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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
                                                                                            August 20, 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 19, 1998 Aug 12, 1998 Aug 20, 1997 Aug 19, 1998

Reserve Bank Credit  (1,2)                                  479,882    -   2,090    +  30,865      478,614
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      441,783    -     123    +  32,807      442,059
    Held under repurchase agreements                          1,949    -     643    -   3,825        1,986
  Federal agency obligations			        		      		     		   
    Bought outright                                             451    -      29    -     580          451
    Held under repurchase agreements                          2,932    -     203    +     951        3,148
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                            45    +      43    -     658            0
    Seasonal credit                                             256    +      13    -     129          261
    Extended credit                                               0            0            0            0
   Float                                                        398    -     249    -      33          275
   Other F.R. assets                                         32,069    -     899    +   2,333       30,435
Gold stock                                                   11,044    -       1    -       7       11,042
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,948    +      14    +     553       25,948
        Total factors supplying reserve funds               526,075    -   2,077    +  31,412      524,804
						        		      		     		   
Currency in circulation*                                    488,220    -      47    +  31,595      488,973
Treasury cash holdings*                                         132    -       6    -     170           93
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,450    +     611    +   1,006        4,372
  Foreign                                                       164    -      13    -      62          160
  Service-related balances and adjustments (4)                6,865    -     128    -     142        6,865
  Other                                                         354    +      24    -      18          378
Other F.R. liabilities and capital                           16,846    +      53    +   1,390       16,560
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             518,030    +     494    +  33,600      517,400

Reserve balances with F.R. Banks  (5)                         8,045    -   2,571    -   2,188        7,404
						       		      		     		    
On    August 19, 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 587,438 million, a change of 
 -$ 104 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,172 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,172 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 15,897 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 15,897 million was with foreign official and international 
   accounts.  Includes $ 128 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 $ 6,741 million and adjustments of $ 124 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 19, 1998     Aug 12, 1998     Aug 20, 1997
                ASSETS
Gold certificate account                                        11,042        -       3        -       9
Special drawing rights certificate account                       9,200                0                0
Coin                                                               410        -       3        -      90
					      
Loans                                                              261        +      14        -   5,001
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  451                0        -     580
  Held under repurchase agreements (1)                           3,148        -   2,987        +   1,467
U.S. government securities		      
  Bought outright--Bills                                       199,803        -     220        +   5,696
                   Notes (2)                                   177,116        -   1,771        +  17,322
                   Bonds (3)                                    65,140        +   1,772        +  10,148
    Total bought outright (4)                                  442,059        -     219        +  33,165
  Held under repurchase agreements (1)                           1,986        -   3,769        -   2,764
     Total U.S. government securities                          444,045        -   3,988        +  30,401
       Total loans and securities                              447,904        -   6,962        +  26,288
					      
Items in process of collection                      (456)        7,056        -     323        +     682
Bank premises                                                    1,294        +       2        +      28
Other assets (5)                                                29,220        -   3,278        +   1,023
                TOTAL ASSETS                        (456)      506,126        -  10,567        +  27,922
					      
                LIABILITIES
Federal Reserve notes                                          463,527        -     568        +  31,006
Deposits		 		     
  Depository institutions                                       14,773        -   9,169        -   4,027
  U.S. Treasury--general account                                 4,372        -     766        -     491
  Foreign--official accounts                                       160        -       3        -     352
    Other                                                          378        +      42        +      16
      Total deposits                                            19,683        -   9,896        -   4,855
Deferred availability cash items                    (456)        6,356        +      74        +     575
Other liabilities and accrued dividends (6)                      4,525        -     175        -     114
                TOTAL LIABILITIES                   (456)      494,091        -  10,565        +  26,613
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,853        +       7        +     713
Surplus                                                          5,220                0        +     725
Other capital accounts                                             962        -       9        -     128

*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 $ 15,897 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 128 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 $ 160 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 19, 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        237          0     Within 15 days          18,500   -   4,737      3,148   -   2,987
16 to 90 days          24          0     16 to 90 days           93,717   +   4,452         48           0
Over 90 days            0          0     91 days to 1 year      137,335   -   6,235        114           0
                                         Over 1 to 5 years      100,306   +   3,595        104           0
                                         Over 5 to 10 years      40,972   -   2,046        185           0
                                         Over 10 years           53,214   +     984          0           0
    Total             261          0         Total              444,045   -   3,988      3,599   -   2,987

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 19, 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                      11,042        582      4,202        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                                             410         12         21         13         28         40         72         60         22         13         26         51         52
				       
Loans                                            261          0          0          0          0          0          7         44         49         94         36          2         29
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)          3,148          0      3,148          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     199,803     10,882     74,055      5,809     12,986     15,739     12,154     19,181      7,021      2,195      5,543      9,085     25,153
                   Notes (2)                 177,116      9,646     65,647      5,149     11,511     13,952     10,774     17,004      6,224      1,946      4,913      8,053     22,297
                   Bonds (3)                  65,140      3,548     24,143      1,894      4,234      5,131      3,962      6,254      2,289        716      1,807      2,962      8,200
     Total bought outright(4)                442,059     24,076    163,845     12,852     28,731     34,823     26,891     42,438     15,535      4,856     12,263     20,100     55,650
  Held under repurchase agreements(1)          1,986          0      1,986          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             444,045     24,076    165,831     12,852     28,731     34,823     26,891     42,438     15,535      4,856     12,263     20,100     55,650
       Total loans and securities            447,904     24,100    169,146     12,865     28,760     34,858     26,925     42,526     15,600      4,956     12,311     20,122     55,735
				       
Items in process of collection                 7,512        451        796        236        304        830        767        564        320        630        449        511      1,653
Bank premises                                  1,294         93        159         50        156        126         77        107         31        131         54        149        160
Other assets(5)                               29,220      1,403      8,520      1,287      1,779      3,613      1,794      2,801        769        770        700      1,378      4,405
Interdistrict settlement account                   0     -2,322    +17,639         -3     -3,338     -1,378       -555     -3,051     -1,521       +194     +1,037     +1,797     -8,498
          TOTAL ASSETS                       506,582     24,850    203,685     15,053     28,905     39,688     30,398     44,906     15,919      6,945     15,114     24,905     56,214

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 $ 15,897 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 128 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 $ 160 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 19, 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                        463,527     22,861    192,132     13,449     26,644     34,800     26,865     40,433     14,729      5,424     13,656     22,590     49,944
Deposits			      	      
  Depository institutions                     14,773        734      2,288        650        899      1,729      1,467      2,198        493        478        536      1,215      2,086
  U.S. Treasury--general account               4,372          0      4,372          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     160          7         45          8          9         22          9         14          3          5          3          7         26
  Other                                          378          1        102          1          9         83          6        161          0          1         10          1          4
    Total deposits                            19,683        742      6,808        658        918      1,834      1,482      2,373        497        484        549      1,224      2,115
Deferred credit items                          6,812        442        712        206        256        572        799        561        260        557        469        348      1,629
Other liabilities and accrued	      	      
  dividends (1)                                4,525        255      1,532        164        287        364        305        440        176         88        158        216        540
    TOTAL LIABILITIES                        494,547     24,300    201,183     14,478     28,105     37,570     29,452     43,806     15,662      6,553     14,833     24,377     54,228
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,853        267      1,180        286        391      1,050        471        539        122        196        137        235        979
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           962         30        268         16         74        250        136         59         13          7         25         21         62
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             506,582     24,850    203,685     15,053     28,905     39,688     30,398     44,906     15,919      6,945     15,114     24,905     56,214
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       572,949     27,260    234,617     15,798     30,687     41,828     35,409     50,026     17,463      7,173     16,012     29,263     67,412
  Less--Held by F.R. Banks                   109,422      4,399     42,485      2,349      4,043      7,028      8,543      9,593      2,734      1,749      2,356      6,673     17,468
  F.R. notes, net                            463,527     22,861    192,132     13,449     26,644     34,800     26,865     40,433     14,729      5,424     13,656     22,590     49,944
Collateral held against F.R. notes    	      
   Gold certificate account                   11,042
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          443,285
     Total collateral                        463,527

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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