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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

                                                                                               December 5, 1996
 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 4, 1996  Nov 27, 1996   Dec 6, 1995   Dec 4, 1996
 ________________________________________________________________________________________________________________
 Reserve Bank credit 1 2                                      437,492    +    6,721    +   20,628       440,721
   U.S. government securities
     Bought outright--system account                          392,160    -    1,961    +   15,274       390,802
     Held under repurchase agreements                           9,280    +    6,693    +    3,669        13,401
   Federal agency obligations
     Bought outright                                            2,237    -        6    -      455         2,237
     Held under repurchase agreements                           1,724    +    1,065    +    1,668           618
   Acceptances                                                      0             0             0             0
   Loans to depository institutions
     Adjustment credit                                            299    +       78    +      294         1,721
     Seasonal credit                                               75    -       21    +       33            67
     Extended credit                                                0             0             0             0
   Float                                                          707    +      277    +      325           628
   Other F.R. assets                                           31,010    +      596    -      179        31,247
 Gold stock                                                    11,049             0    -        2        11,049
 Special drawing rights certificate account                     9,718             0    -      450         9,718
 Treasury currency outstanding                                 24,892    +       14    +      960        24,892
                                                         --------------------------------------------------------
         Total factors supplying reserve funds                483,151    +    6,735    +   21,137       486,380

 Currency in circulation*                                     441,544    +    3,453    +   25,098       442,603
 Treasury cash holdings*                                          271    -        1    -        4           264
 Deposits, other than reserve balances, with F.R. Banks
   Treasury                                                     4,509    -      487    -    1,433         4,790
   Foreign                                                        170             0    -       13           166
   Service-related balances and adjustments 3                   7,112    +      174    +    1,874         7,112
   Other                                                          309    -       34    +       11           323
 Other F.R. liabilities and capital                            14,176    -      205    +    1,475        13,884
                                                         --------------------------------------------------------
         Total factors, other than reserve balances,
         absorbing reserve funds                              468,091    +    2,900    +   27,007       469,143

 Reserve balances with F.R. Banks 4                            15,060    +    3,835    -    5,870        17,237
 ----------------------------------------------------------------------------------------------------------------
 On    December 4, 1996, the face amount of marketable U.S. government securities held in custody by the Federal Reserve Banks for foreign
 official and international accounts was $     616,949 million, a change of + $     6,281 million for the week.  The total includes the face
 value of U.S. Treasury strips and other zero coupon bonds.
 1 Net of $    13,453 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which
   a net of $    13,453 million was with foreign official and international accounts.  Includes securities loaned--fully secured by U.S.
   government securities.
 2 Net of $    14,811 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of
   $    14,811 million was with foreign official and international accounts.  Includes $         0 million securities loaned--fully
   secured U.S. government securities.
 3 Consists of required clearing balances of $     6,558 million and adjustments of $       554 million to compensate for float.
 4 Excludes required clearing balances and adjustments to compensate for float.

 * Estimated (Treasury's figures).
 Components may not add to totals due to rounding.
1


 Worksheet for H.4.1 (a)


 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------
                                                                                           Change since
                                                        *            Wednesday       Wednesday       Wednesday
                                                                    Dec 4, 1996    Nov 27, 1996     Dec 6, 1995
                                                 ----------------------------------------------------------------
                     ASSETS
 Gold certificate account                                               11,049               0      -        2
 Special drawing rights certificate account                              9,718               0      -      450
 Coin                                                                      598      -       21      +      165

 Loans                                                                   1,788      +    1,695      +    1,741
 Acceptances                                                                 0               0               0
 Federal agency obligations
   Bought outright                                                       2,237               0      -      455
   Held under repurchase agreements 1                                      618      -    1,705      +      228
 U.S. government securities
   Bought outright--Bills                                              190,542      -    1,965      +    6,674
                    Notes                                              150,922               0      +      334
                    Bonds                                               49,339               0      +    5,929
                                                                    ----------      ----------      ----------
     Total bought outright 2                                           390,802      -    1,965      +   12,937
   Held under repurchase agreements 1                                   13,401      +    7,413      +    7,044
                                                                    ----------      ----------      ----------
       Total U.S. government securities                                404,203      +    5,448      +   19,981
                                                                    ----------      ----------      ----------
         Total loans and securities                                    408,846      +    5,439      +   21,495

 Items in process of collection                          (410)           7,059      +      377      +      121
 Bank premises                                                           1,222               0      +       70
 Other assets 3                                                         30,022      +      467      -      398
                                                                    ----------      ----------      ----------
           TOTAL ASSETS                                  (410)         468,513      +    6,262      +   21,001

                   LIABILITIES
 Federal Reserve notes                                                 418,573      +    1,607      +   24,230
 Deposits
   Depository institutions                                              24,390      +    4,232      -    3,949
   U.S. Treasury--general account                                        4,790      +      102      -      992
   Foreign--official accounts                                              166      +        2      -       64
   Other                                                                   323      +       24      -        5
                                                                    ----------      ----------      ----------
     Total deposits                                                     29,669      +    4,360      -    5,009
 Deferred availability cash items                        (410)           6,387      +      576      +      355
 Other liabilities and accrued dividends 4                               4,612      -       54      +      159
                                                                    ----------      ----------      ----------
           TOTAL LIABILITIES                             (410)         459,241      +    6,488      +   19,735

                CAPITAL ACCOUNTS
 Capital paid in                                                         4,587               0      +      628
 Surplus                                                                 3,860               0      +      182
 Other capital accounts                                                    825      -      226      +      455
 ----------------------------------------------------------------------------------------------------------------
 * 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 Net of $    14,811 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes
   $         0 million securities loaned--fully secured by U.S. government securities.
 3 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account
   at Chicago of $       129 million in Treasury bills maturing within 90 days.
 4 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 4, 1996
 Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in
 accordance with maximum maturity of the agreements.
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------
                                                                         U.S. government       Federal agency
                                                                           securities           obligations
                                                                     --------------------------------------------
                       Loans    Acceptances                                        Weekly               Weekly
                                                                       Holdings    changes   Holdings   changes
 ----------------------------------------------------------------------------------------------------------------
 Within 15 days           1,728          0  Within 15 days                25,772 +    4,502        630 -    2,032
 16 days to 90 days          60          0  16 days to 90 days            86,868 +    1,240        964 +      320
 Over 90 days                 0          0  91 days to 1 year            120,442 +      109        249 +        7
                                            Over 1 year to 5 years        95,513 -      403        520          0
                                            Over 5 years to 10 years      33,782          0        467          0
                                            Over 10 years                 41,826          0         25          0
                     ---------- ----------                            ---------- ---------- ---------- ----------
   Total                  1,788          0    Total                      404,203 +    5,448      2,855 -    1,705
 ----------------------------------------------------------------------------------------------------------------
 Components may not add to totals due to rounding.
1

 H.4.1 (b)

 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 4, 1996
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |   Total   | Boston | New York|  Phila. | Cleve.| Rich. |Atlanta| Chicago |S.Louis| Minneap.|KansasC| Dallas|San Fran.
                                    -----------------------------------------------------------------------------------------------------------------------
           ASSETS
 Gold certificate account                 11,049      661     4,050       423     624     919     769     1,140     474       168     321     433     1,067
 Special drawing rights certif. acct.      9,718      636     3,385       396     543     835     745       979     419       144     280     399       957
 Coin                                        598       15        23        44      29     109      85        65      27        20      57      50        76

 Loans                                     1,788        1         0         0       0     120     241     1,367       7        38      12       2         0
 Acceptances                                   0        0         0         0       0       0       0         0       0         0       0       0         0
 Federal agency obligations
   Bought outright                         2,237      132       832        87     131     185     149       242     105        34      70      80       189
   Held under repurchase agreements 1        618        0       618         0       0       0       0         0       0         0       0       0         0
 U.S. government securities
   Bought outright--Bills                190,542   11,211    70,862     7,375  11,199  15,800  12,716    20,649   8,926     2,874   5,968   6,823    16,138
                    Notes                150,922    8,880    56,127     5,841   8,870  12,515  10,072    16,356   7,070     2,276   4,727   5,404    12,783
                    Bonds                 49,339    2,903    18,349     1,910   2,900   4,091   3,293     5,347   2,311       744   1,545   1,767     4,179
                                    -----------------------------------------------------------------------------------------------------------------------
     Total bought outright 2             390,802   22,994   145,338    15,125  22,970  32,407  26,080    42,352  18,308     5,894  12,241  13,994    33,100
   Held under repurchase agreements 1     13,401        0    13,401         0       0       0       0         0       0         0       0       0         0
                                    -----------------------------------------------------------------------------------------------------------------------
       Total U.S. govt. securities       404,203   22,994   158,739    15,125  22,970  32,407  26,080    42,352  18,308     5,894  12,241  13,994    33,100
                                    -----------------------------------------------------------------------------------------------------------------------
         Total loans and securities      408,846   23,127   160,188    15,212  23,101  32,712  26,471    43,962  18,419     5,966  12,323  14,076    33,289

 Items in process of collection            7,469      522     1,051       243     253     604     871       537     289       553     477     504     1,565
 Bank premises                             1,222       94       148        49     103     128      82       110      30       107      56     155       160
 Other assets 3                           30,022    1,326     9,770     1,262   1,758   2,271   2,492     3,733     863       627   1,019   1,525     3,376
 Interdistrict settlement account              0   +1,521   -29,029    -2,096  +6,335  +4,620    -299      -810  -2,091      -447    -235    +278   +22,253
                                    -----------------------------------------------------------------------------------------------------------------------
           TOTAL ASSETS                  468,923   27,902   149,585    15,532  32,745  42,198  31,215    49,715  18,432     7,138  14,297  17,420    62,744
                                    -----------------------------------------------------------------------------------------------------------------------
 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 Net of $    14,811 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $         0 million
   securities loaned--fully secured by U.S. government securities.
 3 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of
   $       129 million in Treasury bills maturing within 90 days.

 Components may not add to totals due to rounding.
1

 H.4.1 (c)

 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 4, 1996
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------  
                                    |   Total   | Boston | New York|  Phila. | Cleve.| Rich. |Atlanta| Chicago |S.Louis| Minneap.|KansasC| Dallas|San Fran.
                                    -----------------------------------------------------------------------------------------------------------------------
        LIABILITIES
 Federal Reserve notes                   418,573   25,142   133,421    13,680  30,298  39,220  27,226    44,609  16,959     5,546  12,528  14,233    55,710
 Deposits
   Depository institutions                24,390    1,677     6,538       945   1,351   1,226   1,946     2,845     797       724     815   2,137     3,390
   U.S. Treasury--general account          4,790        0     4,790         0       0       0       0         0       0         0       0       0         0
   Foreign--official accounts                166        6        60         7       9      11      14        17       4         4       5       9        20
   Other                                     323        1       114         1       1      60       7       131       1         1       3       3         1
                                    -----------------------------------------------------------------------------------------------------------------------
     Total deposits                       29,669    1,684    11,503       953   1,361   1,296   1,967     2,994     801       728     824   2,148     3,410
 Deferred credit items                     6,797      457       848       205     235     667     853       533     212       553     415     353     1,466
 Other liabilities and accrued
   dividends 1                             4,612      267     1,606       198     267     372     325       488     217       100     176     185       412
                                    -----------------------------------------------------------------------------------------------------------------------
     TOTAL LIABILITIES                   459,651   27,551   147,378    15,035  32,161  41,554  30,371    48,624  18,189     6,927  13,943  16,920    60,997

        CAPITAL ACCOUNTS
 Capital paid in                           4,587      170     1,058       257     290     318     424       543     114       106     176     253       878
 Surplus                                   3,860      166     1,028       185     252     284     379       460      95        96     148     240       527
 Other capital accounts                      825       16       121        55      42      42      41        89      33         9      30       6       342
                                    -----------------------------------------------------------------------------------------------------------------------
       ACCOUNTS                          468,923   27,902   149,585    15,532  32,745  42,198  31,215    49,715  18,432     7,138  14,297  17,420    62,744

 ----------------------------------------------------------------------------------------------------------------------------------------------------------
 FEDERAL RESERVE AGENTS' ACCOUNTS

 F.R. notes outstanding                  529,404   30,474   182,150    16,198  33,395  46,079  34,845    52,346  19,927     7,129  14,398  21,110    71,353
   Less--Held by F.R. Banks              110,831    5,331    48,729     2,518   3,097   6,859   7,619     7,737   2,967     1,583   1,870   6,877    15,643
                                    -----------------------------------------------------------------------------------------------------------------------
   F.R. notes, net                       418,573   25,142   133,421    13,680  30,298  39,220  27,226    44,609  16,959     5,546  12,528  14,233    55,710
 Collateral held against F.R. notes
   Gold certificate account               11,049
   Special drawing rights
     certificate account                   9,718
   Other eligible assets                       0
   U.S. govt. and agency securities      397,806
                                     ------------
     Total collateral                    418,573
                                    -----------------------------------------------------------------------------------------------------------------------
 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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