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<FONT SIZE=+1><I>Release Date: November 19, 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
                                                                                          November 19, 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     Nov 18, 1998 Nov 11, 1998 Nov 19, 1997 Nov 18, 1998

Reserve Bank Credit  (1,2)                                  495,256    +   2,177    +  34,441      494,396
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      450,434    +      79    +  32,986      451,617
    Held under repurchase agreements                          4,084    +   2,181    -   3,490        3,630
  Federal agency obligations			        		      		     		
    Bought outright                                             373            0    -     312          373
    Held under repurchase agreements                          4,215    +   1,027    +   2,912        4,263
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            72    +      59    -       1           15
    Seasonal credit                                              33    -      13    -      77           24
    Extended credit                                               0            0            0            0
   Float                                                        496    -     529    -   1,059          486
   Other F.R. assets                                         35,551    -     625    +   3,482       33,988
Gold stock                                                   11,042    +       1    -       8       11,041
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,093    +      14    +     498       26,093
        Total factors supplying reserve funds               541,591    +   2,192    +  34,930      540,730
						        		      		     		
Currency in circulation*                                    502,563    +   1,584    +  35,372      503,375
Treasury cash holdings*                                          88    +       1    -     160           98
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    4,801    -     454    -     258        4,720
  Foreign                                                       178    -       7    -      92          214
  Service-related balances and adjustments (4)                6,778    -      33    -     123        6,778
  Other                                                         410    -       6    +      64          406
Other F.R. liabilities and capital                           17,220    -     919    +   1,028       16,859
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             532,037    +     166    +  35,833      532,450

Reserve balances with F.R. Banks  (5)                         9,554    +   2,026    -     902        8,280
						       		      		     		
On  November 18, 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 591,187 million, a change of
 +$ 12,257 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 20,429 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $ 20,429 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 19,345 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $ 19,345 million was with foreign official and international
   accounts.  Includes $ 410 million securities loaned--fully secured U.S. government securities.
3  Includes $ 3,250 million of inflation-indexed securities valued at the original face amount and
   $ 61 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $ 6,562 million and adjustments of $ 216 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
                                                           Nov 18, 1998     Nov 11, 1998     Nov 19, 1997
                ASSETS
Gold certificate account                                        11,041                0        -       9
Special drawing rights certificate account                       9,200                0                0
Coin                                                               404        -       4        -     106
					
Loans                                                               39        +       1        -     553
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  373                0        -     312
  Held under repurchase agreements (1)                           4,263        +     658        +   1,662
U.S. government securities		
  Bought outright--Bills                                       196,355        -   1,402        +     305
                   Notes (2)                                   186,646        +     440        +  21,406
                   Bonds (3)                                    68,617        +     915        +  11,378
    Total bought outright (4)                                  451,617        -      48        +  33,089
  Held under repurchase agreements (1)                           3,630        +   2,690        -   3,722
     Total U.S. government securities                          455,247        +   2,642        +  29,367
       Total loans and securities                              459,922        +   3,300        +  30,164
					
Items in process of collection                      (620)        8,747        -   1,624        +   1,668
Bank premises                                                    1,295                0        +      18
Other assets (5)                                                32,744        -   2,215        +   3,588
                TOTAL ASSETS                        (620)      523,352        -     542        +  35,323
					
                LIABILITIES
Federal Reserve notes                                          477,785        +     277        +  34,876
Deposits		 		
  Depository institutions                                       15,691        +   1,504        -   2,421
  U.S. Treasury--general account                                 4,720        -     551        +     594
  Foreign--official accounts                                       214        +      57        +      34
    Other                                                          406        +      16        +      64
      Total deposits                                            21,030        +   1,027        -   1,729
Deferred availability cash items                    (620)        7,678        -     447        +   1,243
Other liabilities and accrued dividends (6)                      4,471        +     116        -     460
                TOTAL LIABILITIES                   (620)      510,965        +     973        +  33,930
					
                CAPITAL ACCOUNTS
Capital paid in                                                  5,935        +       3        +     650
Surplus                                                          5,220                0        +     832
Other capital accounts                                           1,232        -   1,518        -      89

*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 $ 2,450 million of inflation-indexed securities valued at the original face amount and
   $ 53 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
   $ 9 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 19,345 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 410 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 $ 175 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,  November 18, 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         37          0     Within 15 days          13,692   -   3,948      4,268   +     658
16 to 90 days           2          0     16 to 90 days           96,249   +   1,147         32           0
Over 90 days            0          0     91 days to 1 year      139,064   +   4,757        100           0
                                         Over 1 to 5 years      107,327   -     584         51           0
                                         Over 5 to 10 years      43,947   +   1,913        185           0
                                         Over 10 years           54,968   -     643          0           0
    Total              39          0         Total              455,247   +   2,642      4,636   +     658

1  Includes $ 3,250 million of inflation-indexed securities valued at the original face amount and
   $ 61 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  November 18, 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                                             404         26         20         17         18         46         58         49         21         15         31         45         57
				
Loans                                             39          0          0          0          0          0          0          2          7          5         10          0         15
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                373         20        138         11         24         29         23         36         13          4         10         17         47
  Held under repurchase agreements(1)          4,263          0      4,263          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     196,355     10,694     72,777      5,709     12,762     15,468     11,944     18,850      6,900      2,157      5,447      8,928     24,719
                   Notes (2)                 186,646     10,165     69,178      5,426     12,131     14,703     11,354     17,918      6,559      2,050      5,178      8,487     23,496
                   Bonds (3)                  68,617      3,737     25,432      1,995      4,460      5,405      4,174      6,587      2,411        754      1,903      3,120      8,638
     Total bought outright(4)                451,617     24,596    167,388     13,130     29,352     35,576     27,472     43,356     15,870      4,961     12,528     20,534     56,853
  Held under repurchase agreements(1)          3,630          0      3,630          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             455,247     24,596    171,018     13,130     29,352     35,576     27,472     43,356     15,870      4,961     12,528     20,534     56,853
       Total loans and securities            459,922     24,617    175,419     13,141     29,376     35,605     27,495     43,393     15,891      4,971     12,548     20,551     56,915
				
Items in process of collection                 9,367        672      1,390        426        483        554      1,242        580        116        890        606        495      1,913
Bank premises                                  1,295         93        158         50        156        125         80        107         31        131         54        149        161
Other assets(5)                               32,744      1,553      9,746      1,428      1,980      4,001      1,998      3,110        848        859        773      1,531      4,915
Interdistrict settlement account                   0     -1,932    +15,705     +1,076     -4,055     +1,872     -2,481     -1,973     -1,657       +351       +705     +2,631    -10,241
          TOTAL ASSETS                       523,973     26,140    209,841     16,745     29,175     43,803     29,711     47,165     15,948      7,468     15,252     26,298     56,427

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 $ 2,450 million of inflation-indexed securities valued at the original face amount and
   $ 53 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
   $ 9 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 19,345 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 410 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 $ 175 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  November 18, 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                        477,785     24,052    196,749     15,183     26,277     38,933     26,192     42,542     14,421      5,616     13,749     23,958     50,113
Deposits			      	
  Depository institutions                     15,691        801      3,041        668      1,356      1,190      1,269      2,210        768        680        569      1,243      1,894
  U.S. Treasury--general account               4,720          0      4,720          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     214          7         99          8          9         22          9         14          3          5          3          7         26
  Other                                          406          0        103          0          3         85         12        178          4          3         11          2          5
    Total deposits                            21,031        808      7,963        675      1,368      1,297      1,291      2,403        776        688        584      1,253      1,925
Deferred credit items                          8,298        474      1,037        228        419        716      1,060        651        326        669        475        362      1,882
Other liabilities and accrued	      	
  dividends (1)                                4,471        248      1,513        162        288        368        300        429        174         88        155        212        534
    TOTAL LIABILITIES                        511,585     25,582    207,263     16,248     28,352     41,314     28,842     46,025     15,697      7,060     14,962     25,785     54,455
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                5,935        268      1,202        211        398      1,236        419        551        119        202        138        223        968
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                         1,232         37        321         13         89        435        112         87         11         18         33         19         59
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             523,973     26,140    209,841     16,745     29,175     43,803     29,711     47,165     15,948      7,468     15,252     26,298     56,427
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       597,997     28,832    240,607     17,837     30,343     48,166     37,291     53,313     17,123      7,448     16,789     32,324     67,922
  Less--Held by F.R. Banks                   120,212      4,780     43,858      2,654      4,066      9,234     11,100     10,771      2,702      1,832      3,041      8,366     17,809
  F.R. notes, net                            477,785     24,052    196,749     15,183     26,277     38,933     26,192     42,542     14,421      5,616     13,749     23,958     50,113
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          457,544
     Total collateral                        477,785

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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