---

`FEDERAL RESERVE the information is available, on (202) 452-3206. H.4.1Factors Affecting Reserve Balances of Depository Institutions andCondition Statement of F.R. Banks                                                                                         September 24, 1998Millions of dollars                                                                   Averages of daily figures`

|        | Change from week ended
|------- | ----------------------
|
|
|        |                       
|444,810 | +   2,025             
|5,675   | -   2,363             
|        |                       
|403     | 0                     
|1,521   | -     209             
|0       | 0                     
|        |                       
|        |                       
|11      | -      16             
|174     | +       7             
|0       | 0                     
|657     | +     148             
|32,806  | -     311             
|11,045  | +       1             
|9,200   | 0                     
|25,958  | +      14             
|532,259 | -     704             
|        |                       
|492,395 | -   1,391             
|94      | +       2             
|        |                       
|7,144   | +   1,275             
|165     | -      11             
|6,949   | +     118             
|370     | +      12             
|17,168  | +     169             
|        |                       
|        |                       
|7,975   | -     878             
|        |                       

`On September 23, 1998, the face amount of marketable U.S. government securities held in custody by theFederal Reserve Banks for foreign official and international accounts was 558,948 million, a change of +$ 5,113 million for the week.  The total includes the face value of U.S. Treasury strips and other zerocoupon bonds.1  Net of $ 18,088 million daily average, matched sale-purchase transactions outstanding during the   latest statement week, of which a net of $ 18,088 million was with foreign official and international   accounts.  Includes securities loaned--fully secured by U.S. government securities.2  Net of $ 18,848 million matched sale-purchase transactions outstanding at the end of the latest   statement week, of which a net of $ 18,848 million was with foreign official and international   accounts.  Includes $ 609 million securities loaned--fully secured U.S. government securities.3  Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and   $ 50 million of compensation that adjusts for the effects of inflation on the principal of such   securities.4  Consists of required clearing balances of $ 6,701 million and adjustments of $ 248 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 BANKSMillions of Dollars                                                                                    Change Since`

|      |         |           | day        W
|----- | ------- | --------- | ------------
|
|      | 9,200   | 0         | 0           
|      | 412     | +      17 | -     112   
|      |         |           |             
|      | 185     | -      18 | -     197   
|      | 0       | 0         | 0           
|      |         |           |             
|      |         |           |             
|      | 2,075   | +   1,280 | +   1,019   
|      |         |           |             
|      | 196,851 | -   1,181 | +   2,295   
|      | 182,977 | +   4,149 | +  21,494   
|      | 65,976  | 0         | +  10,984   
|      | 445,804 | +   2,969 | +  34,774   
|      | 8,630   | -     476 | -   3,889   
|      | 454,434 | +   2,493 | +  30,885   
|      | 457,096 | +   3,755 | +  31,184   
|      |         |           |             
|      |         |           |             
|      | 1,297   | 0         | +      27   
|      | 32,173  | +     354 | +   2,360   
|(421) | 518,410 | +   3,637 | +  34,216   
|      |         |           |             
|      |         |           |             
|      |         |           |             
|      |         |           |             
|      | 19,325  | +   3,758 | -   1,860   
|      | 7,508   | +   1,243 | +     180   
|      | 166     | +       3 | +       4   
|      | 388     | +      30 | +      22   
|      | 27,387  | +   5,034 | -   1,654   
|(421) | 6,200   | -     982 | +     331   
|      | 4,762   | +     222 | -     229   
|(421) | 506,220 | +   3,640 | +  32,997   
|      |         |           |             
|      |         |           |             
|      | 5,912   | -      38 | +     687   
|      | 5,220   | 0         | +     725   
|      | 1,058   | +      34 | -     193   
|      |         |           |             

`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 $ 2,050 million of inflation-indexed securities valued at the original face amount and   $ 43 million of compensation that adjusts for the effects of inflation on the principal of such   securities.3  Includes $ 800 million of inflation-indexed securities valued at the original face amount and   $ 7 million of compensation that adjusts for the effects of inflation on the principal of such   securities.4  Net of $ 18,848 million matched sale-purchase transactions outstanding at the end of the latest   statement week.  Includes $ 609 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 $ 178 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, September 23, 1998Acceptances and securities held under repurchase agreements are classified as maturing within 15 days inaccordance with maximum majority of the agreements. Millions of dollarsU.S. government         Federal agency`

|    | securities (1)           Weekly | obligations           Weekly
|--- | ------------------------------- | ----------------------------
|
|12  | 0                               | 16 to 90 days               
|0   | 0                               | 91 days to 1 year           
|    |                                 | Over 1 to 5 years           
|    |                                 | Over 5 to 10 years          
|    |                                 | Over 10 years               
|185 | 0                               | Total                       
|    |                                 |                             

`$ 50 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 September 23, 1998Millions of dollars                                                                                                                                                            Kansas                 San`

|ificat  |        |         |        |        |        |        |        |        |       |        | City    |         | nci
|------- | ------ | ------- | ------ | ------ | ------ | ------ | ------ | ------ | ----- | ------ | ------- | ------- | ---
|9,200   | 530    | 3,202   | 282    | 574    | 792    | 602    | 900    | 340    | 123   | 247    | 367     | 1,241  
|412     | 15     | 23      | 15     | 24     | 43     | 67     | 55     | 21     | 14    | 31     | 53      | 50     
|        |        |         |        |        |        |        |        |        |       |        |         |        
|185     | 0      | 0       | 6      | 0      | 0      | 6      | 34     | 33     | 63    | 26     | 2       | 15     
|0       | 0      | 0       | 0      | 0      | 0      | 0      | 0      | 0      | 0     | 0      | 0       | 0      
|        |        |         |        |        |        |        |        |        |       |        |         |        
|        |        |         |        |        |        |        |        |        |       |        |         |        
|2,075   | 0      | 2,075   | 0      | 0      | 0      | 0      | 0      | 0      | 0     | 0      | 0       | 0      
|        |        |         |        |        |        |        |        |        |       |        |         |        
|196,851 | 10,721 | 72,961  | 5,723  | 12,794 | 15,507 | 11,975 | 18,898 | 6,918  | 2,163 | 5,461  | 8,951   | 24,781 
|182,977 | 9,965  | 67,819  | 5,320  | 11,892 | 14,414 | 11,131 | 17,566 | 6,430  | 2,010 | 5,076  | 8,320   | 23,034 
|65,976  | 3,593  | 24,453  | 1,918  | 4,288  | 5,197  | 4,013  | 6,334  | 2,318  | 725   | 1,830  | 3,000   | 8,306  
|445,804 | 24,279 | 165,233 | 12,961 | 28,974 | 35,118 | 27,119 | 42,798 | 15,666 | 4,898 | 12,367 | 20,270  | 56,121 
|8,630   | 0      | 8,630   | 0      | 0      | 0      | 0      | 0      | 0      | 0     | 0      | 0       | 0      
|454,434 | 24,279 | 173,863 | 12,961 | 28,974 | 35,118 | 27,119 | 42,798 | 15,666 | 4,898 | 12,367 | 20,270  | 56,121 
|457,096 | 24,301 | 176,087 | 12,978 | 29,000 | 35,150 | 27,149 | 42,871 | 15,713 | 4,965 | 12,404 | 20,290  | 56,187 
|        |        |         |        |        |        |        |        |        |       |        |         |        
|7,608   | 547    | 673     | 235    | 352    | 560    | 869    | 729    | 252    | 621   | 512    | 451     | 1,807  
|1,297   | 93     | 158     | 50     | 157    | 126    | 79     | 108    | 31     | 131   | 54     | 149     | 161    
|32,173  | 1,499  | 10,212  | 1,374  | 1,895  | 3,769  | 1,913  | 2,998  | 833    | 795   | 748    | 1,484   | 4,654  
|0       | -1,606 | +21,190 | -790   | -4,060 | -2,798 | -286   | -4,442 | -1,969 | +480  | +820   | + 1,932 | - 8,471
|518,832 | 25,961 | 215,750 | 14,469 | 28,585 | 38,448 | 31,111 | 44,216 | 15,579 | 7,259 | 15,106 | 25,255  | 57,094 
|        |        |         |        |        |        |        |        |        |       |        |         |        

`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 $ 2,050 million of inflation-indexed securities valued at the original face amount and   $ 43 million of compensation that adjusts for the effects of inflation on the principal of such   securities.3  Includes $ 800 million of inflation-indexed securities valued at the original face amount and   $ 7 million of compensation that adjusts for the effects of inflation on the principal of such   securities.4  Net of $ 18,848 million matched sale-purchase transactions outstanding at the end of the latest   statement week.  Includes $ 609 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 $ 178 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 September 23, 1998Millions of dollars                                                                                                                                                            Kansas                 San`

|Reserve no       |        |         |        |        |        |        |        |        |       |        | City   |        | nci
|---------------- | ------ | ------- | ------ | ------ | ------ | ------ | ------ | ------ | ----- | ------ | ------ | ------ | ---
|                 |        |         |        |        |        |        |        |        |       |        |        |       
|19,325           | 1,495  | 4,987   | 656    | 1,071  | 1,687  | 1,671  | 2,434  | 620    | 670   | 603    | 1,031  | 2,400 
|7,508            | 0      | 7,508   | 0      | 0      | 0      | 0      | 0      | 0      | 0     | 0      | 0      | 0     
|166              | 7      | 51      | 8      | 9      | 22     | 9      | 14     | 3      | 5     | 3      | 7      | 26    
|388              | 1      | 104     | 1      | 3      | 71     | 0      | 180    | 0      | 0     | 11     | 1      | 16    
|27,387           | 1,503  | 12,650  | 665    | 1,084  | 1,780  | 1,681  | 2,628  | 624    | 675   | 617    | 1,039  | 2,442 
|6,622            | 452    | 450     | 197    | 303    | 534    | 844    | 533    | 270    | 594   | 430    | 341    | 1,672 
|                 |        |         |        |        |        |        |        |        |       |        |        |       
|506,641          | 25,409 | 213,235 | 13,969 | 27,772 | 36,143 | 30,157 | 43,111 | 15,328 | 6,859 | 14,823 | 24,727 | 55,109
|                 |        |         |        |        | ;      |        |        |        |       |        |        |       
|                
|5,912            | 268    | 1,186   | 214    | 398    | 1,158  | 472    | 546    | 120    | 200   | 138    | 235    | 980   
|5,220            | 254    | 1,055   | 273    | 335    | 818    | 338    | 502    | 122    | 189   | 119    | 271    | 945   
|1,058            | 31     | 275     | 14     | 80     | 329    | 143    | 57     | 10     | 11    | 26     | 22     | 60    
|                 |        |         |        |        |        |        |        |        |       |        |        |       
|                 |        |         |        |        |        |        |        |        |       |        |        |       
|                 |        |         |        |        |        |        |        |        |       |        |        |        |    
|                 |        |         |        |        |        |        |        |        |       |        |        |       
|111,255          | 4,751  | 38,631  | 3,034  | 4,328  | 8,990  | 8,928  | 10,804 | 2,989  | 1,839 | 2,732  | 6,629  | 17,598
|467,872          | 23,191 | 198,493 | 12,940 | 26,086 | 33,439 | 27,316 | 39,492 | 14,246 | 5,501 | 13,613 | 23,122 | 50,432
|                 |        |         |        |        |        |        |        |        |       |        |        |       
|                 |        |         |        |        |        |        |        |        |       |        |        |       
|                 |        |         |        |        |        |        |        |        |       |        |        |       
|9,200          0 |        |         |        |        |        |        |        |        |       |        |        |       
|447,626          |        |         |        |        |        |        |        |        |       |        |        |       
|467,872          |        |         |        |        |        |        |        |        |       |        |        |       
|                 |        |         |        |        |        |        |        |        |       |        |        |       

`foreign exchange commitments.Components may not add to totals due to rounding.`