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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
                                                                                         September 10, 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      Sep 9, 1998  Sep 2, 1998 Sep 10, 1997  Sep 9, 1998

Reserve Bank Credit  (1,2)                                  486,298    +   2,444    +  33,207      494,453
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      443,535    +   1,214    +  33,668      443,499
    Held under repurchase agreements                          6,150    +   1,101    -   3,528       10,965
  Federal agency obligations			        		      		     		   
    Bought outright                                             451            0    -     505          451
    Held under repurchase agreements                          2,959    -     466    +   1,141        4,104
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                            63    +      50    +       1            4
    Seasonal credit                                             184    -      50    -     188          182
    Extended credit                                               0            0            0            0
   Float                                                        406    -     225    -     148        1,804
   Other F.R. assets                                         32,549    +     820    +   2,766       33,446
Gold stock                                                   11,046            0    -       4       11,044
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,990    +      14    +     564       25,990
        Total factors supplying reserve funds               532,534    +   2,458    +  33,767      540,688
						        		      		     		   
Currency in circulation*                                    492,885    +   4,110    +  32,837      494,669
Treasury cash holdings*                                          92    -       2    -     167           92
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,396    -       4    +     684        4,940
  Foreign                                                       162    -       4    -      12          171
  Service-related balances and adjustments (4)                6,876    +       5    -     121        6,876
  Other                                                         358    -       7    +      20          354
Other F.R. liabilities and capital                           17,251    +     116    +   1,196       16,832
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             523,020    +   4,214    +  34,437      523,934

Reserve balances with F.R. Banks  (5)                         9,514    -   1,756    -     670       16,754
						       		      		     		    
On  September 9, 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 562,649 million, a change of 
 -$ 4,238 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,966 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,966 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 17,003 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 17,003 million was with foreign official and international 
   accounts.  Includes $ 330 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 
   $ 48 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,696 million and adjustments of $ 180 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
                                                            Sep 9, 1998      Sep 2, 1998     Sep 10, 1997
                ASSETS
Gold certificate account                                        11,044        -       2        -       6
Special drawing rights certificate account                       9,200                0                0
Coin                                                               397        -      12        -      90
					      
Loans                                                              186        -      35        -     183
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  451                0        -     475
  Held under repurchase agreements (1)                           4,104        +   1,028        +   1,596
U.S. government securities		      
  Bought outright--Bills                                       198,696        +   1,522        +   3,669
                   Notes (2)                                   178,827        +       1        +  19,031
                   Bonds (3)                                    65,975                0        +  10,984
    Total bought outright (4)                                  443,499        +   1,523        +  33,685
  Held under repurchase agreements (1)                          10,965        +   5,855        -   1,553
     Total U.S. government securities                          454,464        +   7,378        +  32,131
       Total loans and securities                              459,204        +   8,370        +  33,070
					      
Items in process of collection                      (498)       10,537        +   2,226        +   3,612
Bank premises                                                    1,296        +       3        +      31
Other assets (5)                                                32,205        +   1,714        +   3,186
                TOTAL ASSETS                        (498)      523,883        +  12,299        +  39,805
					      
                LIABILITIES
Federal Reserve notes                                          469,168        +   3,574        +  33,609
Deposits		 		     
  Depository institutions                                       23,670        +   8,297        +   3,341
  U.S. Treasury--general account                                 4,940        -     433        -     619
  Foreign--official accounts                                       171        -      20        +      16
    Other                                                          354        -       8        +      10
      Total deposits                                            29,135        +   7,837        +   2,748
Deferred availability cash items                    (498)        8,748        +   1,046        +   2,444
Other liabilities and accrued dividends (6)                      4,690        -       8        -     238
                TOTAL LIABILITIES                   (498)      511,741        +  12,449        +  38,563
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,945        +      81        +     732
Surplus                                                          5,220                0        +     725
Other capital accounts                                             976        -     231        -     215

*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 
   $ 42 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 
   $ 6 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 17,003 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 330 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 $ 161 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 9, 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         46          0     Within 15 days          20,087   +   6,761      4,152   +   1,028
16 to 90 days         140          0     16 to 90 days           93,576   +     526          5           0
Over 90 days            0          0     91 days to 1 year      144,055   +      90        120           0
                                         Over 1 to 5 years      101,535           0         93           0
                                         Over 5 to 10 years      41,276           0        185           0
                                         Over 10 years           53,935           0          0           0
    Total             186          0         Total              454,464   +   7,378      4,555   +   1,028

1  Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and 
   $ 48 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 9, 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                      11,044        582      4,204        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                                             397         11         23         15         26         37         67         56         21         13         27         51         50
				       
Loans                                            186          0          0          0          0          0          8         30         32         71         29          1         14
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                451         25        167         13         29         35         27         43         16          5         12         20         57
  Held under repurchase agreements(1)          4,104          0      4,104          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     198,696     10,821     73,645      5,777     12,914     15,652     12,087     19,075      6,982      2,183      5,512      9,034     25,013
                   Notes (2)                 178,827      9,739     66,281      5,199     11,622     14,087     10,878     17,168      6,284      1,965      4,961      8,131     22,512
                   Bonds (3)                  65,975      3,593     24,453      1,918      4,288      5,197      4,013      6,334      2,318        725      1,830      3,000      8,305
     Total bought outright(4)                443,499     24,154    164,378     12,894     28,824     34,936     26,978     42,577     15,585      4,872     12,303     20,165     55,831
  Held under repurchase agreements(1)         10,965          0     10,965          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             454,464     24,154    175,343     12,894     28,824     34,936     26,978     42,577     15,585      4,872     12,303     20,165     55,831
       Total loans and securities            459,204     24,178    179,614     12,907     28,853     34,972     27,014     42,650     15,633      4,948     12,344     20,187     55,902
				       
Items in process of collection                11,034        752      1,178        343        622        848      1,149        881        400        945        597        545      2,773
Bank premises                                  1,296         93        159         50        156        126         79        108         31        131         54        149        161
Other assets(5)                               32,205      1,457     10,709      1,361      1,842      3,706      1,886      2,946        804        786        725      1,427      4,556
Interdistrict settlement account                   0       -914    +12,891       -513     -3,312       -595       +221     -3,164     -1,307       +342     +1,272     +2,546     -7,469
          TOTAL ASSETS                       524,381     26,690    211,980     14,769     29,404     40,694     31,736     45,375     16,281      7,416     15,555     25,802     58,678

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 
   $ 42 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 
   $ 6 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 17,003 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 330 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 $ 161 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 9, 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                        469,168     23,714    196,411     13,149     26,683     34,340     27,376     39,993     14,602      5,472     13,622     22,807     50,999
Deposits			      	      
  Depository institutions                     23,670      1,625      5,453        663      1,237      2,789      2,140      2,890        838        712        903      1,776      2,645
  U.S. Treasury--general account               4,940          0      4,940          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     171          7         57          8          9         22          9         14          3          5          3          7         26
  Other                                          354          1         98          0          1         77          1        162          0          0         11          1          1
    Total deposits                            29,135      1,633     10,547        671      1,247      2,888      2,150      3,065        842        718        917      1,784      2,672
Deferred credit items                          9,246        529        933        280        363        801        941        763        400        742        572        462      2,459
Other liabilities and accrued	      	      
  dividends (1)                                4,690        259      1,594        166        296        385        317        455        185         87        163        222        560
    TOTAL LIABILITIES                        512,239     26,136    209,486     14,265     28,590     38,414     30,785     44,275     16,029      7,018     15,275     25,275     56,690
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,945        268      1,181        214        398      1,203        471        539        120        199        138        236        980
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           976         32        258         18         81        259        141         59         10         10         24         20         64
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             524,381     26,690    211,980     14,769     29,404     40,694     31,736     45,375     16,281      7,416     15,555     25,802     58,678
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       576,139     27,958    236,013     15,818     30,685     42,055     35,735     49,967     17,404      7,254     16,231     29,330     67,690
  Less--Held by F.R. Banks                   106,971      4,244     39,601      2,669      4,002      7,716      8,359      9,974      2,802      1,782      2,609      6,523     16,691
  F.R. notes, net                            469,168     23,714    196,411     13,149     26,683     34,340     27,376     39,993     14,602      5,472     13,622     22,807     50,999
Collateral held against F.R. notes    	      
   Gold certificate account                   11,044
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          448,924
     Total collateral                        469,168

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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