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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 21, 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 20, 1996  Nov 13, 1996  Nov 22, 1995  Nov 20, 1996
 ________________________________________________________________________________________________________________
 Reserve Bank credit 1 2                                      432,199    +    2,325    +   17,977       437,711
   U.S. government securities
     Bought outright--system account                          393,796    +      215    +   19,899       393,430
     Held under repurchase agreements                           3,982    +    3,554    -      441         8,475
   Federal agency obligations
     Bought outright                                            2,247             0    -      565         2,247
     Held under repurchase agreements                             686    +      458    -       25         1,725
   Acceptances                                                      0             0             0             0
   Loans to depository institutions
     Adjustment credit                                             63    +       56    -      248           372
     Seasonal credit                                              106    -        3    +       45            99
     Extended credit                                                0             0             0             0
   Float                                                          832    -      461    +       52         1,191
   Other F.R. assets                                           30,488    -    1,493    -      740        30,172
 Gold stock                                                    11,049             0    -        1        11,049
 Special drawing rights certificate account                     9,718             0    -      450         9,718
 Treasury currency outstanding                                 24,864    +       14    +      964        24,864
                                                         --------------------------------------------------------
         Total factors supplying reserve funds                477,831    +    2,339    +   18,489       483,342

 Currency in circulation*                                     437,167    +      628    +   22,861       437,742
 Treasury cash holdings*                                          275    -        2    -        6           272
 Deposits, other than reserve balances, with F.R. Banks
   Treasury                                                     5,039    +      134    -       86         5,119
   Foreign                                                        173    +        7    -       25           183
   Service-related balances and adjustments 3                   6,778    -       20    +    1,102         6,778
   Other                                                          364    +        5    +       39           366
 Other F.R. liabilities and capital                            14,457    +      305    +    1,302        14,212
                                                         --------------------------------------------------------
         Total factors, other than reserve balances,
         absorbing reserve funds                              464,253    +    1,057    +   25,187       464,671

 Reserve balances with F.R. Banks 4                            13,578    +    1,282    -    6,698        18,671
 ----------------------------------------------------------------------------------------------------------------
 On   November 20, 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 $     607,563 million, a change of + $     3,622 million for the week.  The total includes the face
 value of U.S. Treasury strips and other zero coupon bonds.
 1 Net of $    11,818 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which
   a net of $    11,818 million was with foreign official and international accounts.  Includes securities loaned--fully secured by U.S.
   government securities.
 2 Net of $    12,183 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of
   $    12,183 million was with foreign official and international accounts.  Includes $        70 million securities loaned--fully
   secured U.S. government securities.
 3 Consists of required clearing balances of $     6,531 million and adjustments of $       247 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 20, 1996    Nov 13, 1996    Nov 22, 1995
                                                 ----------------------------------------------------------------
                     ASSETS
 Gold certificate account                                               11,049               0      -        1
 Special drawing rights certificate account                              9,718               0      -      450
 Coin                                                                      624      +        1      +      166

 Loans                                                                     471      +      342      -    1,751
 Acceptances                                                                 0               0               0
 Federal agency obligations
   Bought outright                                                       2,247               0      -      565
   Held under repurchase agreements 1                                    1,725      +    1,725      +      664
 U.S. government securities
   Bought outright--Bills                                              193,169      -      335      +    5,588
                    Notes                                              150,922      -    1,470      +    7,225
                    Bonds                                               49,339      +    1,470      +    6,729
                                                                    ----------      ----------      ----------
     Total bought outright 2                                           393,430      -      335      +   19,543
   Held under repurchase agreements 1                                    8,475      +    8,475      +    3,371
                                                                    ----------      ----------      ----------
       Total U.S. government securities                                401,905      +    8,140      +   22,914
                                                                    ----------      ----------      ----------
         Total loans and securities                                    406,347      +   10,207      +   21,261

 Items in process of collection                          (495)           7,000      -    6,208      +      706
 Bank premises                                                           1,221      +        4      +       74
 Other assets 3                                                         29,021      -    1,968      -      891
                                                                    ----------      ----------      ----------
           TOTAL ASSETS                                  (495)         464,981      +    2,036      +   20,865

                   LIABILITIES
 Federal Reserve notes                                                 413,774      -      268      +   20,531
 Deposits
   Depository institutions                                              25,376      +    4,318      -      204
   U.S. Treasury--general account                                        5,119      +      607      -    1,387
   Foreign--official accounts                                              183      +       14      -       13
   Other                                                                   366      +       19      +       86
                                                                    ----------      ----------      ----------
     Total deposits                                                     31,042      +    4,959      -    1,517
 Deferred availability cash items                        (495)           5,954      -    2,902      +      576
 Other liabilities and accrued dividends 4                               4,709      +      241      +      133
                                                                    ----------      ----------      ----------
           TOTAL LIABILITIES                             (495)         455,479      +    2,030      +   19,722

                CAPITAL ACCOUNTS
 Capital paid in                                                         4,581      +        4      +      628
 Surplus                                                                 3,860               0      +      177
 Other capital accounts                                                  1,061      +        2      +      338
 ----------------------------------------------------------------------------------------------------------------
 * 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 $    12,183 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes
   $        70 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 $       150 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 20, 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             464          0  Within 15 days                18,434 +      423      2,062 +    2,052
 16 days to 90 days           7          0  16 days to 90 days            91,814 -    1,444        630 -      327
 Over 90 days                 0          0  91 days to 1 year            120,133 +    7,323        268          0
                                            Over 1 year to 5 years        95,917 +      614        520          0
                                            Over 5 years to 10 years      33,782 -      246        467          0
                                            Over 10 years                 41,826 +    1,470         25          0
                     ---------- ----------                            ---------- ---------- ---------- ----------
   Total                    471          0    Total                      401,905 +    8,140      3,972 +    1,725
 ----------------------------------------------------------------------------------------------------------------
 Components may not add to totals due to rounding.
1

 H.4.1 (b)

 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 20, 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                                        624       18        22        45      30     109      89        70      30        20      60      54        77

 Loans                                       471        2         0        20      50       0       1        12      12        49      20       4       300
 Acceptances                                   0        0         0         0       0       0       0         0       0         0       0       0         0
 Federal agency obligations
   Bought outright                         2,247      132       836        87     132     186     150       243     105        34      70      80       190
   Held under repurchase agreements 1      1,725        0     1,725         0       0       0       0         0       0         0       0       0         0
 U.S. government securities
   Bought outright--Bills                193,169   11,366    71,839     7,476  11,354  16,018  12,891    20,934   9,049     2,913   6,051   6,917    16,361
                    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             393,430   23,149   146,315    15,227  23,124  32,625  26,256    42,637  18,431     5,934  12,323  14,088    33,322
   Held under repurchase agreements 1      8,475        0     8,475         0       0       0       0         0       0         0       0       0         0
                                    -----------------------------------------------------------------------------------------------------------------------
       Total U.S. govt. securities       401,905   23,149   154,790    15,227  23,124  32,625  26,256    42,637  18,431     5,934  12,323  14,088    33,322
                                    -----------------------------------------------------------------------------------------------------------------------
         Total loans and securities      406,347   23,283   157,350    15,334  23,306  32,811  26,407    42,892  18,548     6,017  12,414  14,173    33,813

 Items in process of collection            7,496      572     1,230       271     206     590     712       590     312       549     392     419     1,652
 Bank premises                             1,221       94       147        48     103     128      82       110      30       107      56     155       160
 Other assets 3                           29,021    1,316     9,214     1,259   1,750   2,267   2,489     3,337     853       625   1,014   1,525     3,374
 Interdistrict settlement account              0   +1,200   -28,440    -1,804  +6,655  +4,308     +72      +372  -2,238      -354    -278    -277   +20,786
                                    -----------------------------------------------------------------------------------------------------------------------
           TOTAL ASSETS                  465,477   27,780   146,959    15,972  33,216  41,967  31,364    49,491  18,427     7,275  14,258  16,880    61,885
                                    -----------------------------------------------------------------------------------------------------------------------
 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 $    12,183 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $        70 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
   $       150 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 20, 1996
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |   Total   | Boston | New York|  Phila. | Cleve.| Rich. |Atlanta| Chicago |S.Louis| Minneap.|KansasC| Dallas|San Fran.
                                    -----------------------------------------------------------------------------------------------------------------------
        LIABILITIES
 Federal Reserve notes                   413,774   24,773   130,745    13,712  30,407  38,890  27,305    44,441  16,731     5,359  12,366  13,448    55,596
 Deposits
   Depository institutions                25,376    1,906     6,129     1,365   1,670   1,370   2,118     2,724     989     1,067     992   2,328     2,718
   U.S. Treasury--general account          5,119        0     5,119         0       0       0       0         0       0         0       0       0         0
   Foreign--official accounts                183        6        78         7       9      11      14        17       4         4       5       9        20
   Other                                     366        1       109         2       3      80       6       151       1         2       5       2         5
                                    -----------------------------------------------------------------------------------------------------------------------
     Total deposits                       31,042    1,912    11,434     1,374   1,682   1,461   2,138     2,892     993     1,072   1,003   2,338     2,743
 Deferred credit items                     6,449      457       831       225     253     578     722       538     233       523     348     390     1,351
 Other liabilities and accrued
   dividends 1                             4,709      276     1,625       202     273     385     333       500     223       106     179     188       418
                                    -----------------------------------------------------------------------------------------------------------------------
     TOTAL LIABILITIES                   455,974   27,419   144,635    15,513  32,616  41,313  30,497    48,371  18,180     7,060  13,897  16,365    60,108

        CAPITAL ACCOUNTS
 Capital paid in                           4,581      170     1,088       224     290     318     423       542     114       106     176     253       878
 Surplus                                   3,860      166     1,028       185     252     284     379       460      95        96     148     240       527
 Other capital accounts                    1,061       25       208        51      59      52      65       117      38        13      38      22       372
                                    -----------------------------------------------------------------------------------------------------------------------
       ACCOUNTS                          465,477   27,780   146,959    15,972  33,216  41,967  31,364    49,491  18,427     7,275  14,258  16,880    61,885

 ----------------------------------------------------------------------------------------------------------------------------------------------------------
 FEDERAL RESERVE AGENTS' ACCOUNTS

 F.R. notes outstanding                  530,248   30,224   181,590    16,206  33,476  46,292  35,234    52,602  19,955     7,069  14,394  21,348    71,859
   Less--Held by F.R. Banks              116,474    5,450    50,845     2,494   3,069   7,402   7,929     8,161   3,223     1,709   2,028   7,900    16,263
                                    -----------------------------------------------------------------------------------------------------------------------
   F.R. notes, net                       413,774   24,773   130,745    13,712  30,407  38,890  27,305    44,441  16,731     5,359  12,366  13,448    55,596
 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      393,007
                                     ------------
     Total collateral                    413,774
                                    -----------------------------------------------------------------------------------------------------------------------
 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.