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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

                                                                                                 August 8, 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     Aug 7, 1996  Jul 31, 1996   Aug 9, 1995   Aug 7, 1996
 ________________________________________________________________________________________________________________
 Reserve Bank credit 1 2                                      425,680    +    1,118    +   16,287       424,567
   U.S. government securities
     Bought outright--system account                          382,448    -      601    +   11,507       383,243
     Held under repurchase agreements                           6,808    +      731    +    6,808         4,854
   Federal agency obligations
     Bought outright                                            2,336             0    -      727         2,336
     Held under repurchase agreements                             899    +      492    +      899           642
   Acceptances                                                      0             0             0             0
   Loans to depository institutions
     Adjustment credit                                             21    -      240    +       19             5
     Seasonal credit                                              284    -       24    +       43           283
     Extended credit                                                0             0             0             0
   Float                                                          455    +      188    -      142           831
   Other F.R. assets                                           32,428    +      572    -    2,121        32,373
 Gold stock                                                    11,050             0    -        3        11,050
 Special drawing rights certificate account                     9,718    -      450    -      800         9,718
 Treasury currency outstanding                                 24,568    +       14    +      977        24,568
                                                         --------------------------------------------------------
         Total factors supplying reserve funds                471,015    +      682    +   16,461       469,903

 Currency in circulation*                                     428,664    +    1,513    +   17,699       429,937
 Treasury cash holdings*                                          262    +        4    -       47           268
 Deposits, other than reserve balances, with F.R. Banks
   Treasury                                                     5,069    -      315    -       64         4,695
   Foreign                                                        189    +       26    -       14           169
   Service-related balances and adjustments 3                   6,309    +       26    +    1,824         6,309
   Other                                                          313    +       18    +       24           307
 Other F.R. liabilities and capital                            14,218    +      334    +    1,624        13,563
                                                         --------------------------------------------------------
         Total factors, other than reserve balances,
         absorbing reserve funds                              455,025    +    1,605    +   21,046       455,248

 Reserve balances with F.R. Banks 4                            15,991    -      923    -    4,585        14,655
 ----------------------------------------------------------------------------------------------------------------
 On      August 7, 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 $     553,739 million, a change of - $     5,872 million for the week.  The total includes the face
 value of U.S. Treasury strips and other zero coupon bonds.
 1 Net of $    12,948 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which
   a net of $    12,948 million was with foreign official and international accounts.  Includes securities loaned--fully secured by U.S.
   government securities.
 2 Net of $    12,153 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of
   $    12,153 million was with foreign official and international accounts.  Includes $       220 million securities loaned--fully
   secured U.S. government securities.
 3 Consists of required clearing balances of $     6,092 million and adjustments of $       217 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
                                                                    Aug 7, 1996    Jul 31, 1996     Aug 9, 1995
                                                 ----------------------------------------------------------------
                     ASSETS
 Gold certificate account                                               11,050               0      -        3
 Special drawing rights certificate account                              9,718      -      450      -      800
 Coin                                                                      532      +       11      +      162

 Loans                                                                     288      -    1,430      +       41
 Acceptances                                                                 0               0               0
 Federal agency obligations
   Bought outright                                                       2,336               0      -      727
   Held under repurchase agreements 1                                      642      +      360      +      642
 U.S. government securities
   Bought outright--Bills                                              186,698      +      865      +    4,304
                    Notes                                              150,102               0      +    3,404
                    Bonds                                               46,443               0      +    2,764
                                                                    ----------      ----------      ----------
     Total bought outright 2                                           383,243      +      865      +   10,472
   Held under repurchase agreements 1                                    4,854      -   10,604      +    4,854
                                                                    ----------      ----------      ----------
       Total U.S. government securities                                388,097      -    9,739      +   15,326
                                                                    ----------      ----------      ----------
         Total loans and securities                                    391,363      -   10,810      +   15,283

 Items in process of collection                          (519)           6,884      +      741      +    1,497
 Bank premises                                                           1,193      +        3      +       92
 Other assets 3                                                         31,341      -    1,191      -    2,145
                                                                    ----------      ----------      ----------
           TOTAL ASSETS                                  (519)         452,081      -   11,696      +   14,087

                   LIABILITIES
 Federal Reserve notes                                                 406,169      +    1,239      +   16,802
 Deposits
   Depository institutions                                              21,487      -    9,565      -    3,473
   U.S. Treasury--general account                                        4,695      -    2,141      -      986
   Foreign--official accounts                                              169      +        2      -       55
   Other                                                                   307      +       29      +       23
                                                                    ----------      ----------      ----------
     Total deposits                                                     26,657      -   11,675      -    4,491
 Deferred availability cash items                        (519)           5,692      -        5      +      864
 Other liabilities and accrued dividends 4                               4,372      -      784      -       96
                                                                    ----------      ----------      ----------
           TOTAL LIABILITIES                             (519)         442,889      -   11,226      +   13,079

                CAPITAL ACCOUNTS
 Capital paid in                                                         4,442      +        5      +      544
 Surplus                                                                 3,966               0      +      283
 Other capital accounts                                                    783      -      474      +      180
 ----------------------------------------------------------------------------------------------------------------
 * 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 $    12,153 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes
   $       220 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 $        98 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, AUGUST 7, 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              57          0  Within 15 days                23,199 -    4,859        642 +      204
 16 days to 90 days         231          0  16 days to 90 days            83,247 -    3,536        876 +      154
 Over 90 days                 0          0  91 days to 1 year            116,687 -    1,345        494 +        2
                                            Over 1 year to 5 years        92,581          0        475          0
                                            Over 5 years to 10 years      33,662          0        467          0
                                            Over 10 years                 38,721          0         25          0
                     ---------- ----------                            ---------- ---------- ---------- ----------
   Total                    288          0    Total                      388,097 -    9,739      2,978 +      360
 ----------------------------------------------------------------------------------------------------------------
 Components may not add to totals due to rounding.
1

 H.4.1 (b)

 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 7, 1996
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |   Total   | Boston | New York|  Phila. | Cleve.| Rich. |Atlanta| Chicago |S.Louis| Minneap.|KansasC| Dallas|San Fran.
                                    -----------------------------------------------------------------------------------------------------------------------
           ASSETS
 Gold certificate account                 11,050      661     4,051       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                                        532       17        19        33      28      90      74        52      32        19      43      47        80

 Loans                                       288        0         0         0       0       0      11        33      59       124      38      11        11
 Acceptances                                   0        0         0         0       0       0       0         0       0         0       0       0         0
 Federal agency obligations
   Bought outright                         2,336      137       869        90     137     194     156       253     109        35      73      84       198
   Held under repurchase agreements 1        642        0       642         0       0       0       0         0       0         0       0       0         0
 U.S. government securities
   Bought outright--Bills                186,698   10,985    69,432     7,226  10,973  15,482  12,459    20,233   8,746     2,816   5,848   6,685    15,813
                    Notes                150,102    8,832    55,822     5,809   8,822  12,447  10,017    16,267   7,032     2,264   4,702   5,375    12,713
                    Bonds                 46,443    2,733    17,272     1,797   2,730   3,851   3,099     5,033   2,176       700   1,455   1,663     3,934
                                    -----------------------------------------------------------------------------------------------------------------------
     Total bought outright 2             383,243   22,549   142,526    14,833  22,525  31,780  25,576    41,533  17,953     5,780  12,004  13,723    32,459
   Held under repurchase agreements 1      4,854        0     4,854         0       0       0       0         0       0         0       0       0         0
                                    -----------------------------------------------------------------------------------------------------------------------
       Total U.S. govt. securities       388,097   22,549   147,380    14,833  22,525  31,780  25,576    41,533  17,953     5,780  12,004  13,723    32,459
                                    -----------------------------------------------------------------------------------------------------------------------
         Total loans and securities      391,363   22,687   148,891    14,923  22,663  31,974  25,743    41,820  18,121     5,939  12,116  13,817    32,668

 Items in process of collection            7,403      525       871       389     288     556   1,086       627     243       483     487     411     1,438
 Bank premises                             1,193       94       147        48      94     127      81       111      30        89      56     156       160
 Other assets 3                           31,341    1,448    10,012     1,357   1,895   2,461   2,667     3,553     951       669   1,096   1,628     3,604
 Interdistrict settlement account              0     +405   -20,886    -2,279  +3,879  +7,127     -79      -493  -3,421      -305  -1,285    -678   +18,015
                                    -----------------------------------------------------------------------------------------------------------------------
           TOTAL ASSETS                  452,600   26,473   146,488    15,291  30,014  44,088  31,086    47,788  16,850     7,206  13,113  16,214    57,989
                                    -----------------------------------------------------------------------------------------------------------------------
 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 $    12,153 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $       220 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
   $        98 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 AUGUST 7, 1996
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |   Total   | Boston | New York|  Phila. | Cleve.| Rich. |Atlanta| Chicago |S.Louis| Minneap.|KansasC| Dallas|San Fran.
                                    -----------------------------------------------------------------------------------------------------------------------
        LIABILITIES
 Federal Reserve notes                   406,169   24,212   130,607    13,643  28,219  40,331  27,698    43,357  15,609     5,976  11,221  13,741    51,556
 Deposits
   Depository institutions                21,487    1,141     6,412       790     734   2,116   1,476     2,214     578       446     958   1,421     3,201
   U.S. Treasury--general account          4,695        0     4,695         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                                     307        0       105         0       3      88       2       104       0         1       1       0         2
                                    -----------------------------------------------------------------------------------------------------------------------
     Total deposits                       26,657    1,148    11,275       797     747   2,214   1,492     2,335     582       451     964   1,430     3,223
 Deferred credit items                     6,211      495       699       265     233     569     706       544     211       475     392     352     1,271
 Other liabilities and accrued
   dividends 1                             4,372      259     1,508       191     253     356     311       468     208        96     169     175       378
                                    -----------------------------------------------------------------------------------------------------------------------
     TOTAL LIABILITIES                   443,408   26,114   144,088    14,895  29,452  43,470  30,206    46,704  16,610     6,998  12,746  15,697    56,428

        CAPITAL ACCOUNTS
 Capital paid in                           4,442      167     1,122       191     268     293     426       520     111       102     176     252       815
 Surplus                                   3,966      171     1,057       190     259     292     389       473      98        99     152     246       542
 Other capital accounts                      783       20       222        16      35      33      65        91      32         8      39      19       205
                                    -----------------------------------------------------------------------------------------------------------------------
       ACCOUNTS                          452,600   26,473   146,488    15,291  30,014  44,088  31,086    47,788  16,850     7,206  13,113  16,214    57,989

 ----------------------------------------------------------------------------------------------------------------------------------------------------------
 FEDERAL RESERVE AGENTS' ACCOUNTS

 F.R. notes outstanding                  522,806   29,122   184,641    17,171  31,247  47,243  34,283    51,074  18,784     7,137  13,426  20,549    68,129
   Less--Held by F.R. Banks              116,637    4,910    54,034     3,528   3,028   6,912   6,585     7,717   3,175     1,160   2,204   6,809    16,573
                                    -----------------------------------------------------------------------------------------------------------------------
   F.R. notes, net                       406,169   24,212   130,607    13,643  28,219  40,331  27,698    43,357  15,609     5,976  11,221  13,741    51,556
 Collateral held against F.R. notes
   Gold certificate account               11,050
   Special drawing rights
     certificate account                   9,718
   Other eligible assets                       0
   U.S. govt. and agency securities      385,401
                                     ------------
     Total collateral                    406,169
                                    -----------------------------------------------------------------------------------------------------------------------
 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.`

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