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<FONT SIZE=+1><I>Release Date: August 27, 1998</I></FONT><BR>

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<PRE>
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 27, 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     Aug 26, 1998 Aug 19, 1998 Aug 27, 1997 Aug 26, 1998

Reserve Bank Credit  (1,2)                                  481,047    +   1,165    +  30,297      488,282
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      442,278    +     495    +  33,287      441,355
    Held under repurchase agreements                          2,812    +     864    -   5,879        9,272
  Federal agency obligations			        		      		     		   
    Bought outright                                             451            0    -     580          451
    Held under repurchase agreements                          3,638    +     706    +   2,269        4,964
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                             4    -      42    -      70            1
    Seasonal credit                                             254    -       1    -     153          259
    Extended credit                                               0            0            0            0
   Float                                                        475    +      78    +     196          324
   Other F.R. assets                                         31,135    -     934    +   1,227       31,656
Gold stock                                                   11,044            0    -       7       11,046
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,962    +      14    +     558       25,962
        Total factors supplying reserve funds               527,253    +   1,179    +  30,848      534,489
						        		      		     		   
Currency in circulation*                                    487,836    -     384    +  31,401      489,094
Treasury cash holdings*                                          93    -      39    -     190           94
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    4,905    -     545    +      38        4,331
  Foreign                                                       167    +       3    -      31          162
  Service-related balances and adjustments (4)                7,170    +     305    +      89        7,170
  Other                                                         373    +      20    +       8          365
Other F.R. liabilities and capital                           17,077    +     231    +   1,125       16,899
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             517,620    -     409    +  32,441      518,115

Reserve balances with F.R. Banks  (5)                         9,633    +   1,588    -   1,593       16,374
						       		      		     		    
On    August 26, 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 573,577 million, a change of 
 -$ 13,861 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,701 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,701 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 17,625 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 17,625 million was with foreign official and international 
   accounts.  Includes $ 265 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 
   $ 47 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,741 million and adjustments of $ 429 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
                                                           Aug 26, 1998     Aug 19, 1998     Aug 27, 1997
                ASSETS
Gold certificate account                                        11,046        +       4        -       5
Special drawing rights certificate account                       9,200                0                0
Coin                                                               414        +       4        -      78
					      
Loans                                                              260        -       1        -     178
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  451                0        -     580
  Held under repurchase agreements (1)                           4,964        +   1,816        +   2,614
U.S. government securities		      
  Bought outright--Bills                                       198,075        -   1,728        +   3,988
                   Notes (2)                                   177,305        +     189        +  17,510
                   Bonds (3)                                    65,975        +     835        +  10,983
    Total bought outright (4)                                  441,355        -     704        +  32,482
  Held under repurchase agreements (1)                           9,272        +   7,286        -   6,841
     Total U.S. government securities                          450,627        +   6,582        +  25,641
       Total loans and securities                              456,301        +   8,397        +  27,497
					      
Items in process of collection                      (509)        6,535        -     521        -       7
Bank premises                                                    1,294                0        +      29
Other assets (5)                                                30,381        +   1,162        +   1,207
                TOTAL ASSETS                        (509)      515,172        +   9,045        +  28,643
					      
                LIABILITIES
Federal Reserve notes                                          463,639        +     112        +  29,930
Deposits		 		     
  Depository institutions                                       23,632        +   8,859        -   1,536
  U.S. Treasury--general account                                 4,331        -      41        -     869
  Foreign--official accounts                                       162        +       2                0
    Other                                                          365        -      13        -      10
      Total deposits                                            28,491        +   8,808        -   2,416
Deferred availability cash items                    (509)        6,143        -     214        +      45
Other liabilities and accrued dividends (6)                      4,849        +     324        -     187
                TOTAL LIABILITIES                   (509)      503,122        +   9,030        +  27,372
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,864        +      11        +     714
Surplus                                                          5,220                0        +     725
Other capital accounts                                             965        +       3        -     168

*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 
   $ 41 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 $ 17,625 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 265 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 $ 167 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,    August 26, 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        234          0     Within 15 days          19,836   +   1,336      5,012   +   1,864
16 to 90 days          26          0     16 to 90 days           92,084   -   1,633          0   -      48
Over 90 days            0          0     91 days to 1 year      143,190   +   5,855        125   +      11
                                         Over 1 to 5 years      100,306           0         93   -      11
                                         Over 5 to 10 years      41,275   +     303        185           0
                                         Over 10 years           53,935   +     720          0           0
    Total             260          0         Total              450,627   +   6,582      5,415   +   1,816

1  Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and 
   $ 47 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    August 26, 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                      11,046        582      4,206        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                                             414         12         22         12         27         42         74         60         21         13         27         51         52
				       
Loans                                            260          0          0          0          0          0          7         47         48         91         38          2         28
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)          4,964          0      4,964          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     198,075     10,788     73,415      5,759     12,873     15,603     12,049     19,016      6,961      2,176      5,495      9,006     24,935
                   Notes (2)                 177,305      9,656     65,716      5,155     11,524     13,967     10,786     17,022      6,231      1,948      4,919      8,062     22,320
                   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)                441,355     24,037    163,584     12,832     28,685     34,767     26,848     42,371     15,510      4,849     12,243     20,068     55,561
  Held under repurchase agreements(1)          9,272          0      9,272          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             450,627     24,037    172,856     12,832     28,685     34,767     26,848     42,371     15,510      4,849     12,243     20,068     55,561
       Total loans and securities            456,301     24,062    177,987     12,845     28,714     34,803     26,882     42,461     15,573      4,945     12,294     20,090     55,645
				       
Items in process of collection                 7,044        480        965        204        348        508        633        524        255        549        438        367      1,772
Bank premises                                  1,294         93        159         50        156        126         77        108         31        131         54        149        161
Other assets(5)                               30,381      1,436      9,311      1,305      1,819      3,649      1,833      2,865        792        777        716      1,404      4,475
Interdistrict settlement account                   0     -1,099    +13,146       +145     -2,969     -1,369       +711     -3,118     -1,350       +976     +1,088     +1,930     -8,090
          TOTAL ASSETS                       515,680     26,095    208,998     15,167     29,312     39,358     31,530     44,798     16,019      7,643     15,152     24,887     56,721

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 
   $ 41 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 $ 17,625 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 265 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 $ 167 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    August 26, 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                        463,639     22,986    193,290     13,390     26,285     34,638     27,112     39,693     14,454      5,456     13,576     22,646     50,114
Deposits			      	      
  Depository institutions                     23,632      1,836      6,380        841      1,589      1,551      2,303      2,890        857      1,165        726      1,137      2,359
  U.S. Treasury--general account               4,331          0      4,331          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     162          7         47          8          9         22          9         14          3          5          3          7         26
  Other                                          365          1        101          1          3         80          1        168          0          0          7          2          1
    Total deposits                            28,491      1,843     10,859        849      1,601      1,653      2,313      3,071        861      1,171        736      1,146      2,386
Deferred credit items                          6,651        447        636        181        313        563        835        478        266        530        395        340      1,667
Other liabilities and accrued	      	      
  dividends (1)                                4,849        266      1,706        170        302        384        324        458        184         92        166        227        572
    TOTAL LIABILITIES                        503,631     25,542    206,492     14,590     28,500     37,238     30,584     43,700     15,765      7,248     14,873     24,359     54,739
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,864        267      1,180        287        401      1,050        470        539        120        199        138        235        979
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           965         33        272         17         75        252        138         57         12          7         22         22         57
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             515,680     26,095    208,998     15,167     29,312     39,358     31,530     44,798     16,019      7,643     15,152     24,887     56,721
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       574,623     27,580    234,856     15,906     30,579     41,923     36,013     49,681     17,427      7,316     16,171     29,441     67,730
  Less--Held by F.R. Banks                   110,983      4,594     41,566      2,515      4,295      7,285      8,902      9,988      2,973      1,860      2,595      6,794     17,616
  F.R. notes, net                            463,639     22,986    193,290     13,390     26,285     34,638     27,112     39,693     14,454      5,456     13,576     22,646     50,114
Collateral held against F.R. notes    	      
   Gold certificate account                   11,046
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          443,394
     Total collateral                        463,639

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.
</PRE> 
	



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