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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 14, 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 13, 1996   Nov 6, 1996  Nov 15, 1995  Nov 13, 1996
 ________________________________________________________________________________________________________________
 Reserve Bank credit 1 2                                      429,874    +    1,753    +   17,252       432,580
   U.S. government securities
     Bought outright--system account                          393,581    +    7,094    +   17,921       393,765
     Held under repurchase agreements                             429    -    4,475    +       57             0
   Federal agency obligations
     Bought outright                                            2,247             0    -      565         2,247
     Held under repurchase agreements                             228    -    1,646    +      156             0
   Acceptances                                                      0             0             0             0
   Loans to depository institutions
     Adjustment credit                                              8    -        2    -       29            17
     Seasonal credit                                              109    -       17    +       46           112
     Extended credit                                                0             0             0             0
   Float                                                        1,293    +      792    +      177         4,327
   Other F.R. assets                                           31,981    +        6    -      512        32,112
 Gold stock                                                    11,049             0    -        1        11,049
 Special drawing rights certificate account                     9,718             0    -      450         9,718
 Treasury currency outstanding                                 24,850    +       14    +      965        24,850
                                                         --------------------------------------------------------
         Total factors supplying reserve funds                475,492    +    1,767    +   17,766       478,198

 Currency in circulation*                                     436,538    +    2,775    +   23,449       437,994
 Treasury cash holdings*                                          277    -        3    -       18           276
 Deposits, other than reserve balances, with F.R. Banks
   Treasury                                                     4,905    -      109    -    1,120         4,512
   Foreign                                                        166    -        4    -       11           169
   Service-related balances and adjustments 3                   6,798    -      207    +    1,383         6,798
   Other                                                          359    -       11    +       12           346
 Other F.R. liabilities and capital                            14,152    +       92    +    1,200        13,964
                                                         --------------------------------------------------------
         Total factors, other than reserve balances,
         absorbing reserve funds                              463,196    +    2,533    +   24,894       464,058

 Reserve balances with F.R. Banks 4                            12,296    -      766    -    7,128        14,139
 ----------------------------------------------------------------------------------------------------------------
 On   November 13, 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 $     603,941 million, a change of + $     2,970 million for the week.  The total includes the face
 value of U.S. Treasury strips and other zero coupon bonds.
 1 Net of $    12,032 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which
   a net of $    12,032 million was with foreign official and international accounts.  Includes securities loaned--fully secured by U.S.
   government securities.
 2 Net of $    11,849 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of
   $    11,849 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 $       267 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 13, 1996     Nov 6, 1996    Nov 15, 1995
                                                 ----------------------------------------------------------------
                     ASSETS
 Gold certificate account                                               11,049               0      -        1
 Special drawing rights certificate account                              9,718               0      -      450
 Coin                                                                      623      +        5      +      165

 Loans                                                                     129      +       16      +       64
 Acceptances                                                                 0               0               0
 Federal agency obligations
   Bought outright                                                       2,247               0      -      565
   Held under repurchase agreements 1                                        0      -    2,375      -      500
 U.S. government securities
   Bought outright--Bills                                              193,504      +    6,398      +    4,880
                    Notes                                              152,392               0      +    8,695
                    Bonds                                               47,869               0      +    5,259
                                                                    ----------      ----------      ----------
     Total bought outright 2                                           393,765      +    6,398      +   18,835
   Held under repurchase agreements 1                                        0      -    7,270      -    2,600
                                                                    ----------      ----------      ----------
       Total U.S. government securities                                393,765      -      872      +   16,235
                                                                    ----------      ----------      ----------
         Total loans and securities                                    396,140      -    3,231      +   15,233

 Items in process of collection                          (349)          13,208      +    5,459      +    6,338
 Bank premises                                                           1,217      +        1      +       71
 Other assets 3                                                         30,990      -      235      +    1,357
                                                                    ----------      ----------      ----------
           TOTAL ASSETS                                  (349)         462,945      +    1,999      +   22,714

                   LIABILITIES
 Federal Reserve notes                                                 414,042      +    2,315      +   22,895
 Deposits
   Depository institutions                                              21,057      -    1,944      -    4,149
   U.S. Treasury--general account                                        4,512      -    1,262      -      744
   Foreign--official accounts                                              169      +        3      -       25
   Other                                                                   346      -       16      +        2
                                                                    ----------      ----------      ----------
     Total deposits                                                     26,084      -    3,219      -    4,916
 Deferred availability cash items                        (349)           8,855      +    2,806      +    3,614
 Other liabilities and accrued dividends 4                               4,467      +       24      -       76
                                                                    ----------      ----------      ----------
           TOTAL LIABILITIES                             (349)         453,448      +    1,925      +   21,517

                CAPITAL ACCOUNTS
 Capital paid in                                                         4,577               0      +      630
 Surplus                                                                 3,860               0      +      177
 Other capital accounts                                                  1,059      +       74      +      390
 ----------------------------------------------------------------------------------------------------------------
 * 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 $    11,849 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 $       139 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 13, 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              38          0  Within 15 days                18,010 -    9,703         10 -    2,365
 16 days to 90 days          91          0  16 days to 90 days            93,258 +    9,914        957 -       10
 Over 90 days                 0          0  91 days to 1 year            112,810 -    1,083        268          0
                                            Over 1 year to 5 years        95,303          0        520          0
                                            Over 5 years to 10 years      34,028          0        467          0
                                            Over 10 years                 40,356          0         25          0
                     ---------- ----------                            ---------- ---------- ---------- ----------
   Total                    129          0    Total                      393,765 -      872      2,247 -    2,375
 ----------------------------------------------------------------------------------------------------------------
 Components may not add to totals due to rounding.
1

 H.4.1 (b)

 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 13, 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                                        623       16        23        45      31     108      91        69      29        20      60      53        77

 Loans                                       129        1         0         0       0       0       0        17      18        55      31       4         3
 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          0        0         0         0       0       0       0         0       0         0       0       0         0
 U.S. government securities
   Bought outright--Bills                193,504   11,385    71,963     7,489  11,373  16,046  12,914    20,971   9,065     2,918   6,061   6,929    16,389
                    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             393,765   23,168   146,439    15,240  23,144  32,653  26,278    42,673  18,446     5,939  12,334  14,100    33,351
   Held under repurchase agreements 1          0        0         0         0       0       0       0         0       0         0       0       0         0
                                    -----------------------------------------------------------------------------------------------------------------------
       Total U.S. govt. securities       393,765   23,168   146,439    15,240  23,144  32,653  26,278    42,673  18,446     5,939  12,334  14,100    33,351
                                    -----------------------------------------------------------------------------------------------------------------------
         Total loans and securities      396,140   23,301   147,275    15,327  23,276  32,839  26,428    42,934  18,569     6,027  12,436  14,185    33,544

 Items in process of collection           13,557      829     1,900       726     601   1,218   2,196     1,160     581       865     585     688     2,208
 Bank premises                             1,217       94       147        48     103     128      82       110      30       103      55     155       161
 Other assets 3                           30,990    1,449     9,772     1,345   1,881   2,453   2,640     3,570     958       660   1,085   1,609     3,566
 Interdistrict settlement account              0   +1,065   -19,844    -2,733  +5,811  +3,932  -1,897      +131  -2,957      -964    -956  -1,841   +20,253
                                    -----------------------------------------------------------------------------------------------------------------------
           TOTAL ASSETS                  463,294   28,052   146,709    15,577  32,869  42,433  31,054    50,094  18,103     7,023  13,866  15,680    61,834
                                    -----------------------------------------------------------------------------------------------------------------------
 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 $    11,849 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
   $       139 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 13, 1996
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |   Total   | Boston | New York|  Phila. | Cleve.| Rich. |Atlanta| Chicago |S.Louis| Minneap.|KansasC| Dallas|San Fran.
                                    -----------------------------------------------------------------------------------------------------------------------
        LIABILITIES
 Federal Reserve notes                   414,042   25,171   130,715    13,637  30,910  39,302  27,374    44,956  16,692     5,393  12,270  13,083    54,539
 Deposits
   Depository institutions                21,057    1,691     6,388       917     763   1,130   1,447     2,541     605       534     580   1,411     3,050
   U.S. Treasury--general account          4,512        0     4,512         0       0       0       0         0       0         0       0       0         0
   Foreign--official accounts                169        6        63         7       9      11      14        17       4         4       5       9        20
   Other                                     346        1       112         1       2      82       3       140       0         1       1       1         2
                                    -----------------------------------------------------------------------------------------------------------------------
     Total deposits                       26,084    1,697    11,075       925     775   1,222   1,464     2,698     609       539     587   1,421     3,072
 Deferred credit items                     9,204      557     1,104       362     321     884   1,028       838     341       779     473     478     2,038
 Other liabilities and accrued
   dividends 1                             4,467      266     1,490       195     263     368     323       482     214        98     175     184       409
                                    -----------------------------------------------------------------------------------------------------------------------
     TOTAL LIABILITIES                   453,797   27,691   144,385    15,118  32,269  41,776  30,190    48,974  17,856     6,809  13,505  15,166    60,058

        CAPITAL ACCOUNTS
 Capital paid in                           4,577      170     1,088       224     290     315     423       541     114       105     176     253       878
 Surplus                                   3,860      166     1,028       185     252     284     379       460      95        96     148     240       527
 Other capital accounts                    1,059       25       208        50      59      57      63       119      37        12      38      21       371
                                    -----------------------------------------------------------------------------------------------------------------------
       ACCOUNTS                          463,294   28,052   146,709    15,577  32,869  42,433  31,054    50,094  18,103     7,023  13,866  15,680    61,834

 ----------------------------------------------------------------------------------------------------------------------------------------------------------
 FEDERAL RESERVE AGENTS' ACCOUNTS

 F.R. notes outstanding                  530,522   30,571   181,990    16,218  33,771  46,641  35,163    53,097  19,959     6,994  14,279  21,364    70,475
   Less--Held by F.R. Banks              116,479    5,400    51,275     2,581   2,861   7,339   7,789     8,141   3,267     1,601   2,009   8,280    15,935
                                    -----------------------------------------------------------------------------------------------------------------------
   F.R. notes, net                       414,042   25,171   130,715    13,637  30,910  39,302  27,374    44,956  16,692     5,393  12,270  13,083    54,539
 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      393,275
                                     ------------
     Total collateral                    414,042
                                    -----------------------------------------------------------------------------------------------------------------------
 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.