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<FONT SIZE=+1><I>Release Date: November 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
                                                                                          November 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     Nov 25, 1998 Nov 18, 1998 Nov 26, 1997 Nov 25, 1998

Reserve Bank Credit  (1,2)                                  494,178    -   1,042    +  33,694      499,143
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      452,826    +   2,392    +  32,915      454,525
    Held under repurchase agreements                          3,004    -   1,079    -   4,396        3,830
  Federal agency obligations			        		      		     		
    Bought outright                                             372    -       1    -     313          368
    Held under repurchase agreements                          2,691    -   1,524    +     956        4,662
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            84    +      12    +      80          126
    Seasonal credit                                              23    -       9    -      77           19
    Extended credit                                               0            0            0            0
   Float                                                        651    +     177    +     931          559
   Other F.R. assets                                         34,526    -   1,010    +   3,598       35,053
Gold stock                                                   11,041    -       1    -       9       11,040
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,107    +      14    +     510       26,107
        Total factors supplying reserve funds               540,526    -   1,029    +  34,195      545,490
						        		      		     		
Currency in circulation*                                    503,865    +   1,302    +  35,589      506,708
Treasury cash holdings*                                          98    +      11    -     146           99
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,026    +     224    +      24        4,881
  Foreign                                                       179    +       1    +      11          252
  Service-related balances and adjustments (4)                6,795    +      17    -      17        6,795
  Other                                                         389    -      21    +      50          356
Other F.R. liabilities and capital                           17,042    -     178    +     898       16,852
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             533,394    +   1,357    +  36,409      535,943

Reserve balances with F.R. Banks  (5)                         7,132    -   2,385    -   2,214        9,547
						       		      		     		
On  November 25, 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 596,157 million, a change of
 +$ 4,970 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 18,586 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $ 18,586 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 18,533 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $ 18,533 million was with foreign official and international
   accounts.  Includes $ 90 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
   $ 69 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 $ 246 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 25, 1998     Nov 18, 1998     Nov 26, 1997
                ASSETS
Gold certificate account                                        11,040        -       1        -      11
Special drawing rights certificate account                       9,200                0                0
Coin                                                               399        -       5        -      97
					
Loans                                                              146        +     106        +      44
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  368        -       5        -     317
  Held under repurchase agreements (1)                           4,662        +     399        +   3,800
U.S. government securities		
  Bought outright--Bills                                       197,167        +     812        +   2,111
                   Notes (2)                                   187,887        +   1,242        +  20,718
                   Bonds (3)                                    69,472        +     855        +  11,279
    Total bought outright (4)                                  454,525        +   2,908        +  34,108
  Held under repurchase agreements (1)                           3,830        +     200        -   8,191
     Total U.S. government securities                          458,355        +   3,108        +  25,917
       Total loans and securities                              463,530        +   3,608        +  29,443
					
Items in process of collection                      (653)        7,631        -   1,115        +   1,134
Bank premises                                                    1,295                0        +      19
Other assets (5)                                                34,160        +   1,417        +   3,803
                TOTAL ASSETS                        (653)      527,256        +   3,904        +  34,292
					
                LIABILITIES
Federal Reserve notes                                          481,100        +   3,315        +  34,478
Deposits		 		
  Depository institutions                                       16,705        +   1,014        -   2,846
  U.S. Treasury--general account                                 4,881        +     161        +     918
  Foreign--official accounts                                       252        +      38        +      59
    Other                                            (-1)          356        -      50        +      32
      Total deposits                                 (-1)       22,193        +   1,163        -   1,836
Deferred availability cash items                    (654)        7,111        -     567        +     690
Other liabilities and accrued dividends (6)                      4,428        -      44        -     425
                TOTAL LIABILITIES                   (653)      514,832        +   3,867        +  32,907
					
                CAPITAL ACCOUNTS
Capital paid in                                                  5,908        -      27        +     590
Surplus                                                          5,220                0        +     832
Other capital accounts                                           1,296        +      64        -      36

*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
   $ 60 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 $ 18,533 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 90 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 $ 146 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 25, 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        143          0     Within 15 days          14,629   +     937      4,692   +     424
16 to 90 days           3          0     16 to 90 days           96,504   +     255          2   -      30
Over 90 days            0          0     91 days to 1 year      138,884   -     180        100           0
                                         Over 1 to 5 years      107,855   +     528         51           0
                                         Over 5 to 10 years      44,817   +     870        185           0
                                         Over 10 years           55,666   +     698          0           0
    Total             146          0         Total              458,355   +   3,108      5,030   +     394

1  Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and
   $ 69 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 25, 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                      11,040        582      4,200        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                                             399         27         19         20         16         51         56         45         20         13         31         45         56
				
Loans                                            146          0          0          0          5          1          0        123          3          7          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)          4,662          0      4,662          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     197,167     10,738     73,078      5,732     12,814     15,532     11,994     18,928      6,929      2,166      5,470      8,965     24,821
                   Notes (2)                 187,887     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)                454,525     24,754    168,465     13,215     29,541     35,805     27,649     43,635     15,973      4,993     12,609     20,667     57,219
  Held under repurchase agreements(1)          3,830          0      3,830          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             458,355     24,754    172,295     13,215     29,541     35,805     27,649     43,635     15,973      4,993     12,609     20,667     57,219
       Total loans and securities            463,530     24,774    177,094     13,225     29,569     35,835     27,672     43,793     15,989      5,004     12,627     20,683     57,265
				
Items in process of collection                 8,284        702      1,166        277        408        672        735        586        275        650        521        468      1,824
Bank premises                                  1,295         93        158         51        155        125         81        107         31        131         54        149        161
Other assets(5)                               34,160      1,592     10,417      1,450      2,042      4,060      2,042      3,455        878        868        794      1,564      4,999
Interdistrict settlement account                   0     -1,463    +12,964     +1,245     -4,402     +2,353     -1,533     -1,310     -2,021       +456       +663     +2,314     -9,264
          TOTAL ASSETS                       527,909     26,837    209,220     16,873     29,005     44,694     30,371     48,573     15,870      7,373     15,225     26,120     57,749

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
   $ 60 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 $ 18,533 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 90 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 $ 146 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 25, 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                        481,100     24,513    196,716     15,453     26,130     39,284     26,877     42,927     14,492      5,689     13,857     24,171     50,991
Deposits			      	
  Depository institutions                     16,705        968      2,475        543      1,448      1,757      1,291      3,385        614        544        446        841      2,393
  U.S. Treasury--general account               4,881          0      4,881          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     252          7        137          8          9         22          9         14          3          5          3          7         26
  Other                                          355          0         97          1          2         79          6        150          4          1         11          1          2
    Total deposits                            22,192        976      7,589        551      1,459      1,859      1,307      3,550        621        550        460        849      2,422
Deferred credit items                          7,765        540        838        250        305        666      1,025        523        329        639        465        374      1,813
Other liabilities and accrued	      	
  dividends (1)                                4,428        247      1,484        159        284        378        298        425        173         85        156        210        528
    TOTAL LIABILITIES                        515,485     26,275    206,627     16,413     28,178     42,187     29,507     47,425     15,616      6,964     14,938     25,604     55,753
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                5,908        268      1,205        175        398      1,237        419        553        120        202        138        223        970
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                         1,296         41        333         13         93        453        107         94         13         18         30         21         81
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             527,909     26,837    209,220     16,873     29,005     44,694     30,371     48,573     15,870      7,373     15,225     26,120     57,749
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       600,250     28,978    240,368     18,090     30,021     48,748     37,894     53,157     17,139      7,507     16,741     33,251     68,357
  Less--Held by F.R. Banks                   119,150      4,465     43,652      2,638      3,890      9,464     11,017     10,229      2,646      1,819      2,884      9,080     17,366
  F.R. notes, net                            481,100     24,513    196,716     15,453     26,130     39,284     26,877     42,927     14,492      5,689     13,857     24,171     50,991
Collateral held against F.R. notes    	
   Gold certificate account                   11,040
   Special drawing rights	      	
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          460,860
     Total collateral                        481,100

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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