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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 23, 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 22, 1998 Jul 15, 1998 Jul 23, 1997 Jul 22, 1998

Reserve Bank Credit  (1,2)                                  476,932    -   4,578    +  30,549      476,547
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      440,121    -   1,676    +  29,303      436,103
    Held under repurchase agreements                          2,593    -   2,512    +     880        4,661
  Federal agency obligations			        		      		     		   
    Bought outright                                             526            0    -     684          526
    Held under repurchase agreements                            840    -     280    +     677        1,956
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                           150    +     149    +     123            4
    Seasonal credit                                             223    +      28    -     124          239
    Extended credit                                               0            0            0            0
   Float                                                        482    +      89    -      84          784
   Other F.R. assets                                         31,997    -     376    +     457       32,274
Gold stock                                                   11,046            0    -       3       11,046
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,892    +      14    +     533       25,892
        Total factors supplying reserve funds               523,071    -   4,564    +  31,078      522,686
						        		      		     		   
Currency in circulation*                                    485,690    -     915    +  30,490      486,517
Treasury cash holdings*                                         188    -       6    -     147          178
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,155    -      16    -      57        4,426
  Foreign                                                       169    +       7    +       1          195
  Service-related balances and adjustments (4)                6,967    +     104    -     326        6,967
  Other                                                         264    -      28    -      47          247
Other F.R. liabilities and capital                           16,752    -      85    +   1,408       16,513
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             515,186    -     940    +  31,324      515,043

Reserve balances with F.R. Banks  (5)                         7,885    -   3,624    -     245        7,642
						       		      		     		    
On      July 22, 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 592,068 million, a change of 
 +$ 5,412 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,781 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,781 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 20,799 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 20,799 million was with foreign official and international 
   accounts.  Includes $ 80 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 
   $ 42 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 $ 327 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 22, 1998     Jul 15, 1998     Jul 23, 1997
                ASSETS
Gold certificate account                                        11,046                0        -       4
Special drawing rights certificate account                       9,200                0                0
Coin                                                               405        +      10        -      66
					      
Loans                                                              243        +      35        -     123
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  526                0        -     684
  Held under repurchase agreements (1)                           1,956        -     469        +   1,766
U.S. government securities		      
  Bought outright--Bills                                       194,900        -   4,785        -     191
                   Notes (2)                                   178,886        +       1        +  18,361
                   Bonds (3)                                    62,318                0        +   8,056
    Total bought outright (4)                                  436,103        -   4,784        +  26,227
  Held under repurchase agreements (1)                           4,661        -   4,831        +   3,011
     Total U.S. government securities                          440,764        -   9,615        +  29,238
       Total loans and securities                              443,489        -  10,049        +  30,197
					      
Items in process of collection                      (459)        7,656        +     126        +   1,232
Bank premises                                                    1,294                0        +      35
Other assets (5)                                                31,086        -     684        +     695
                TOTAL ASSETS                        (459)      504,177        -  10,596        +  32,089
					      
                LIABILITIES
Federal Reserve notes                                          461,208        -     625        +  30,089
Deposits		 		     
  Depository institutions                                       15,267        -   8,440        +     599
  U.S. Treasury--general account                                 4,426        -     883        -     516
  Foreign--official accounts                                       195        +      14        +      32
    Other                                                          247        -      32        -      61
      Total deposits                                            20,135        -   9,342        +      55
Deferred availability cash items                    (459)        6,321        -     554        +     570
Other liabilities and accrued dividends (6)                      4,530        -     106        -      45
                TOTAL LIABILITIES                   (459)      492,194        -  10,626        +  30,669
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,822        +       7        +     743
Surplus                                                          5,220                0        +     725
Other capital accounts                                             940        +      23        -      48

*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 
   $ 37 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 $ 20,799 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 80 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 $ 44 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 22, 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        220          0     Within 15 days          19,394   -     499      1,956   -     469
16 to 90 days          23          0     16 to 90 days           92,596   -   1,456         98           0
Over 90 days            0          0     91 days to 1 year      136,779   -   7,662        109           0
                                         Over 1 to 5 years       97,797           0        109           0
                                         Over 5 to 10 years      43,017           0        185           0
                                         Over 10 years           51,181           0         25           0
    Total             243          0         Total              440,764   -   9,615      2,482   -     469

1  Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and 
   $ 42 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 22, 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                      11,046        582      4,206        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                                             405         11         22         16         26         40         64         56         23         17         29         51         52
				       
Loans                                            243          0          0          0          0          0          7         31         36         98         33          3         35
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)          1,956          0      1,956          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     194,900     10,615     72,238      5,666     12,667     15,353     11,856     18,711      6,849      2,141      5,407      8,862     24,535
                   Notes (2)                 178,886      9,743     66,302      5,201     11,626     14,092     10,882     17,173      6,286      1,965      4,962      8,134     22,519
                   Bonds (3)                  62,318      3,394     23,097      1,812      4,050      4,909      3,791      5,983      2,190        685      1,729      2,833      7,845
     Total bought outright(4)                436,103     23,751    161,638     12,679     28,344     34,354     26,529     41,867     15,325      4,791     12,098     19,829     54,900
  Held under repurchase agreements(1)          4,661          0      4,661          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             440,764     23,751    166,299     12,679     28,344     34,354     26,529     41,867     15,325      4,791     12,098     19,829     54,900
       Total loans and securities            443,489     23,780    168,449     12,694     28,378     34,395     26,567     41,949     15,380      4,894     12,146     19,856     55,001
				       
Items in process of collection                 8,115        503        804        277        543        448        853        879        338        653        538        472      1,808
Bank premises                                  1,294         93        158         50        152        125         81        108         31        132         54        149        160
Other assets(5)                               31,086      1,492      9,441      1,338      1,887      3,752      1,893      2,844        827        791        744      1,463      4,612
Interdistrict settlement account                   0     -2,873    +14,133       +197     -2,237     -1,997       +369     -2,951     -1,017       +258     +1,397     +2,601     -7,880
          TOTAL ASSETS                       504,635     24,118    200,415     15,178     29,966     38,363     31,147     44,781     16,280      6,995     15,445     25,488     56,460

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 
   $ 37 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 $ 20,799 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 80 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 $ 44 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 22, 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                        461,208     22,177    188,448     13,384     27,376     34,230     27,293     40,497     15,018      5,520     13,837     23,026     50,402
Deposits			      	      
  Depository institutions                     15,267        666      2,638        848      1,207      1,119      1,784      2,138        573        393        699      1,372      1,829
  U.S. Treasury--general account               4,426          0      4,426          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     195          7         80          8          9         22          9         14          3          5          3          7         26
  Other                                          247          1        103          1          2         88          1         45          0          1          2          1          1
    Total deposits                            20,135        674      7,248        857      1,219      1,230      1,795      2,197        577        400        705      1,380      1,856
Deferred credit items                          6,779        467        702        201        290        447        811        551        246        607        462        343      1,653
Other liabilities and accrued	      	      
  dividends (1)                                4,530        255      1,552        163        286        359        304        438        176         87        159        215        536
    TOTAL LIABILITIES                        492,653     23,572    197,950     14,604     29,171     36,265     30,203     43,683     16,018      6,613     15,163     24,964     54,447
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,822        264      1,163        285        390      1,040        466        538        123        191        137        231        993
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           940         28        246         16         69        240        140         58         17          2         26         22         75
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             504,635     24,118    200,415     15,178     29,966     38,363     31,147     44,781     16,280      6,995     15,445     25,488     56,460
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       570,074     26,484    232,009     15,941     30,630     41,249     36,073     49,533     17,603      7,279     16,073     29,268     67,934
  Less--Held by F.R. Banks                   108,866      4,307     43,560      2,557      3,254      7,019      8,780      9,036      2,585      1,759      2,235      6,242     17,532
  F.R. notes, net                            461,208     22,177    188,448     13,384     27,376     34,230     27,293     40,497     15,018      5,520     13,837     23,026     50,402
Collateral held against F.R. notes    	      
   Gold certificate account                   11,046
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          440,962
     Total collateral                        461,208

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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