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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
                                                                                           December 3, 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      Dec 2, 1998 Nov 25, 1998  Dec 3, 1997  Dec 2, 1998

Reserve Bank Credit  (1,2)                                  501,454    +   7,276    +  34,394      498,928
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      454,398    +   1,572    +  34,456      454,213
    Held under repurchase agreements                          5,714    +   2,709    -   6,862        5,020
  Federal agency obligations			        		      		     		
    Bought outright                                             368    -       4    -     317          368
    Held under repurchase agreements                          5,291    +   2,600    +   3,125        2,967
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            34    -      50    -      10          111
    Seasonal credit                                              16    -       7    -      74           13
    Extended credit                                               0            0            0            0
   Float                                                        728    +      77    +     362        1,690
   Other F.R. assets                                         34,905    +     378    +   3,713       34,547
Gold stock                                                   11,040    -       1    -      10       11,041
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,121    +      14    +     523       26,121
        Total factors supplying reserve funds               547,815    +   7,290    +  34,906      545,289
						        		      		     		
Currency in circulation*                                    506,913    +   3,048    +  35,043      507,669
Treasury cash holdings*                                         100    +       1    -     134          100
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,304    +     279    +     542        4,382
  Foreign                                                       207    +      27    +      33          171
  Service-related balances and adjustments (4)                7,212    +     417    +      35        7,212
  Other                                                         363    -      26    -      47          360
Other F.R. liabilities and capital                           16,804    -     238    +   1,202       16,253
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             536,903    +   3,509    +  36,674      536,146

Reserve balances with F.R. Banks  (5)                        10,912    +   3,780    -   1,768        9,143
						       		      		     		
On   December 2, 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 595,379 million, a change of
 -$ 778 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 18,660 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $ 18,660 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 18,846 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $ 18,846 million was with foreign official and international
   accounts.  Includes $ 50 million securities loaned--fully secured U.S. government securities.
3  Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and
   $ 71 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $ 6,548 million and adjustments of $ 664 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
                                                            Dec 2, 1998     Nov 25, 1998      Dec 3, 1997
                ASSETS
Gold certificate account                                        11,041        +       1        -      10
Special drawing rights certificate account                       9,200                0                0
Coin                                                               377        -      22        -     106
					
Loans                                                              124        -      22        -      67
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  368                0        -     317
  Held under repurchase agreements (1)                           2,967        -   1,695        +   1,942
U.S. government securities		
  Bought outright--Bills                                       196,853        -     313        +   2,549
                   Notes (2)                                   187,888        +       1        +  20,718
                   Bonds (3)                                    69,472                0        +  11,279
    Total bought outright (4)                                  454,213        -     312        +  34,545
  Held under repurchase agreements (1)                           5,020        +   1,190        -  12,927
     Total U.S. government securities                          459,233        +     878        +  21,618
       Total loans and securities                              462,691        -     839        +  23,176
					
Items in process of collection                      (497)        9,257        +   1,626        +   1,073
Bank premises                                                    1,294        -       1        +      30
Other assets (5)                                                33,330        -     830        +   3,302
                TOTAL ASSETS                        (497)      527,190        -      66        +  27,466
					
                LIABILITIES
Federal Reserve notes                                          482,025        +     925        +  34,100
Deposits		 		
  Depository institutions                                       16,130        -     574        -   8,746
  U.S. Treasury--general account                                 4,382        -     499        +     171
  Foreign--official accounts                                       171        -      81        -       2
    Other                                                          360        +       4        +      30
      Total deposits                                            21,043        -   1,150        -   8,547
Deferred availability cash items                    (497)        7,869        +     758        +   1,043
Other liabilities and accrued dividends (6)                      4,376        -      51        -     523
                TOTAL LIABILITIES                   (497)      515,314        +     482        +  26,072
					
                CAPITAL ACCOUNTS
Capital paid in                                                  5,936        +      28        +     621
Surplus                                                          5,209        -      11        +     823
Other capital accounts                                             732        -     564        -      50

*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 $ 2,867 million of inflation-indexed securities valued at the original face amount and
   $ 61 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
3  Includes $ 820 million of inflation-indexed securities valued at the original face amount and
   $ 9 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,846 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 50 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 $ 110 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,   December 2, 1998
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
                    Loans   Acceptances                           securities (1)           obligations
                                                                           Weekly                 Weekly
                                                               Holdings    changes    Holdings    changes
Within 15 days        111          0     Within 15 days          13,380   -   1,250      2,997   -   1,695
16 to 90 days          12          0     16 to 90 days           99,594   +   3,090          2           0
Over 90 days            0          0     91 days to 1 year      138,427   -     457        100           0
                                         Over 1 to 5 years      107,348   -     507         51           0
                                         Over 5 to 10 years      44,818   +       1        185           0
                                         Over 10 years           55,667           0          0           0
    Total             124          0         Total              459,233   +     878      3,335   -   1,695

1  Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and
   $ 71 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   December 2, 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                      11,041        582      4,201        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                                             377         26         19         21         15         48         50         43         18         14         27         41         55
				
Loans                                            124          0          1          0          0          8        100          1          2          4          8          0          0
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                368         20        136         11         24         29         22         35         13          4         10         17         46
  Held under repurchase agreements(1)          2,967          0      2,967          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     196,853     10,721     72,962      5,723     12,794     15,507     11,975     18,898      6,918      2,163      5,461      8,951     24,781
                   Notes (2)                 187,888     10,233     69,639      5,463     12,211     14,801     11,429     18,038      6,603      2,064      5,212      8,543     23,653
                   Bonds (3)                  69,472      3,784     25,749      2,020      4,515      5,473      4,226      6,669      2,441        763      1,927      3,159      8,746
     Total bought outright(4)                454,213     24,737    168,350     13,206     29,521     35,780     27,630     43,605     15,962      4,990     12,600     20,652     57,180
  Held under repurchase agreements(1)          5,020          0      5,020          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             459,233     24,737    173,370     13,206     29,521     35,780     27,630     43,605     15,962      4,990     12,600     20,652     57,180
       Total loans and securities            462,691     24,757    176,474     13,216     29,544     35,817     27,753     43,641     15,976      4,998     12,618     20,669     57,226
				
Items in process of collection                 9,754        598        853        453        476        796      1,638        841        412        736        451        522      1,977
Bank premises                                  1,294         93        158         50        155        125         81        107         31        131         54        148        162
Other assets(5)                               33,330      1,549     10,487      1,479      1,978      3,953      1,994      3,036        856        840        771      1,524      4,864
Interdistrict settlement account                   0     -1,087    +13,278     +1,069     -4,749     +2,177     -1,226     -2,208     -1,932       +488     +1,096     +2,658     -9,565
          TOTAL ASSETS                       527,687     27,049    208,671     16,893     28,637     44,515     31,609     47,358     16,060      7,458     15,553     26,460     57,424

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 $ 2,867 million of inflation-indexed securities valued at the original face amount and
   $ 61 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
3  Includes $ 820 million of inflation-indexed securities valued at the original face amount and
   $ 9 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,846 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 50 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 $ 110 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   December 2, 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                        482,025     24,785    195,976     15,341     26,160     39,813     27,898     43,131     14,557      5,700     13,894     23,935     50,833
Deposits			      	
  Depository institutions                     16,130      1,012      3,396        643      1,025      1,177      1,399      1,943        685        568        707      1,440      2,136
  U.S. Treasury--general account               4,382          0      4,382          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     171          7         56          8          9         22          9         14          3          5          3          7         26
  Other                                          360          0        104          2          1         71         15        111         17         12         21          1          6
    Total deposits                            21,043      1,019      7,937        653      1,036      1,270      1,423      2,068        705        585        731      1,449      2,168
Deferred credit items                          8,366        475        812        306        372        652      1,170        634        381        698        503        368      1,994
Other liabilities and accrued	      	
  dividends (1)                                4,376        242      1,467        156        287        382        297        419        173         85        153        208        507
    TOTAL LIABILITIES                        515,810     26,521    206,193     16,456     27,855     42,116     30,789     46,252     15,817      7,068     15,281     25,960     55,502
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                5,936        268      1,208        175        398      1,237        419        576        120        202        138        223        971
Surplus                                        5,209        254      1,055        263        335        818        338        502        122        188        119        270        945
Other capital accounts                           732          6        216          0         48        344         62         27          1          0         15          6          7
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             527,687     27,049    208,671     16,893     28,637     44,515     31,609     47,358     16,060      7,458     15,553     26,460     57,424
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       603,378     29,282    240,553     18,124     29,993     49,149     39,239     53,530     17,098      7,488     16,777     33,658     68,489
  Less--Held by F.R. Banks                   121,353      4,497     44,577      2,783      3,833      9,335     11,341     10,399      2,540      1,788      2,882      9,723     17,655
  F.R. notes, net                            482,025     24,785    195,976     15,341     26,160     39,813     27,898     43,131     14,557      5,700     13,894     23,935     50,833
Collateral held against F.R. notes    	
   Gold certificate account                   11,041
   Special drawing rights	      	
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          461,785
     Total collateral                        482,025

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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