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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
                                                                                         September 24, 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     Sep 23, 1998 Sep 16, 1998 Sep 24, 1997 Sep 23, 1998

Reserve Bank Credit  (1,2)                                  486,056    -     719    +  33,001      491,403
  U.S. government securities                                                                            
    Bought outright-system account (3)                      444,810    +   2,025    +  33,473      445,804
    Held under repurchase agreements                          5,675    -   2,363    -   2,834        8,630
  Federal agency obligations                                                                            
    Bought outright                                             403            0    -     523          403
    Held under repurchase agreements                          1,521    -     209    +     796        2,075
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            11    -      16    -       5            9
    Seasonal credit                                             174    +       7    -     205          177
    Extended credit                                               0            0            0            0
   Float                                                        657    +     148    +     199          814
   Other F.R. assets                                         32,806    -     311    +   2,101       33,492
Gold stock                                                   11,045    +       1    -       5       11,045
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,958    +      14    +     508       25,958
        Total factors supplying reserve funds               532,259    -     704    +  33,504      537,606
                                                                                                        
Currency in circulation*                                    492,395    -   1,391    +  34,877      493,325
Treasury cash holdings*                                          94    +       2    -     168           93
Deposits,other than reserve balances,with F.R.Banks                                                     
  Treasury                                                    7,144    +   1,275    +     195        7,508
  Foreign                                                       165    -      11            0          166
  Service-related balances and adjustments (4)                6,949    +     118    -     124        6,949
  Other                                                         370    +      12    +       5          388
Other F.R. liabilities and capital                           17,168    +     169    +     985       16,952
        Total factors, other than reserve balances,                                                     
        absorbing reserve funds                             524,284    +     174    +  35,770      525,380

Reserve balances with F.R. Banks  (5)                         7,975    -     878    -   2,266       12,226
                                                                                                
On September 23, 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 558,948 million, a change of
 +$ 5,113 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 18,088 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $ 18,088 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 18,848 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $ 18,848 million was with foreign official and international
   accounts.  Includes $ 609 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
   $ 50 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $ 6,701 million and adjustments of $ 248 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
                                                           Sep 23, 1998     Sep 16, 1998     Sep 24, 1997
                ASSETS
Gold certificate account                                        11,045                0        -       5
Special drawing rights certificate account                       9,200                0                0
Coin                                                               412        +      17        -     112
                                        
Loans                                                              185        -      18        -     197
Acceptances                                                          0                0                0
Federal agency obligations              
  Bought outright                                                  403                0        -     523
  Held under repurchase agreements (1)                           2,075        +   1,280        +   1,019
U.S. government securities              
  Bought outright--Bills                                       196,851        -   1,181        +   2,295
                   Notes (2)                                   182,977        +   4,149        +  21,494
                   Bonds (3)                                    65,976                0        +  10,984
    Total bought outright (4)                                  445,804        +   2,969        +  34,774
  Held under repurchase agreements (1)                           8,630        -     476        -   3,889
     Total U.S. government securities                          454,434        +   2,493        +  30,885
       Total loans and securities                              457,096        +   3,755        +  31,184
                                        
Items in process of collection                      (421)        7,187        -     489        +     762
Bank premises                                                    1,297                0        +      27
Other assets (5)                                                32,173        +     354        +   2,360
                TOTAL ASSETS                        (421)      518,410        +   3,637        +  34,216
                                        
                LIABILITIES
Federal Reserve notes                                          467,872        -     634        +  34,550
Deposits                                
  Depository institutions                                       19,325        +   3,758        -   1,860
  U.S. Treasury--general account                                 7,508        +   1,243        +     180
  Foreign--official accounts                                       166        +       3        +       4
    Other                                                          388        +      30        +      22
      Total deposits                                            27,387        +   5,034        -   1,654
Deferred availability cash items                    (421)        6,200        -     982        +     331
Other liabilities and accrued dividends (6)                      4,762        +     222        -     229
                TOTAL LIABILITIES                   (421)      506,220        +   3,640        +  32,997
                                        
                CAPITAL ACCOUNTS
Capital paid in                                                  5,912        -      38        +     687
Surplus                                                          5,220                0        +     725
Other capital accounts                                           1,058        +      34        -     193

*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
   $ 43 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
   $ 7 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,848 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 609 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 $ 178 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, September 23, 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        173          0     Within 15 days          17,677   -   6,786      2,075   +   1,280
16 to 90 days          12          0     16 to 90 days           92,715   -     126         50           0
Over 90 days            0          0     91 days to 1 year      144,183   +   6,293         75           0
                                         Over 1 to 5 years      104,646   +   3,111         93           0
                                         Over 5 to 10 years      41,277           0        185           0
                                         Over 10 years           53,936           0          0           0
    Total             185          0         Total              454,434   +   2,493      2,478   +   1,280

1  Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and
   $ 50 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 September 23, 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                      11,045        582      4,205        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                                             412         15         23         15         24         43         67         55         21         14         31         53         50
                                
Loans                                            185          0          0          6          0          0          6         34         33         63         26          2         15
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations      
  Bought outright                                403         22        149         12         26         32         24         39         14          4         11         18         51
  Held under repurchase agreements(1)          2,075          0      2,075          0          0          0          0          0          0          0          0          0          0
U.S. government securities      
  Bought outright--Bills                     196,851     10,721     72,961      5,723     12,794     15,507     11,975     18,898      6,918      2,163      5,461      8,951     24,781
                   Notes (2)                 182,977      9,965     67,819      5,320     11,892     14,414     11,131     17,566      6,430      2,010      5,076      8,320     23,034
                   Bonds (3)                  65,976      3,593     24,453      1,918      4,288      5,197      4,013      6,334      2,318        725      1,830      3,000      8,306
     Total bought outright(4)                445,804     24,279    165,233     12,961     28,974     35,118     27,119     42,798     15,666      4,898     12,367     20,270     56,121
  Held under repurchase agreements(1)          8,630          0      8,630          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             454,434     24,279    173,863     12,961     28,974     35,118     27,119     42,798     15,666      4,898     12,367     20,270     56,121
       Total loans and securities            457,096     24,301    176,087     12,978     29,000     35,150     27,149     42,871     15,713      4,965     12,404     20,290     56,187
                                
Items in process of collection                 7,608        547        673        235        352        560        869        729        252        621        512        451      1,807
Bank premises                                  1,297         93        158         50        157        126         79        108         31        131         54        149        161
Other assets(5)                               32,173      1,499     10,212      1,374      1,895      3,769      1,913      2,998        833        795        748      1,484      4,654
Interdistrict settlement account                   0     -1,606    +21,190       -790     -4,060     -2,798       -286     -4,442     -1,969       +480       +820    + 1,932    - 8,471
          TOTAL ASSETS                       518,832     25,961    215,750     14,469     28,585     38,448     31,111     44,216     15,579      7,259     15,106     25,255     57,094

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
   $ 43 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
   $ 7 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,848 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 609 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 $ 178 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 September 23, 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                        467,872     23,191    198,493     12,940     26,086     33,439     27,316     39,492     14,246      5,501     13,613     23,122     50,432
Deposits                                
  Depository institutions                     19,325      1,495      4,987        656      1,071      1,687      1,671      2,434        620        670        603      1,031      2,400
  U.S. Treasury--general account               7,508          0      7,508          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     166          7         51          8          9         22          9         14          3          5          3          7         26
  Other                                          388          1        104          1          3         71          0        180          0          0         11          1         16
    Total deposits                            27,387      1,503     12,650        665      1,084      1,780      1,681      2,628        624        675        617      1,039      2,442
Deferred credit items                          6,622        452        450        197        303        534        844        533        270        594        430        341      1,672
Other liabilities and accrued           
  dividends (1)                                4,762        263      1,641        167        299        390        317        458        187         89        163        224        563
    TOTAL LIABILITIES                        506,641     25,409    213,235     13,969     27,772     36,143     30,157     43,111     15,328      6,859     14,823     24,727     55,109
                                        
       CAPITAL ACCOUNTS                 
Capital paid in                                5,912        268      1,186        214        398      1,158        472        546        120        200        138        235        980
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                         1,058         31        275         14         80        329        143         57         10         11         26         22         60
     TOTAL LIABILITIES AND CAPITAL      
        ACCOUNTS                             518,832     25,961    215,750     14,469     28,585     38,448     31,111     44,216     15,579      7,259     15,106     25,255     57,094
                                        
FEDERAL RESERVE AGENTS' ACCOUNTS        
                                        
F.R. notes outstanding                       579,127     27,942    237,124     15,974     30,414     42,430     36,244     50,297     17,235      7,340     16,345     29,752     68,030
  Less--Held by F.R. Banks                   111,255      4,751     38,631      3,034      4,328      8,990      8,928     10,804      2,989      1,839      2,732      6,629     17,598
  F.R. notes, net                            467,872     23,191    198,493     12,940     26,086     33,439     27,316     39,492     14,246      5,501     13,613     23,122     50,432
Collateral held against F.R. notes      
   Gold certificate account                   11,045
   Special drawing rights               
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          447,626
     Total collateral                        467,872

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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