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<FONT SIZE=+1><I>Release Date: December 17, 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
                                                                                          December 17, 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     Dec 16, 1998  Dec 9, 1998 Dec 17, 1997 Dec 16, 1998

Reserve Bank Credit  (1,2)                                  503,135    +   7,118    +  36,446      503,861
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      454,019    -     511    +  23,600      455,035
    Held under repurchase agreements                          6,909    +   3,400    +   4,009        5,702
  Federal agency obligations			        		      		     		
    Bought outright                                             338    -      30    -     347          338
    Held under repurchase agreements                          6,380    +   3,135    +   5,582        7,181
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            25    +      23    -     253          145
    Seasonal credit                                              13    +       1    -      71           14
    Extended credit                                               0            0            0            0
   Float                                                        598    -     169    +     113          740
   Other F.R. assets                                         34,853    +   1,269    +   3,814       34,707
Gold stock                                                   11,041            0    -       8       11,041
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,149    +      14    +     547       26,149
        Total factors supplying reserve funds               549,524    +   7,132    +  36,985      550,250
						        		      		     		
Currency in circulation*                                    507,706    +   1,013    +  34,625      509,843
Treasury cash holdings*                                          87    -      11    -     144           84
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    6,324    +   1,289    -       6        8,628
  Foreign                                                       195    +      41    +      25          170
  Service-related balances and adjustments (4)                6,705    -      40    -      98        6,705
  Other                                                         290    -      56    -      89          263
Other F.R. liabilities and capital                           17,113    +     614    +     921       16,965
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             538,419    +   2,850    +  35,234      542,657

Reserve balances with F.R. Banks  (5)                        11,105    +   4,282    +   1,751        7,593
						       		      		     		
On  December 16, 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 597,588 million, a change of
 +$ 1,405 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 19,044 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $ 19,044 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 18,029 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $ 18,029 million was with foreign official and international
   accounts.  Includes $ 222 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
   $ 75 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $ 6,559 million and adjustments of $ 145 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
                                                           Dec 16, 1998      Dec 9, 1998     Dec 17, 1997
                ASSETS
Gold certificate account                                        11,041                0        -       8
Special drawing rights certificate account                       9,200                0                0
Coin                                                               399        +      14        -      97
					
Loans                                                              159        +     142        -     819
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  338        -      30        -     347
  Held under repurchase agreements (1)                           7,181        +   3,695        +   5,301
U.S. government securities		
  Bought outright--Bills                                       197,671        +     258        +     736
                   Notes (2)                                   187,891        +       2        +  13,687
                   Bonds (3)                                    69,473                0        +  10,066
    Total bought outright (4)                                  455,035        +     260        +  24,489
  Held under repurchase agreements (1)                           5,702        +     805        -   3,713
     Total U.S. government securities                          460,737        +   1,065        +  20,776
       Total loans and securities                              468,415        +   4,871        +  24,911
					
Items in process of collection                      (630)        8,751        +     378        +     736
Bank premises                                                    1,296        +       1        +      29
Other assets (5)                                                33,497        +     404        +   2,642
                TOTAL ASSETS                        (630)      532,600        +   5,669        +  28,212
					
                LIABILITIES
Federal Reserve notes                                          484,177        +   1,977        +  33,710
Deposits		 		
  Depository institutions                                       14,662        -   1,356        -   7,785
  U.S. Treasury--general account                                 8,628        +   4,429        +   1,135
  Foreign--official accounts                                       170        +      14        +      16
    Other                                                          263        -      64        -     118
      Total deposits                                            23,722        +   3,024        -   6,752
Deferred availability cash items                    (630)        7,735        +     352        +     309
Other liabilities and accrued dividends (6)                      4,477        +     120        -     464
                TOTAL LIABILITIES                   (630)      520,112        +   5,473        +  26,804
					
                CAPITAL ACCOUNTS
Capital paid in                                                  5,942        +       5        +     586
Surplus                                                          5,220                0        +     832
Other capital accounts                                           1,325        +     191        -      10

*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
   $ 64 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
   $ 10 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,029 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 222 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 $ 55 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,  December 16, 1998
Holdings of securities include securitites held under repurchase agreements, which are classified according
to remaining maturity.

Millions of dollars
                                                                 U.S. government         Federal agency
                    Loans   Acceptances                           securities (1)           obligations
                                                                           Weekly                 Weekly
                                                               Holdings    changes    Holdings    changes
Within 15 days        157          0     Within 15 days          12,481   -   2,650      4,553   +   3,665
16 to 90 days           2          0     16 to 90 days          102,763   -   1,808      2,655   +      25
Over 90 days            0          0     91 days to 1 year      137,657   +   5,520         75   -      25
                                         Over 1 to 5 years      107,349   +       1         61   +      10
                                         Over 5 to 10 years      44,820   +       1        175   -      10
                                         Over 10 years           55,668           0          0           0
    Total             159          0         Total              460,737   +   1,065      7,519   +   3,665

1  Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and
   $ 75 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  December 16, 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                                             399         29         18         23         17         55         52         42         20         17         28         43         55
				
Loans                                            159          0          0          3          0         19          0        113          1          4          8          0         11
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                338         18        125         10         22         27         21         32         12          4          9         15         42
  Held under repurchase agreements(1)          7,181          0      7,181          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     197,671     10,766     73,265      5,747     12,847     15,571     12,024     18,977      6,946      2,172      5,484      8,988     24,884
                   Notes (2)                 187,891     10,233     69,640      5,463     12,212     14,801     11,430     18,038      6,603      2,064      5,212      8,543     23,653
                   Bonds (3)                  69,473      3,784     25,749      2,020      4,515      5,473      4,226      6,670      2,441        763      1,927      3,159      8,746
     Total bought outright(4)                455,035     24,782    168,654     13,230     29,574     35,845     27,680     43,684     15,991      4,999     12,623     20,690     57,283
  Held under repurchase agreements(1)          5,702          0      5,702          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             460,737     24,782    174,356     13,230     29,574     35,845     27,680     43,684     15,991      4,999     12,623     20,690     57,283
       Total loans and securities            468,415     24,801    181,662     13,242     29,596     35,891     27,701     43,830     16,004      5,007     12,641     20,705     57,336
				
Items in process of collection                 9,382        673      1,092        475        323        661        963        886        426        589        648        489      2,156
Bank premises                                  1,296         94        158         51        156        125         81        107         31        131         54        149        162
Other assets(5)                               33,497      1,580     10,379      1,461      2,014      3,996      2,026      3,043        872        846        786      1,552      4,941
Interdistrict settlement account                   0         +8     +7,745     +1,618     -5,156     +3,573     +3,900     -1,918     -2,283     +1,063     +1,036     +1,271    -10,857
          TOTAL ASSETS                       533,230     28,298    208,457     17,475     28,166     45,900     36,042     47,887     15,769      7,903     15,729     25,105     56,500

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
   $ 64 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
   $ 10 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,029 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 222 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 $ 55 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  December 16, 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                        484,177     25,888    192,284     15,954     25,878     40,520     32,411     43,850     14,408      6,071     14,060     22,858     49,995
Deposits			      	
  Depository institutions                     14,662      1,093      2,330        582        844      1,686      1,399      1,674        539        729        714      1,130      1,940
  U.S. Treasury--general account               8,628          0      8,628          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     170          7         55          8          9         22          9         14          3          5          3          7         26
  Other                                          263          0        106          2          3         68          4         56          2          1         19          1          2
    Total deposits                            23,722      1,101     11,119        591        856      1,776      1,412      1,744        544        736        736      1,139      1,968
Deferred credit items                          8,365        505        885        309        320        750      1,057        665        390        609        485        377      2,013
Other liabilities and accrued	      	
  dividends (1)                                4,477        245      1,548        158        284        371        298        425        172         87        154        210        525
    TOTAL LIABILITIES                        520,742     27,739    205,836     17,012     27,338     43,416     35,178     46,684     15,515      7,503     15,435     24,585     54,501
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                5,942        266      1,209        175        398      1,237        417        579        120        202        140        227        971
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                         1,325         39        357         16         94        428        108        122         13          9         35         22         84
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             533,230     28,298    208,457     17,475     28,166     45,900     36,042     47,887     15,769      7,903     15,729     25,105     56,500
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       613,352     30,354    240,287     18,484     29,731     50,616     44,400     54,390     17,295      7,746     17,253     33,927     68,869
  Less--Held by F.R. Banks                   129,175      4,466     48,003      2,531      3,853     10,097     11,989     10,539      2,887      1,675      3,193     11,068     18,874
  F.R. notes, net                            484,177     25,888    192,284     15,954     25,878     40,520     32,411     43,850     14,408      6,071     14,060     22,858     49,995
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          463,937
     Total collateral                        484,177

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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