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
                                                                                              July 16, 1998
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     Jul 15, 1998  Jul 8, 1998 Jul 16, 1997 Jul 15, 1998

Reserve Bank Credit  (1,2)                                  481,522    +   2,084    +  30,842      487,212
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      441,798    +   1,444    +  30,679      440,887
    Held under repurchase agreements                          5,105    +     468    +      66        9,492
  Federal agency obligations			        		      		     		   
    Bought outright                                             526            0    -     697          526
    Held under repurchase agreements                          1,121    +     305    +      25        2,425
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                             1    -       3    -       9            3
    Seasonal credit                                             195    -       1    -     108          204
    Extended credit                                               0            0            0            0
   Float                                                        399    -     378    +     202          650
   Other F.R. assets                                         32,378    +     249    +     684       33,025
Gold stock                                                   11,047    -       1    -       3       11,047
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,878    +      14    +     527       25,878
        Total factors supplying reserve funds               527,647    +   2,097    +  31,366      533,337
						        		      		     		   
Currency in circulation*                                    486,605    +     457    +  29,735      487,127
Treasury cash holdings*                                         194    -       7    -     151          189
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,171    -     785    +     252        5,309
  Foreign                                                       163    -      13    -      27          180
  Service-related balances and adjustments (4)                6,864    -     225    -     616        6,864
  Other                                                         292    -       8    -      29          279
Other F.R. liabilities and capital                           16,837    +      90    +   1,478       16,589
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             516,126    -     491    +  30,642      516,538

Reserve balances with F.R. Banks  (5)                        11,521    +   2,588    +     724       16,799
						       		      		     		    
On      July 15, 1998, the face amount of marketable U.S. government securities held in custody by the 
Federal Reserve Banks for foreign official and international accounts was 586,656 million, a change of 
 -$ 3,035 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,225 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,225 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 16,014 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,014 million was with foreign official and international 
   accounts.  Includes $ 150 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 
   $ 41 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,631 million and adjustments of $ 233 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 BANKS
Millions of Dollars
                                                                                    Change Since
                                                  *          Wednesday        Wednesday        Wednesday
                                                           Jul 15, 1998      Jul 8, 1998     Jul 16, 1997
                ASSETS
Gold certificate account                                        11,047        -       1        -       2
Special drawing rights certificate account                       9,200                0                0
Coin                                                               395        +      18        -      73
					      
Loans                                                              208        +       4        -     125
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  526                0        -     684
  Held under repurchase agreements (1)                           2,425        +   1,956        +   1,925
U.S. government securities		      
  Bought outright--Bills                                       199,685        +   1,867        +   2,738
                   Notes (2)                                   178,885        -   1,710        +  18,360
                   Bonds (3)                                    62,317        +     402        +   8,056
    Total bought outright (4)                                  440,887        +     559        +  29,154
  Held under repurchase agreements (1)                           9,492        +   4,598        +   4,652
     Total U.S. government securities                          450,379        +   5,157        +  33,806
       Total loans and securities                              453,537        +   7,117        +  34,923
					      
Items in process of collection                      (468)        7,531        +     803        +     290
Bank premises                                                    1,294                0        +      35
Other assets (5)                                                31,770        +     702        +   1,517
                TOTAL ASSETS                        (468)      514,773        +   8,639        +  36,689
					      
                LIABILITIES
Federal Reserve notes                                          461,833        -     674        +  29,512
Deposits		 		     
  Depository institutions                                       23,707        +   8,377        +   6,843
  U.S. Treasury--general account                                 5,309        +     376        -   1,252
  Foreign--official accounts                                       180        +      31        -      85
    Other                                                          279        +       4        -      37
      Total deposits                                            29,477        +   8,788        +   5,469
Deferred availability cash items                    (468)        6,874        +     513        +     287
Other liabilities and accrued dividends (6)                      4,636        -       1        -      27
                TOTAL LIABILITIES                   (468)      502,820        +   8,626        +  35,241
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,815        +       4        +     741
Surplus                                                          5,220                0        +     725
Other capital accounts                                             918        +       9        -      17

*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  Includes $ 2,050 million of inflation-indexed securities valued at the original face amount and 
   $ 37 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 
   $ 4 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 16,014 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 150 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 $ 69 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,      July 15, 1998
Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in 
accordance with maximum majority of the agreements.

Millions of dollars
                                                                 U.S. government         Federal agency
                    Loans   Acceptances                           securities (1)           obligations
                                                                           Weekly                 Weekly
                                                               Holdings    changes    Holdings    changes
Within 15 days         55          0     Within 15 days          19,893   +   4,512      2,425   +   1,956
16 to 90 days         153          0     16 to 90 days           94,052   -     223         98           0
Over 90 days            0          0     91 days to 1 year      144,441   +     814        109   +       5
                                         Over 1 to 5 years       97,796   -     349        109   +      10
                                         Over 5 to 10 years      43,017           0        185   -      15
                                         Over 10 years           51,181   +     402         25           0
    Total             208          0         Total              450,379   +   5,157      2,951   +   1,956

1  Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and 
   $ 41 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      July 15, 1998
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
         ASSETS                        
Gold certificate account                      11,047        582      4,207        323        643        807        717        998        358        128        289        530      1,465
Special drawing rights certif. acct.           9,200        530      3,202        282        574        792        602        900        340        123        247        367      1,241
Coin                                             395         11         22         16         25         41         61         54         22         16         29         45         52
				       
Loans                                            208          0          0          0          3          0          5         30         26         88         28          2         26
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                526         29        195         15         34         41         32         50         18          6         15         24         66
  Held under repurchase agreements(1)          2,425          0      2,425          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     199,685     10,875     74,011      5,806     12,978     15,730     12,147     19,170      7,017      2,194      5,539      9,079     25,138
                   Notes (2)                 178,885      9,742     66,302      5,201     11,626     14,092     10,882     17,173      6,286      1,965      4,962      8,134     22,519
                   Bonds (3)                  62,317      3,394     23,097      1,812      4,050      4,909      3,791      5,983      2,190        685      1,729      2,833      7,845
     Total bought outright(4)                440,887     24,012    163,411     12,818     28,654     34,731     26,820     42,326     15,493      4,844     12,230     20,046     55,502
  Held under repurchase agreements(1)          9,492          0      9,492          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             450,379     24,012    172,903     12,818     28,654     34,731     26,820     42,326     15,493      4,844     12,230     20,046     55,502
       Total loans and securities            453,537     24,040    175,522     12,833     28,692     34,772     26,856     42,406     15,538      4,937     12,273     20,073     55,594
				       
Items in process of collection                 7,999        611        765        233        503        548        866        456        375        691        520        516      1,915
Bank premises                                  1,294         94        158         50        152        125         81        108         31        132         54        149        160
Other assets(5)                               31,770      1,473     10,311      1,328      1,864      3,725      1,872      2,847        814        789        734      1,440      4,574
Interdistrict settlement account                   0     -1,630     +9,139       -118     -1,303       -579        -14     -1,695       -650       +508     +1,430     +2,246     -7,332
          TOTAL ASSETS                       515,241     25,711    203,326     14,947     31,151     40,232     31,041     46,074     16,828      7,324     15,576     25,365     57,668

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 
   $ 37 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 
   $ 4 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 16,014 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 150 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 $ 69 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      July 15, 1998
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
       LIABILITIES                         
Federal Reserve notes                        461,833     22,433    188,065     13,171     27,953     34,150     27,220     41,169     15,233      5,553     13,920     22,819     50,148
Deposits			      	      
  Depository institutions                     23,707      2,009      4,990        828      1,618      3,010      1,724      2,619        872        751        790      1,418      3,079
  U.S. Treasury--general account               5,309          0      5,309          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     180          7         66          8          9         22          9         14          3          5          3          7         26
  Other                                          279          1        103          0          4         90          4         70          0          1          4          1          1
    Total deposits                            29,477      2,017     10,468        835      1,631      3,123      1,737      2,703        875        757        798      1,426      3,106
Deferred credit items                          7,343        458        707        204        485        505        838        661        285        545        420        374      1,860
Other liabilities and accrued	      	      
  dividends (1)                                4,636        257      1,616        164        292        364        308        443        179         88        162        217        545
    TOTAL LIABILITIES                        503,288     25,166    200,856     14,374     30,361     38,142     30,103     44,976     16,573      6,943     15,299     24,836     55,659
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,815        264      1,163        285        385      1,034        466        538        122        191        137        235        993
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           918         27        251         15         69        237        134         58         11          1         21         22         71
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             515,241     25,711    203,326     14,947     31,151     40,232     31,041     46,074     16,828      7,324     15,576     25,365     57,668
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       569,062     26,621    232,080     15,470     30,953     40,880     35,722     49,823     17,525      7,276     16,061     29,085     67,568
  Less--Held by F.R. Banks                   107,228      4,188     44,015      2,299      2,999      6,730      8,502      8,654      2,292      1,722      2,142      6,266     17,420
  F.R. notes, net                            461,833     22,433    188,065     13,171     27,953     34,150     27,220     41,169     15,233      5,553     13,920     22,819     50,148
Collateral held against F.R. notes    	      
   Gold certificate account                   11,047
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          441,587
     Total collateral                        461,833

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.