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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 31, 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     Dec 30, 1998 Dec 23, 1998 Dec 31, 1997 Dec 30, 1998

Reserve Bank Credit  (1,2)                                  511,015    +   6,726    +  34,760      517,658
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      454,191    +   1,080    +  23,324      454,772
    Held under repurchase agreements                         11,000    +   2,903    +   1,083       15,549
  Federal agency obligations			        		      		     		
    Bought outright                                             338            0    -     347          338
    Held under repurchase agreements                          5,570    -     197    +   4,068        7,388
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                           345    +     337    -     327        1,642
    Seasonal credit                                              20    +       5    -      44           27
    Extended credit                                               0            0            0            0
   Float                                                      3,443    +   1,643    +   2,678          926
   Other F.R. assets                                         36,107    +     955    +   4,325       37,016
Gold stock                                                   11,043    +       2    -       5       11,046
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,177    +      14    +     571       26,177
        Total factors supplying reserve funds               557,434    +   6,742    +  35,325      564,081
						        		      		     		
Currency in circulation*                                    516,707    +   5,326    +  35,162      518,257
Treasury cash holdings*                                          85            0    -     144           85
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    7,195    +   1,761    +   2,437       10,174
  Foreign                                                       174    -      20    -      39          166
  Service-related balances and adjustments (4)                6,853    -     124    -     100        6,853
  Other                                                         235    +       4    -     130          164
Other F.R. liabilities and capital                           17,152    -      45    +     929       16,957
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             548,401    +   6,903    +  38,115      552,655

Reserve balances with F.R. Banks  (5)                         9,033    -     161    -   2,790       11,426
						       		      		     		
On  December 30, 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 594,076 million, a change of
 -$ 5,457 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 18,876 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $ 18,876 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 18,295 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $ 18,295 million was with foreign official and international
   accounts.  Includes $ 438 million securities loaned--fully secured U.S. government securities.
3  Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and
   $ 79 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $ 6,584 million and adjustments of $ 269 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
                                                           Dec 30, 1998     Dec 23, 1998     Dec 31, 1997
                ASSETS
Gold certificate account                                        11,046        +       5        -       1
Special drawing rights certificate account                       9,200                0                0
Coin                                                               360        -      32        -     100
					
Loans                                                            1,669        +   1,627        -     366
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  338                0        -     347
  Held under repurchase agreements (1)                           7,388        +   1,646        +   4,736
U.S. government securities		
  Bought outright--Bills                                       197,404        +     113        +     281
                   Notes (2)                                   187,895        +       2        +  13,689
                   Bonds (3)                                    69,474                0        +  10,067
    Total bought outright (4)                                  454,772        +     115        +  24,037
  Held under repurchase agreements (1)                          15,549        +   7,704        -   5,639
     Total U.S. government securities                          470,321        +   7,819        +  18,398
       Total loans and securities                              479,716        +  11,092        +  22,420
					
Items in process of collection                      (517)        8,895        -   2,637        +   1,095
Bank premises                                                    1,297                0        +      25
Other assets (5)                                                35,809        +   1,610        +   5,036
                TOTAL ASSETS                        (517)      546,322        +  10,038        +  28,475
					
                LIABILITIES
Federal Reserve notes                                          492,524        +   2,543        +  35,056
Deposits		 		
  Depository institutions                                       18,931        +   1,907        -  11,907
  U.S. Treasury--general account                                10,174        +   6,337        +   4,730
  Foreign--official accounts                                       166        -       9        -     291
    Other                                                          164        -      11        -     736
      Total deposits                                            29,435        +   8,224        -   8,204
Deferred availability cash items                    (517)        7,406        -     716        +     167
Other liabilities and accrued dividends (6)                      4,464        +      16        -     382
                TOTAL LIABILITIES                   (517)      533,829        +  10,066        +  26,636
					
                CAPITAL ACCOUNTS
Capital paid in                                                  5,951        +       3        +     518
Surplus                                                          5,246        +      25        +      25
Other capital accounts                                           1,296        -      56        +   1,296

*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 $ 2,867 million of inflation-indexed securities valued at the original face amount and
   $ 68 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
3  Includes $ 820 million of inflation-indexed securities valued at the original face amount and
   $ 11 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,295 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 438 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 $ 0 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,  December 30, 1998
Holdings of securities include securitites held under repurchase agreements, which are classified according
to remaining maturity.

Millions of dollars
                                                                 U.S. government         Federal agency
                    Loans   Acceptances                           securities (1)           obligations
                                                                           Weekly                 Weekly
                                                               Holdings    changes    Holdings    changes
Within 15 days      1,668          0     Within 15 days          23,470   +   8,990      4,035   +   1,646
16 to 90 days           1          0     16 to 90 days          101,758   -     903      3,380           0
Over 90 days            0          0     91 days to 1 year      137,252   -     270         75           0
                                         Over 1 to 5 years      107,350   +       1         61           0
                                         Over 5 to 10 years      44,822   +       1        175           0
                                         Over 10 years           55,668           0          0           0
    Total           1,669          0         Total              470,321   +   7,819      7,726   +   1,646

1  Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and
   $ 79 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  December 30, 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                                             360         25         15         23         16         52         43         36         19         16         24         38         53
				
Loans                                          1,669          1      1,630          5          0          0          4          5          9          4          7          0          4
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                338         18        125         10         22         27         21         32         12          4          9         15         42
  Held under repurchase agreements(1)          7,388          0      7,388          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     197,404     10,751     73,166      5,739     12,830     15,550     12,008     18,951      6,937      2,169      5,476      8,976     24,851
                   Notes (2)                 187,895     10,233     69,641      5,463     12,212     14,801     11,430     18,038      6,603      2,064      5,212      8,543     23,654
                   Bonds (3)                  69,474      3,784     25,750      2,020      4,515      5,473      4,226      6,670      2,441        763      1,927      3,159      8,746
     Total bought outright(4)                454,772     24,768    168,557     13,222     29,557     35,824     27,664     43,659     15,981      4,996     12,616     20,678     57,250
  Held under repurchase agreements(1)         15,549          0     15,549          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             470,321     24,768    184,106     13,222     29,557     35,824     27,664     43,659     15,981      4,996     12,616     20,678     57,250
       Total loans and securities            479,716     24,787    193,249     13,236     29,579     35,851     27,689     43,696     16,003      5,004     12,632     20,693     57,297
				
Items in process of collection                 9,412        628        949        362        780        525      1,047        844        505        616        548        399      2,210
Bank premises                                  1,297         94        158         50        156        125         82        107         31        131         54        148        161
Other assets(5)                               35,809      1,625     12,238      1,483      2,062      4,063      2,071      3,059        899        858        810      1,601      5,039
Interdistrict settlement account                   0       +551       +170     +2,134     -4,940     +4,263     +4,812       -551     -1,527     +1,347     +1,214     +2,102     -9,574
          TOTAL ASSETS                       546,840     28,822    214,187     17,893     28,870     46,479     37,063     49,088     16,627      8,223     15,818     25,878     57,892

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 $ 2,867 million of inflation-indexed securities valued at the original face amount and
   $ 68 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
3  Includes $ 820 million of inflation-indexed securities valued at the original face amount and
   $ 11 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,295 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 438 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 $ 0 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  December 30, 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                        492,524     26,460    194,155     16,456     26,257     41,714     33,279     44,636     14,776      6,154     14,308     23,191     51,136
Deposits			      	
  Depository institutions                     18,931      1,099      4,671        567      1,109      1,134      1,650      2,163      1,038        942        645      1,586      2,326
  U.S. Treasury--general account              10,174          0     10,174          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                                          164          0        101          1          5         26         13          1          1          1         13          1          2
    Total deposits                            29,435      1,107     14,997        575      1,124      1,182      1,672      2,178      1,043        948        662      1,594      2,354
Deferred credit items                          7,923        454        849        248        386        691        961        655        387        626        405        371      1,890
Other liabilities and accrued	      	
  dividends (1)                                4,464        239      1,579        154        273        381        297        415        172         85        151        206        511
    TOTAL LIABILITIES                        534,347     28,260    211,580     17,433     28,039     43,968     36,210     47,884     16,378      7,813     15,527     25,362     55,891
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                5,951        267      1,208        177        398      1,238        418        582        121        202        140        227        972
Surplus                                        5,246        254      1,055        273        335        818        338        527        122        189        119        271        945
Other capital accounts                         1,296         40        343         11         97        455         96         95          7         18         31         18         84
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             546,840     28,822    214,187     17,893     28,870     46,479     37,063     49,088     16,627      8,223     15,818     25,878     57,892
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       612,055     30,310    239,861     18,455     29,561     50,949     44,489     54,143     17,304      7,693     17,221     33,692     68,375
  Less--Held by F.R. Banks                   119,530      3,849     45,706      1,999      3,304      9,235     11,210      9,507      2,528      1,539      2,913     10,501     17,239
  F.R. notes, net                            492,524     26,460    194,155     16,456     26,257     41,714     33,279     44,636     14,776      6,154     14,308     23,191     51,136
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          472,278
     Total collateral                        492,524

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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