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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
                                                                                              July 30, 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     Jul 29, 1998 Jul 22, 1998 Jul 30, 1997 Jul 29, 1998

Reserve Bank Credit  (1,2)                                  479,153    +   2,221    +  31,714      484,484
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      439,960    -     162    +  30,137      441,354
    Held under repurchase agreements                          4,928    +   2,334    +   1,612        8,411
  Federal agency obligations			        		      		     		   
    Bought outright                                             526            0    -     684          526
    Held under repurchase agreements                            674    -     166    +     324        1,110
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                            12    -     138    -     204            2
    Seasonal credit                                             243    +      20    -     135          249
    Extended credit                                               0            0            0            0
   Float                                                         92    -     390    -      34         -457
   Other F.R. assets                                         32,719    +     723    +     698       33,289
Gold stock                                                   11,047            0    -       3       11,047
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,906    +      14    +     538       25,906
        Total factors supplying reserve funds               525,306    +   2,236    +  32,249      530,637
						        		      		     		   
Currency in circulation*                                    485,709    +      19    +  31,315      487,012
Treasury cash holdings*                                         181    -       7    -     140          141
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,115    -      40    +     238        5,184
  Foreign                                                       174    +       4    +       2          158
  Service-related balances and adjustments (4)                6,735    -     233    -     626        6,735
  Other                                                         252    -      12    -      63          262
Other F.R. liabilities and capital                           17,025    +     273    +   1,355       16,754
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             515,191    +       5    +  32,081      516,246

Reserve balances with F.R. Banks  (5)                        10,115    +   2,231    +     168       14,390
						       		      		     		    
On      July 29, 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 592,993 million, a change of 
 +$ 925 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,943 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,943 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 15,550 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 15,550 million was with foreign official and international 
   accounts.  Includes $ 108 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 
   $ 43 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,641 million and adjustments of $ 94 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
                                                           Jul 29, 1998     Jul 22, 1998     Jul 30, 1997
                ASSETS
Gold certificate account                                        11,047                0        -       4
Special drawing rights certificate account                       9,200                0                0
Coin                                                               413        +       8        -      64
					      
Loans                                                              251        +       8        -   1,428
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  526                0        -     684
  Held under repurchase agreements (1)                           1,110        -     846        +     135
U.S. government securities		      
  Bought outright--Bills                                       200,149        +   5,249        +   5,943
                   Notes (2)                                   178,886        +       1        +  18,362
                   Bonds (3)                                    62,318                0        +   8,057
    Total bought outright (4)                                  441,354        +   5,250        +  32,362
  Held under repurchase agreements (1)                           8,411        +   3,750        -     516
     Total U.S. government securities                          449,765        +   9,000        +  31,846
       Total loans and securities                              451,651        +   8,163        +  29,870
					      
Items in process of collection                      (428)        6,253        -   1,403        +     521
Bank premises                                                    1,288        -       6        +      30
Other assets (5)                                                32,026        +     940        +     953
                TOTAL ASSETS                        (428)      511,878        +   7,702        +  31,304
					      
                LIABILITIES
Federal Reserve notes                                          461,660        +     451        +  30,798
Deposits		 		     
  Depository institutions                                       21,618        +   6,351        -   1,366
  U.S. Treasury--general account                                 5,184        +     758        +      32
  Foreign--official accounts                                       158        -      37        -      12
    Other                                                          262        +      14        -      55
      Total deposits                                            27,222        +   7,087        -   1,401
Deferred availability cash items                    (428)        6,242        -      79        +     693
Other liabilities and accrued dividends (6)                      4,796        +     266        -     134
                TOTAL LIABILITIES                   (428)      499,920        +   7,726        +  29,956
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,819        -       3        +     732
Surplus                                                          5,220                0        +     725
Other capital accounts                                             919        -      21        -     108

*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 
   $ 38 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 
   $ 5 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 15,550 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 108 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 $ 84 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,      July 29, 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        229          0     Within 15 days          17,348   -   2,046      1,160   -     796
16 to 90 days          23          0     16 to 90 days           97,971   +   5,375         48   -      50
Over 90 days            0          0     91 days to 1 year      142,449   +   5,670        114   +       5
                                         Over 1 to 5 years       97,797           0        104   -       5
                                         Over 5 to 10 years      43,018           0        185           0
                                         Over 10 years           51,181           0         25           0
    Total             251          0         Total              449,765   +   9,000      1,636   -     846

1  Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and 
   $ 43 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      July 29, 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                      11,047        582      4,207        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         10         23         15         27         42         70         57         22         16         28         49         54
				       
Loans                                            251          0          0          1          0          0          7         41         35         99         34          3         31
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                526         29        195         15         34         41         32         50         18          6         15         24         66
  Held under repurchase agreements(1)          1,110          0      1,110          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     200,149     10,901     74,183      5,819     13,008     15,767     12,175     19,215      7,034      2,199      5,552      9,101     25,196
                   Notes (2)                 178,886      9,743     66,303      5,201     11,626     14,092     10,882     17,173      6,286      1,965      4,962      8,134     22,520
                   Bonds (3)                  62,318      3,394     23,098      1,812      4,050      4,909      3,791      5,983      2,190        685      1,729      2,834      7,845
     Total bought outright(4)                441,354     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)          8,411          0      8,411          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             449,765     24,037    171,995     12,832     28,685     34,767     26,848     42,371     15,510      4,849     12,243     20,068     55,561
       Total loans and securities            451,651     24,066    173,299     12,848     28,719     34,809     26,887     42,462     15,564      4,954     12,292     20,094     55,658
				       
Items in process of collection                 6,682        538        654        219        345        491        663        500        304        577        397        309      1,685
Bank premises                                  1,288         93        159         50        152        125         75        108         31        131         54        149        160
Other assets(5)                               32,026      1,511     10,139      1,348      1,906      3,773      1,918      2,915        839        795        754      1,470      4,658
Interdistrict settlement account                   0     -2,624    +14,096       -141     -2,012     -1,902       -285     -2,759       -949       +744     +1,198     +2,020     -7,386
          TOTAL ASSETS                       512,307     24,706    205,778     14,944     30,354     38,938     30,647     45,181     16,508      7,468     15,259     24,989     57,535

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 
   $ 38 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 
   $ 5 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 15,550 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 108 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 $ 84 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      July 29, 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                        461,660     22,144    189,429     13,306     27,261     34,415     27,037     40,424     15,033      5,531     13,705     22,958     50,418
Deposits			      	      
  Depository institutions                     21,618      1,267      6,280        708      1,663      1,434      1,566      2,628        741        900        724        988      2,718
  U.S. Treasury--general account               5,184          0      5,184          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     158          7         43          8          9         22          9         14          3          5          3          7         26
  Other                                          262          1        104          0          3         58          1         85          0          0          7          1          1
    Total deposits                            27,222      1,275     11,612        716      1,675      1,515      1,577      2,727        745        906        734        997      2,745
Deferred credit items                          6,670        474        617        181        321        510        776        477        289        561        375        284      1,805
Other liabilities and accrued	      	      
  dividends (1)                                4,796        264      1,659        167        301        389        320        458        185         89        167        225        570
    TOTAL LIABILITIES                        500,348     24,156    203,316     14,370     29,557     36,829     29,710     44,086     16,252      7,087     14,982     24,465     55,538
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,819        266      1,163        287        390      1,049        465        538        123        191        137        231        978
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           919         31        244         14         71        242        133         55         12          2         21         22         73
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             512,307     24,706    205,778     14,944     30,354     38,938     30,647     45,181     16,508      7,468     15,259     24,989     57,535
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       570,576     26,560    232,707     15,937     30,596     41,350     35,954     49,697     17,542      7,262     16,031     29,184     67,756
  Less--Held by F.R. Banks                   108,916      4,417     43,278      2,631      3,336      6,936      8,917      9,273      2,509      1,731      2,325      6,225     17,338
  F.R. notes, net                            461,660     22,144    189,429     13,306     27,261     34,415     27,037     40,424     15,033      5,531     13,705     22,958     50,418
Collateral held against F.R. notes    	      
   Gold certificate account                   11,047
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          441,413
     Total collateral                        461,660

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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