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<FONT SIZE=+1><I>Release Date: August 13, 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 13, 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 12, 1998  Aug 5, 1998 Aug 13, 1997 Aug 12, 1998

Reserve Bank Credit  (1,2)                                  481,990    +   1,309    +  32,405      489,822
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      441,906    +     814    +  31,723      442,278
    Held under repurchase agreements                          2,592    -   2,045    -   2,203        5,755
  Federal agency obligations			        		      		     		   
    Bought outright                                             479    -      46    -     560          451
    Held under repurchase agreements                          3,135    +   1,860    +   2,326        6,135
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                             2    -      56    -       6            2
    Seasonal credit                                             243    +       4    -     122          246
    Extended credit                                               0            0            0            0
   Float                                                        665    +     571    +      48        1,173
   Other F.R. assets                                         32,969    +     207    +   1,199       33,783
Gold stock                                                   11,045    -       1    -       5       11,045
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,934    +      14    +     549       25,934
        Total factors supplying reserve funds               528,170    +   1,322    +  32,948      536,001
						        		      		     		   
Currency in circulation*                                    488,267    +   1,304    +  31,609      489,478
Treasury cash holdings*                                         138    -       3    -     167          138
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    4,839    -     395    -     126        5,138
  Foreign                                                       177    +      16    +       7          163
  Service-related balances and adjustments (4)                6,993    +      14    -      98        6,993
  Other                                                         330    +      38    -      21          336
Other F.R. liabilities and capital                           16,792    -      31    +   1,729       16,737
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             517,535    +     942    +  32,933      518,982

Reserve balances with F.R. Banks  (5)                        10,634    +     380    +      15       17,019
						       		      		     		    
On    August 12, 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 587,542 million, a change of 
 -$ 5,791 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,048 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,048 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 15,677 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 15,677 million was with foreign official and international 
   accounts.  Includes $ 646 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 
   $ 46 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,751 million and adjustments of $ 242 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 12, 1998      Aug 5, 1998     Aug 13, 1997
                ASSETS
Gold certificate account                                        11,045        -       2        -       6
Special drawing rights certificate account                       9,200                0                0
Coin                                                               413        +       1        -      80
					      
Loans                                                              248        -     288        -     127
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  451        -      75        -     580
  Held under repurchase agreements (1)                           6,135        +   4,180        +   4,130
U.S. government securities		      
  Bought outright--Bills                                       200,023        +     369        +   3,443
                   Notes (2)                                   178,888        +       1        +  18,363
                   Bonds (3)                                    63,367                0        +   9,106
    Total bought outright (4)                                  442,278        +     370        +  30,912
  Held under repurchase agreements (1)                           5,755        +   5,225        -   5,188
     Total U.S. government securities                          448,033        +   5,595        +  25,724
       Total loans and securities                              454,866        +   9,412        +  29,148
					      
Items in process of collection                      (547)        7,379        -   1,002        +   1,328
Bank premises                                                    1,292        +       3        +      30
Other assets (5)                                                32,498        +   1,246        +   1,431
                TOTAL ASSETS                        (547)      516,694        +   9,659        +  31,851
					      
                LIABILITIES
Federal Reserve notes                                          464,095        +     934        +  31,117
Deposits		 		     
  Depository institutions                                       23,943        +   9,641        -   1,563
  U.S. Treasury--general account                                 5,138        +      93        +     459
  Foreign--official accounts                                       163        -       5        -      28
    Other                                                          336        -      10        -      23
      Total deposits                                            29,579        +   9,719        -   1,154
Deferred availability cash items                    (547)        6,282        -   1,228        +     450
Other liabilities and accrued dividends (6)                      4,700        +      67        -      86
                TOTAL LIABILITIES                   (547)      504,656        +   9,492        +  30,327
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,846        +       5        +     708
Surplus                                                          5,220                0        +     725
Other capital accounts                                             971        +     162        +      92

*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 
   $ 40 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 $ 15,677 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 646 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 $ 130 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 12, 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         55          0     Within 15 days          23,237   +   5,484      6,135   +   4,130
16 to 90 days         193          0     16 to 90 days           89,266   -      15         48           0
Over 90 days            0          0     91 days to 1 year      143,570   +     125        114           0
                                         Over 1 to 5 years       96,711           0        104           0
                                         Over 5 to 10 years      43,018           0        185           0
                                         Over 10 years           52,231           0          0   -      25
    Total             248          0         Total              448,033   +   5,595      6,586   +   4,105

1  Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and 
   $ 46 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 12, 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                      11,045        582      4,205        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                                             413         12         23         14         28         40         71         59         22         15         27         51         52
				       
Loans                                            248          0          0          0          0          0          7         44         40         96         37          2         23
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)          6,135          0      6,135          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     200,023     10,894     74,136      5,815     13,000     15,757     12,168     19,203      7,029      2,197      5,549      9,095     25,180
                   Notes (2)                 178,888      9,743     66,303      5,201     11,626     14,092     10,882     17,174      6,286      1,965      4,962      8,134     22,520
                   Bonds (3)                  63,367      3,451     23,487      1,842      4,118      4,992      3,855      6,083      2,227        696      1,758      2,881      7,977
     Total bought outright(4)                442,278     24,087    163,926     12,859     28,745     34,840     26,904     42,459     15,542      4,859     12,269     20,110     55,677
  Held under repurchase agreements(1)          5,755          0      5,755          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             448,033     24,087    169,681     12,859     28,745     34,840     26,904     42,459     15,542      4,859     12,269     20,110     55,677
       Total loans and securities            454,866     24,112    175,983     12,872     28,774     34,876     26,938     42,546     15,598      4,960     12,319     20,132     55,757
				       
Items in process of collection                 7,926        605        757        299        320        496      1,299        560        237        562        497        429      1,863
Bank premises                                  1,292         93        159         50        152        128         76        108         31        131         54        149        160
Other assets(5)                               32,498      1,537     10,289      1,359      1,936      3,801      1,947      3,004        856        797        768      1,492      4,714
Interdistrict settlement account                   0     -1,971    +13,203        +43     -2,709       +139       -701     -2,965     -1,029       +556     +1,273     +2,478     -8,318
          TOTAL ASSETS                       517,240     25,500    207,820     15,243     29,718     41,079     30,950     45,210     16,412      7,272     15,474     25,628     56,934

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 
   $ 40 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 $ 15,677 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 646 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 $ 130 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 12, 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                        464,095     22,740    191,405     13,517     26,915     34,857     26,990     40,500     14,890      5,563     13,787     22,823     50,108
Deposits			      	      
  Depository institutions                     23,943      1,478      6,262        751      1,407      3,094      1,994      2,459        823        679        790      1,734      2,470
  U.S. Treasury--general account               5,138          0      5,138          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     163          7         48          8          9         22          9         14          3          5          3          7         26
  Other                                          336          1        103          0          2         86          3        132          0          0          7          1          1
    Total deposits                            29,579      1,486     11,551        759      1,419      3,203      2,007      2,605        827        684        800      1,742      2,496
Deferred credit items                          6,829        464        717        226        287        525        698        558        257        547        444        315      1,789
Other liabilities and accrued	      	      
  dividends (1)                                4,700        258      1,643        166        295        373        312        447        180         88        163        222        553
    TOTAL LIABILITIES                        505,203     24,949    205,316     14,668     28,916     38,957     30,008     44,110     16,154      6,882     15,194     25,101     54,947
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,846        267      1,180        286        391      1,049        466        539        123        196        137        233        979
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           971         31        269         16         75        255        138         59         14          5         24         23         63
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             517,240     25,500    207,820     15,243     29,718     41,079     30,950     45,210     16,412      7,272     15,474     25,628     56,934
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       572,144     27,099    233,789     15,837     30,625     41,701     35,604     49,808     17,525      7,217     16,068     29,334     67,536
  Less--Held by F.R. Banks                   108,049      4,359     42,384      2,321      3,710      6,844      8,614      9,308      2,635      1,654      2,281      6,511     17,428
  F.R. notes, net                            464,095     22,740    191,405     13,517     26,915     34,857     26,990     40,500     14,890      5,563     13,787     22,823     50,108
Collateral held against F.R. notes    	      
   Gold certificate account                   11,045
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          443,850
     Total collateral                        464,095

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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