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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

                                                                                               October 24, 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    Oct 23, 1996  Oct 16, 1996  Oct 25, 1995  Oct 23, 1996
 ________________________________________________________________________________________________________________
 Reserve Bank credit 1 2                                      427,835    -      132    +   17,554       434,783
   U.S. government securities
     Bought outright--system account                          387,020    -       95    +   16,224       386,616
     Held under repurchase agreements                           3,634    -      311    +      758         9,332
   Federal agency obligations
     Bought outright                                            2,288    -       21    -      595         2,260
     Held under repurchase agreements                           1,782    +      158    +      792         2,897
   Acceptances                                                      0             0             0             0
   Loans to depository institutions
     Adjustment credit                                              4    -      154    -       20            12
     Seasonal credit                                              197    -       15    +        7           189
     Extended credit                                                0             0             0             0
   Float                                                        1,195    +      229    +      891         1,040
   Other F.R. assets                                           31,716    +       79    -      503        32,438
 Gold stock                                                    11,049             0    -        1        11,049
 Special drawing rights certificate account                     9,718             0    -      450         9,718
 Treasury currency outstanding                                 24,735    +       14    +      903        24,735
                                                         --------------------------------------------------------
         Total factors supplying reserve funds                473,338    -      118    +   18,005       480,286

 Currency in circulation*                                     433,190    -      628    +   22,179       433,234
 Treasury cash holdings*                                          281    -       11    -       32           281
 Deposits, other than reserve balances, with F.R. Banks
   Treasury                                                     5,414    +      529    +      139         5,337
   Foreign                                                        166    -       12    -       17           168
   Service-related balances and adjustments 3                   6,661    -      140    +    1,667         6,661
   Other                                                          358    -       23    +       25           364
 Other F.R. liabilities and capital                            14,139    +      304    +    1,155        13,937
                                                         --------------------------------------------------------
         Total factors, other than reserve balances,
         absorbing reserve funds                              460,208    +       20    +   25,116       459,982

 Reserve balances with F.R. Banks 4                            13,129    -      137    -    7,111        20,304
 ----------------------------------------------------------------------------------------------------------------
 On    October 23, 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 $     593,389 million, a change of + $       724 million for the week.  The total includes the face
 value of U.S. Treasury strips and other zero coupon bonds.
 1 Net of $    12,091 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which
   a net of $    12,091 million was with foreign official and international accounts.  Includes securities loaned--fully secured by U.S.
   government securities.
 2 Net of $    12,495 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of
   $    12,495 million was with foreign official and international accounts.  Includes $       100 million securities loaned--fully
   secured U.S. government securities.
 3 Consists of required clearing balances of $     6,471 million and adjustments of $       190 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
                                                                   Oct 23, 1996    Oct 16, 1996    Oct 25, 1995
                                                 ----------------------------------------------------------------
                     ASSETS
 Gold certificate account                                               11,049               0      -        2
 Special drawing rights certificate account                              9,718               0      -      450
 Coin                                                                      609      -        1      +      149

 Loans                                                                     201      -      709      -       95
 Acceptances                                                                 0               0               0
 Federal agency obligations
   Bought outright                                                       2,260      -       50      -      552
   Held under repurchase agreements 1                                    2,897      +    2,073      +    1,922
 U.S. government securities
   Bought outright--Bills                                              186,355      -      440      +    6,273
                    Notes                                              152,392               0      +    4,974
                    Bonds                                               47,869               0      +    5,196
                                                                    ----------      ----------      ----------
     Total bought outright 2                                           386,616      -      440      +   16,443
   Held under repurchase agreements 1                                    9,332      +    8,077      +    1,552
                                                                    ----------      ----------      ----------
       Total U.S. government securities                                395,948      +    7,638      +   17,995
                                                                    ----------      ----------      ----------
         Total loans and securities                                    401,305      +    8,952      +   19,270

 Items in process of collection                          (310)           6,629      -    6,088      +    1,560
 Bank premises                                                           1,215      +        2      +       75
 Other assets 3                                                         31,332      +      962      -      533
                                                                    ----------      ----------      ----------
           TOTAL ASSETS                                  (310)         461,857      +    3,827      +   20,070

                   LIABILITIES
 Federal Reserve notes                                                 409,389      -    1,385      +   21,011
 Deposits
   Depository institutions                                              27,090      +    6,739      -    2,791
   U.S. Treasury--general account                                        5,337      +    1,744      +        1
   Foreign--official accounts                                              168      +        3      -      101
   Other                                                                   364      -        2      +       38
                                                                    ----------      ----------      ----------
     Total deposits                                                     32,959      +    8,484      -    2,853
 Deferred availability cash items                        (310)           5,572      -    3,549      +      698
 Other liabilities and accrued dividends 4                               4,531      +      260      +      105
                                                                    ----------      ----------      ----------
           TOTAL LIABILITIES                             (310)         452,451      +    3,811      +   18,962

                CAPITAL ACCOUNTS
 Capital paid in                                                         4,530      -        2      +      606
 Surplus                                                                 3,860               0      +      177
 Other capital accounts                                                  1,015      +       18      +      325
 ----------------------------------------------------------------------------------------------------------------
 * 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 $    12,495 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes
   $       100 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 $       156 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, OCTOBER 23, 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             185          0  Within 15 days                18,995 +    3,559      3,064 +    2,177
 16 days to 90 days          16          0  16 days to 90 days            94,169 +      235        806 -      137
 Over 90 days                 0          0  91 days to 1 year            113,626 +    3,844        275 -        2
                                            Over 1 year to 5 years        94,775          0        520 -       15
                                            Over 5 years to 10 years      34,028          0        467          0
                                            Over 10 years                 40,356          0         25          0
                     ---------- ----------                            ---------- ---------- ---------- ----------
   Total                    201          0    Total                      395,948 +    7,638      5,157 +    2,023
 ----------------------------------------------------------------------------------------------------------------
 Components may not add to totals due to rounding.
1

 H.4.1 (b)

 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 23, 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                                        609       17        24        41      31     108      90        68      28        20      63      50        70

 Loans                                       201        0         0        10       0       0       2        27      38        83      32       5         2
 Acceptances                                   0        0         0         0       0       0       0         0       0         0       0       0         0
 Federal agency obligations
   Bought outright                         2,260      133       840        87     133     187     151       245     106        34      71      81       191
   Held under repurchase agreements 1      2,897        0     2,897         0       0       0       0         0       0         0       0       0         0
 U.S. government securities
   Bought outright--Bills                186,355   10,965    69,305     7,213  10,953  15,453  12,437    20,196   8,730     2,811   5,837   6,673    15,784
                    Notes                152,392    8,966    56,674     5,898   8,957  12,637  10,170    16,515   7,139     2,298   4,773   5,457    12,907
                    Bonds                 47,869    2,817    17,802     1,853   2,814   3,969   3,195     5,188   2,242       722   1,499   1,714     4,054
                                    -----------------------------------------------------------------------------------------------------------------------
     Total bought outright 2             386,616   22,748   143,781    14,963  22,723  32,060  25,801    41,899  18,111     5,831  12,110  13,844    32,745
   Held under repurchase agreements 1      9,332        0     9,332         0       0       0       0         0       0         0       0       0         0
                                    -----------------------------------------------------------------------------------------------------------------------
       Total U.S. govt. securities       395,948   22,748   153,113    14,963  22,723  32,060  25,801    41,899  18,111     5,831  12,110  13,844    32,745
                                    -----------------------------------------------------------------------------------------------------------------------
         Total loans and securities      401,305   22,881   156,850    15,061  22,856  32,247  25,953    42,171  18,256     5,948  12,212  13,930    32,939

 Items in process of collection            6,939      499       932       279     310     519     762       673     244       512     496     313     1,401
 Bank premises                             1,215       95       147        49     101     128      82       110      30       103      55     155       160
 Other assets 3                           31,332    1,416    10,461     1,325   1,859   2,387   2,601     3,530     934       650   1,067   1,587     3,517
 Interdistrict settlement account              0   +1,467   -31,617    -1,396  +6,848  +5,031    +881    +1,270  -2,346      -433    -560  -1,221   +22,076
                                    -----------------------------------------------------------------------------------------------------------------------
           TOTAL ASSETS                  462,167   27,670   144,233    16,177  33,171  42,174  31,883    49,941  18,039     7,114  13,934  15,646    62,186
                                    -----------------------------------------------------------------------------------------------------------------------
 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 $    12,495 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $       100 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
   $       156 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 OCTOBER 23, 1996
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |   Total   | Boston | New York|  Phila. | Cleve.| Rich. |Atlanta| Chicago |S.Louis| Minneap.|KansasC| Dallas|San Fran.
                                    -----------------------------------------------------------------------------------------------------------------------
        LIABILITIES
 Federal Reserve notes                   409,389   24,676   127,056    13,611  30,679  38,959  28,025    44,644  16,494     5,478  12,184  12,274    55,308
 Deposits
   Depository institutions                27,090    1,975     7,100     1,689   1,376   1,601   1,934     2,961     844       811     916   2,395     3,488
   U.S. Treasury--general account          5,337        0     5,337         0       0       0       0         0       0         0       0       0         0
   Foreign--official accounts                168        6        63         7       9      11      14        17       4         4       5       9        20
   Other                                     364        1       110         1       3      81       2       157       0         2       4       1         2
                                    -----------------------------------------------------------------------------------------------------------------------
     Total deposits                       32,959    1,982    12,610     1,697   1,388   1,693   1,950     3,136     848       816     926   2,405     3,510
 Deferred credit items                     5,882      391       692       216     238     500     720       564     237       506     290     271     1,259
 Other liabilities and accrued
   dividends 1                             4,531      266     1,559       196     267     367     321       481     214       103     173     181       400
                                    -----------------------------------------------------------------------------------------------------------------------
     TOTAL LIABILITIES                   452,761   27,315   141,917    15,720  32,572  41,519  31,016    48,825  17,793     6,903  13,573  15,131    60,477

        CAPITAL ACCOUNTS
 Capital paid in                           4,530      167     1,085       222     290     313     422       540     114       105     176     253       844
 Surplus                                   3,860      166     1,028       185     252     284     379       460      95        96     148     240       527
 Other capital accounts                    1,015       22       203        50      58      58      67       115      36        10      37      22       337
                                    -----------------------------------------------------------------------------------------------------------------------
       ACCOUNTS                          462,167   27,670   144,233    16,177  33,171  42,174  31,883    49,941  18,039     7,114  13,934  15,646    62,186

 ----------------------------------------------------------------------------------------------------------------------------------------------------------
 FEDERAL RESERVE AGENTS' ACCOUNTS

 F.R. notes outstanding                  531,009   30,238   179,247    16,352  33,832  46,973  35,933    53,232  20,176     6,974  14,419  21,758    71,875
   Less--Held by F.R. Banks              121,619    5,562    52,191     2,741   3,153   8,014   7,907     8,587   3,683     1,496   2,236   9,484    16,566
                                    -----------------------------------------------------------------------------------------------------------------------
   F.R. notes, net                       409,389   24,676   127,056    13,611  30,679  38,959  28,025    44,644  16,494     5,478  12,184  12,274    55,308
 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      388,622
                                     ------------
     Total collateral                    409,389
                                    -----------------------------------------------------------------------------------------------------------------------
 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.