loaned--fully
   secured U.S. government securities.
 3 Consists of required clearing balances of $     6,558 million and adjustments of $       380 million to compensate for float.
 4 Excludes required clearing balances and adjustments to compensate for float.

 * Estimated (Treasury's figures).
 Components may not add to totals due to rounding.
1


 Worksheet for H.4.1 (a)


 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------
                                                                                           Change since
                                                        *            Wednesday       Wednesday       Wednesday
                                                                   Nov 27, 1996    Nov 20, 1996    Nov 29, 1995
                                                 ----------------------------------------------------------------
                     ASSETS
 Gold certificate account                                               11,049               0      -        1
 Special drawing rights certificate account                              9,718               0      -      450
 Coin                                                                      619      -        5      +      187

 Loans                                                                      93      -      378      -      262
 Acceptances                                                                 0               0               0
 Federal agency obligations
   Bought outright                                                       2,237      -       10      -      455
   Held under repurchase agreements 1                                    2,323      +      598      +    2,323
 U.S. government securities
   Bought outright--Bills                                              192,507      -      663      +    8,769
                    Notes                                              150,922               0      +    3,041
                    Bonds                                               49,339               0      +    6,729
                                                                    ----------      ----------      ----------
     Total bought outright 2                                           392,767      -      663      +   18,539
   Held under repurchase agreements 1                                    5,988      -    2,487      +      513
                                                                    ----------      ----------      ----------
       Total U.S. government securities                                398,755      -    3,150      +   19,052
                                                                    ----------      ----------      ----------
         Total loans and securities                                    403,407      -    2,940      +   20,658

 Items in process of collection                          (536)           6,682      -      318      +      970
 Bank premises                                                           1,221               0      +       75
 Other assets 3                                                         29,555      +      533      -      954
                                                                    ----------      ----------      ----------
           TOTAL ASSETS                                  (536)         462,251      -    2,730      +   20,485

                   LIABILITIES
 Federal Reserve notes                                                 416,966      +    3,192      +   22,612
 Deposits
   Depository institutions                                              20,158      -    5,217      -    2,813
   U.S. Treasury--general account                                        4,688      -      431      -    1,751
   Foreign--official accounts                                              164      -       19      -        3
   Other                                                                   299      -       67      +       21
                                                                    ----------      ----------      ----------
     Total deposits                                                     25,309      -    5,733      -    4,546
 Deferred availability cash items                        (536)           5,811      -      143      +    1,121
 Other liabilities and accrued dividends 4                               4,666      -       42      +      151
                                                                    ----------      ----------      ----------
           TOTAL LIABILITIES                             (536)         452,752      -    2,726      +   19,337

                CAPITAL ACCOUNTS
 Capital paid in                                                         4,587      +        5      +      629
 Surplus                                                                 3,860               0      +      177
 Other capital accounts                                                  1,052      -       10      +      343
 ----------------------------------------------------------------------------------------------------------------
 * 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 Net of $    12,846 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes
   $       682 million securities loaned--fully secured by U.S. government securities.
 3 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account
   at Chicago of $       125 million in Treasury bills maturing within 90 days.
 4 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, NOVEMBER 27, 1996
 Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in
 accordance with maximum maturity of the agreements.
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------
                                                                         U.S. government       Federal agency
                                                                           securities           obligations
                                                                     --------------------------------------------
                       Loans    Acceptances                                        Weekly               Weekly
                                                                       Holdings    changes   Holdings   changes
 ----------------------------------------------------------------------------------------------------------------
 Within 15 days              86          0  Within 15 days                21,270 +    2,836      2,662 +      600
 16 days to 90 days           6          0  16 days to 90 days            85,628 -    6,186        644 +       15
 Over 90 days                 0          0  91 days to 1 year            120,333 +      200        242 -       27
                                            Over 1 year to 5 years        95,917          0        520          0
                                            Over 5 years to 10 years      33,782          0        467          0
                                            Over 10 years                 41,826          0         25          0
                     ---------- ----------                            ---------- ---------- ---------- ----------
   Total                     93          0    Total                      398,755 -    3,150      4,560 +      588
 ----------------------------------------------------------------------------------------------------------------
 Components may not add to totals due to rounding.
1

 H.4.1 (b)

 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 27, 1996
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |   Total   | Boston | New York|  Phila. | Cleve.| Rich. |Atlanta| Chicago |S.Louis| Minneap.|KansasC| Dallas|San Fran.
                                    -----------------------------------------------------------------------------------------------------------------------
           ASSETS
 Gold certificate account                 11,049      661     4,050       423     624     919     769     1,140     474       168     321     433     1,067
 Special drawing rights certif. acct.      9,718      636     3,385       396     543     835     745       979     419       144     280     399       957
 Coin                                        619       16        23        44      30     110      89        68      28        19      59      52        79

 Loans                                        93        1         0         0       0       0       0         9      12        43      23       4         0
 Acceptances                                   0        0         0         0       0       0       0         0       0         0       0       0         0
 Federal agency obligations
   Bought outright                         2,237      132       832        87     131     185     149       242     105        34      70      80       189
   Held under repurchase agreements 1      2,323        0     2,323         0       0       0       0         0       0         0       0       0         0
 U.S. government securities
   Bought outright--Bills                192,507   11,327    71,592     7,451  11,315  15,963  12,847    20,862   9,018     2,903   6,030   6,893    16,305
                    Notes                150,922    8,880    56,127     5,841   8,870  12,515  10,072    16,356   7,070     2,276   4,727   5,404    12,783
                    Bonds                 49,339    2,903    18,349     1,910   2,900   4,091   3,293     5,347   2,311       744   1,545   1,767     4,179
                                    -----------------------------------------------------------------------------------------------------------------------
     Total bought outright 2             392,767   23,110   146,068    15,201  23,085  32,570  26,212    42,565  18,400     5,924  12,303  14,064    33,266
   Held under repurchase agreements 1      5,988        0     5,988         0       0       0       0         0       0         0       0       0         0
                                    -----------------------------------------------------------------------------------------------------------------------
       Total U.S. govt. securities       398,755   23,110   152,056    15,201  23,085  32,570  26,212    42,565  18,400     5,924  12,303  14,064    33,266
                                    -----------------------------------------------------------------------------------------------------------------------
         Total loans and securities      403,407   23,243   155,211    15,288  23,216  32,755  26,361    42,817  18,516     6,000  12,395  14,148    33,456

 Items in process of collection            7,218      587       925       345     310     589     825       678     317       567     459     351     1,266
 Bank premises                             1,221       94       148        49     103     128      82       110      30       107      56     155       160
 Other assets 3                           29,555    1,334     9,579     1,270   1,768   2,288   2,509     3,343     866       631   1,023   1,543     3,401
 Interdistrict settlement account              0     +913   -27,627    -2,609  +6,893  +4,580    -551      +849  -2,403      -603    -409    -527   +21,494
                                    -----------------------------------------------------------------------------------------------------------------------
           TOTAL ASSETS                  462,787   27,484   145,694    15,206  33,488  42,204  30,828    49,984  18,248     7,034  14,183  16,553    61,880
                                    -----------------------------------------------------------------------------------------------------------------------
 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 Net of $    12,846 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $       682 million
   securities loaned--fully secured by U.S. government securities.
 3 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of
   $       125 million in Treasury bills maturing within 90 days.

 Components may not add to totals due to rounding.
1

 H.4.1 (c)

 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 27, 1996
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |   Total   | Boston | New York|  Phila. | Cleve.| Rich. |Atlanta| Chicago |S.Louis| Minneap.|KansasC| Dallas|San Fran.
                                    -----------------------------------------------------------------------------------------------------------------------
        LIABILITIES
 Federal Reserve notes                   416,966   25,019   132,079    13,595  30,633  39,176  27,250    44,778  16,953     5,519  12,540  13,934    55,491
 Deposits
   Depository institutions                20,158    1,403     4,129       699   1,663   1,301   1,635     2,841     626       672     678   1,571     2,941
   U.S. Treasury--general account          4,688        0     4,688         0       0       0       0         0       0         0       0       0         0
   Foreign--official accounts                164        6        59         7       9      11      14        17       4         4       5       9        20
   Other                                     299        1       118         1       3      36       5       126       0         2       4       3         1
                                    -----------------------------------------------------------------------------------------------------------------------
     Total deposits                       25,309    1,409     8,993       707   1,675   1,347   1,654     2,984     630       677     688   1,582     2,962
 Deferred credit items                     6,347      422       730       212     312     624     730       610     201       518     416     337     1,236
 Other liabilities and accrued
   dividends 1                             4,666      274     1,603       200     270     384     330       493     223       105     181     186       417
                                    -----------------------------------------------------------------------------------------------------------------------
     TOTAL LIABILITIES                   453,288   27,124   143,405    14,713  32,890  41,531  29,964    48,865  18,006     6,820  13,825  16,040    60,106

        CAPITAL ACCOUNTS
 Capital paid in                           4,587      170     1,058       257     290     318     424       543     114       106     176     253       878
 Surplus                                   3,860      166     1,028       185     252     284     379       460      95        96     148     240       527
 Other capital accounts                    1,052       24       203        50      56      71      62       117      33        12      35      20       369
                                    -----------------------------------------------------------------------------------------------------------------------
       ACCOUNTS                          462,787   27,484   145,694    15,206  33,488  42,204  30,828    49,984  18,248     7,034  14,183  16,553    61,880

 ----------------------------------------------------------------------------------------------------------------------------------------------------------
 FEDERAL RESERVE AGENTS' ACCOUNTS

 F.R. notes outstanding                  529,445   30,326   181,712    16,169  33,449  46,185  34,923    52,460  19,974     7,147  14,442  21,230    71,427
   Less--Held by F.R. Banks              112,479    5,308    49,634     2,574   2,816   7,009   7,673     7,682   3,021     1,629   1,902   7,296    15,936
                                    -----------------------------------------------------------------------------------------------------------------------
   F.R. notes, net                       416,966   25,019   132,079    13,595  30,633  39,176  27,250    44,778  16,953     5,519  12,540  13,934    55,491
 Collateral held against F.R. notes
   Gold certificate account               11,049
   Special drawing rights
     certificate account                   9,718
   Other eligible assets                       0
   U.S. govt. and agency securities      396,199
                                     ------------
     Total collateral                    416,966
                                    -----------------------------------------------------------------------------------------------------------------------
 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.