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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
                                                                                           November 5, 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      Nov 4, 1998 Oct 28, 1998  Nov 5, 1997  Nov 4, 1998

Reserve Bank Credit  (1,2)                                  493,934    +   5,667    +  36,156      491,160
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      450,128    +   2,918    +  38,423      450,388
    Held under repurchase agreements                          3,333    +   1,309    -   6,889        2,050
  Federal agency obligations			        		      		     		
    Bought outright                                             385    -       2    -     314          373
    Held under repurchase agreements                          3,878    +     421    +   2,522        3,234
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            35    +      22    -      96            1
    Seasonal credit                                              67    -      24    -      76           59
    Extended credit                                               0            0            0            0
   Float                                                        -25    -     384    -     491         -599
   Other F.R. assets                                         36,133    +   1,408    +   3,077       35,653
Gold stock                                                   11,041    +       2    -       9       11,041
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,042    +      14    +     450       26,042
        Total factors supplying reserve funds               540,217    +   5,683    +  36,598      537,443
						        		      		     		
Currency in circulation*                                    498,229    +   1,635    +  35,634      499,975
Treasury cash holdings*                                          87    -       3    -     152           87
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,030    -     297    -     195        5,914
  Foreign                                                       164    -      42    -      27          191
  Service-related balances and adjustments (4)                6,864    -       2    -      98        6,864
  Other                                                         406    -      18    +      64          438
Other F.R. liabilities and capital                           18,049    +     862    +   1,775       17,861
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             528,829    +   2,134    +  37,002      531,330

Reserve balances with F.R. Banks  (5)                        11,388    +   3,548    -     404        6,113
						       		      		     		
On   November 4, 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 575,765 million, a change of
 -$ 569 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 18,213 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $ 18,213 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 18,041 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $ 18,041 million was with foreign official and international
   accounts.  Includes $ 220 million securities loaned--fully secured U.S. government securities.
3  Includes $ 3,250 million of inflation-indexed securities valued at the original face amount and
   $ 59 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $ 6,686 million and adjustments of $ 178 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
                                                            Nov 4, 1998     Oct 28, 1998      Nov 5, 1997
                ASSETS
Gold certificate account                                        11,041        +       1        -       9
Special drawing rights certificate account                       9,200                0                0
Coin                                                               409        -      49        -     104
					
Loans                                                               60        -      24        -     905
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  373        -      15        -     312
  Held under repurchase agreements (1)                           3,234        -     206        +   1,855
U.S. government securities		
  Bought outright--Bills                                       197,659        +   1,080        +   3,748
                   Notes (2)                                   185,034        +     701        +  21,957
                   Bonds (3)                                    67,696        +     641        +  11,637
    Total bought outright (4)                                  450,388        +   2,423        +  37,342
  Held under repurchase agreements (1)                           2,050        -     229        -  10,765
     Total U.S. government securities                          452,438        +   2,194        +  26,577
       Total loans and securities                              456,105        +   1,949        +  27,215
					
Items in process of collection                      (505)        7,930        +   1,532        -     799
Bank premises                                                    1,294        -       1        +      21
Other assets (5)                                                34,966        +   1,365        +   2,834
                TOTAL ASSETS                        (505)      520,945        +   4,797        +  29,158
					
                LIABILITIES
Federal Reserve notes                                          474,430        +   1,897        +  34,692
Deposits		 		
  Depository institutions                                       14,320        +     935        -   8,888
  U.S. Treasury--general account                                 5,914        -     469        +     734
  Foreign--official accounts                                       191        -      22        +       5
    Other                                             (1)          438        -      29        +      87
      Total deposits                                  (1)       20,863        +     415        -   8,063
Deferred availability cash items                    (505)        7,791        +   1,551        +     752
Other liabilities and accrued dividends (6)                      4,393        -      83        -     433
                TOTAL LIABILITIES                   (505)      507,477        +   3,780        +  26,948
					
                CAPITAL ACCOUNTS
Capital paid in                                                  5,923        +       4        +     643
Surplus                                                          5,220                0        +     832
Other capital accounts                                           2,325        +   1,014        +     735

*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 $ 2,450 million of inflation-indexed securities valued at the original face amount and
   $ 51 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
   $ 8 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,041 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.
5  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.  Includes
   special investment account at Chicago of $ 200 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,   November 4, 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         13          0     Within 15 days          15,302   +   2,635      3,234   -     206
16 to 90 days          47          0     16 to 90 days           91,727   -   1,174         37   -      15
Over 90 days            0          0     91 days to 1 year      141,032   -   1,234         93           0
                                         Over 1 to 5 years      106,733   +   1,349         58           0
                                         Over 5 to 10 years      42,034           0        185           0
                                         Over 10 years           55,611   +     616          0           0
    Total              60          0         Total              452,438   +   2,194      3,607   -     221

1  Includes $ 3,250 million of inflation-indexed securities valued at the original face amount and
   $ 59 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   November 4, 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                                             409         25         19         17         18         49         58         53         18         16         32         47         56
				
Loans                                             60          2          0          0          0          0          0          3         16         22         16          1          0
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                373         20        138         11         24         29         23         36         13          4         10         17         47
  Held under repurchase agreements(1)          3,234          0      3,234          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     197,659     10,765     73,260      5,747     12,846     15,570     12,024     18,976      6,946      2,171      5,483      8,987     24,883
                   Notes (2)                 185,034     10,077     68,581      5,380     12,026     14,576     11,256     17,764      6,502      2,033      5,133      8,413     23,293
                   Bonds (3)                  67,696      3,687     25,091      1,968      4,400      5,333      4,118      6,499      2,379        744      1,878      3,078      8,522
     Total bought outright(4)                450,388     24,529    166,932     13,094     29,272     35,479     27,398     43,238     15,827      4,948     12,494     20,479     56,698
  Held under repurchase agreements(1)          2,050          0      2,050          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             452,438     24,529    168,982     13,094     29,272     35,479     27,398     43,238     15,827      4,948     12,494     20,479     56,698
       Total loans and securities            456,105     24,551    172,354     13,105     29,296     35,508     27,420     43,277     15,857      4,974     12,520     20,497     56,745
				
Items in process of collection                 8,435        646      1,017        358        422        625        949        582        362        668        488        395      1,922
Bank premises                                  1,294         93        158         50        155        125         80        107         31        131         54        149        161
Other assets(5)                               34,966      1,674     10,426      1,495      2,125      4,177      2,133      3,460        926        884        835      1,636      5,194
Interdistrict settlement account                   0     -2,959    +20,170       -282     -4,751       +702     -1,731     -2,797     -1,884       +334       +777     +2,863    -10,441
          TOTAL ASSETS                       521,450     25,143    211,547     15,349     28,482     42,786     30,229     46,579     16,008      7,256     15,243     26,484     56,343

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 $ 2,450 million of inflation-indexed securities valued at the original face amount and
   $ 51 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
   $ 8 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,041 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.
5  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.  Includes
   special investment account at Chicago of $ 200 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   November 4, 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                        474,430     23,053    197,777     13,812     25,933     37,864     26,408     42,139     14,373      5,630     13,791     23,813     49,836
Deposits			      	
  Depository institutions                     14,320        667      2,539        571        975      1,118      1,579      1,987        795        387        520      1,484      1,698
  U.S. Treasury--general account               5,914          0      5,914          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     191          7         76          8          9         22          9         14          3          5          3          7         26
  Other                                          439          0        105          2          4         90          4        208          4          0         16          2          4
    Total deposits                            20,864        674      8,634        580        988      1,231      1,593      2,209        802        392        540      1,493      1,728
Deferred credit items                          8,296        560        870        245        387        678      1,015        568        383        703        448        389      2,052
Other liabilities and accrued	      	
  dividends (1)                                4,393        243      1,482        159        282        362        294        422        171         84        154        210        529
    TOTAL LIABILITIES                        507,982     24,531    208,762     14,795     27,590     40,135     29,310     45,339     15,730      6,809     14,932     25,905     54,144
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                5,923        268      1,201        213        398      1,224        410        549        119        201        138        233        967
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                         2,325         90        529         67        159        610        170        190         37         57         54         75        286
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             521,450     25,143    211,547     15,349     28,482     42,786     30,229     46,579     16,008      7,256     15,243     26,484     56,343
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       591,309     27,852    239,966     16,865     30,256     46,388     36,957     53,103     16,925      7,348     16,668     30,824     68,158
  Less--Held by F.R. Banks                   116,879      4,798     42,189      3,053      4,323      8,525     10,549     10,964      2,551      1,718      2,877      7,011     18,322
  F.R. notes, net                            474,430     23,053    197,777     13,812     25,933     37,864     26,408     42,139     14,373      5,630     13,791     23,813     49,836
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          454,188
     Total collateral                        474,430

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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