---

`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 9, 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 8, 1998  Jul 1, 1998  Jul 9, 1997  Jul 8, 1998

Reserve Bank Credit  (1,2)                                  479,440    -  12,286    +  29,616      478,933
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      440,354    -     231    +  29,170      440,328
    Held under repurchase agreements                          4,637    -  10,315    +   1,062        4,894
  Federal agency obligations			        		      		     		   
    Bought outright                                             526    -      14    -     711          526
    Held under repurchase agreements                            815    -     650    -     698          469
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                             4    -     190    -      17            1
    Seasonal credit                                             196    +       7    -      98          202
    Extended credit                                               0            0            0            0
   Float                                                        779    +     395    +      24          203
   Other F.R. assets                                         32,129    -   1,288    +     883       32,310
Gold stock                                                   11,047            0    -       2       11,047
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,984    +      14    +     640       25,984
        Total factors supplying reserve funds               525,671    -  12,272    +  30,254      525,164
						        		      		     		   
Currency in circulation*                                    486,268    +   3,945    +  28,206      487,919
Treasury cash holdings*                                         201    -       3    -     146          195
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,956    -  12,761    +   2,054        4,934
  Foreign                                                       176    +       3    +       4          149
  Service-related balances and adjustments (4)                7,088    +      69    -     426        7,088
  Other                                                         301    -      15    -      23          275
Other F.R. liabilities and capital                           16,747    -     345    +   1,575       16,577
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             516,736    -   9,108    +  31,246      517,137

Reserve balances with F.R. Banks  (5)                         8,934    -   3,164    -     992        8,027
						       		      		     		    
On       July 8, 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 589,691 million, a change of 
 -$ 9,883 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 17,855 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 17,855 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 17,881 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 17,881 million was with foreign official and international 
   accounts.  Includes $ 120 million securities loaned--fully secured U.S. government securities.
3  Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and 
   $ 38 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,631 million and adjustments of $ 457 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 8, 1998      Jul 1, 1998      Jul 9, 1997
                ASSETS
Gold certificate account                                        11,047                0        -       2
Special drawing rights certificate account                       9,200                0                0
Coin                                                               377        -      12        -      82
					      
Loans                                                              203        -     510        -     195
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  526                0        -     711
  Held under repurchase agreements (1)                             469        +      54        -   1,001
U.S. government securities		      
  Bought outright--Bills                                       197,818        -     194        +   3,047
                   Notes (2)                                   180,595        +       1        +  19,473
                   Bonds (3)                                    61,915                0        +   7,654
    Total bought outright (4)                                  440,328        -     193        +  30,173
  Held under repurchase agreements (1)                           4,894        -   6,712        +   1,479
     Total U.S. government securities                          445,222        -   6,905        +  31,652
       Total loans and securities                              446,420        -   7,361        +  29,746
					      
Items in process of collection                      (436)        6,727        -   1,777        -   1,261
Bank premises                                                    1,294        +       4        +      42
Other assets (5)                                                31,068        -     468        +     876
                TOTAL ASSETS                        (436)      506,134        -   9,614        +  29,319
					      
                LIABILITIES
Federal Reserve notes                                          462,507        +   2,787        +  28,362
Deposits		 		     
  Depository institutions                                       15,330        -   8,159        -     602
  U.S. Treasury--general account                                 4,934        -   2,932        +     288
  Foreign--official accounts                                       149        -      17        -      21
    Other                                                          275        -      38        -      28
      Total deposits                                            20,689        -  11,146        -     362
Deferred availability cash items                    (436)        6,361        -   1,284        -     156
Other liabilities and accrued dividends (6)                      4,637        -      96        -      54
                TOTAL LIABILITIES                   (436)      494,194        -   9,739        +  27,789
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,811        +       2        +     748
Surplus                                                          5,220                0        +     725
Other capital accounts                                             908        +     123        +      56

*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 
   $ 36 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Includes $ 400 million of inflation-indexed securities valued at the original face amount and 
   $ 2 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 17,881 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 120 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 $ 110 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 8, 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         57          0     Within 15 days          15,381   -   5,075        469   +      54
16 to 90 days         146          0     16 to 90 days           94,275   +     235         98           0
Over 90 days            0          0     91 days to 1 year      143,627   -   2,067        104           0
                                         Over 1 to 5 years       98,145           0         99           0
                                         Over 5 to 10 years      43,016           0        200           0
                                         Over 10 years           50,778           0         25           0
    Total             203          0         Total              445,222   -   6,905        995   +      54

1  Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and 
   $ 38 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 8, 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                      11,047        582      4,207        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                                             377         11         20         14         25         38         57         51         21         16         30         43         50
				       
Loans                                            203          0          0          1          0          0          5         27         26         85         26          2         32
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)            469          0        469          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     197,818     10,774     73,320      5,751     12,857     15,583     12,033     18,991      6,952      2,173      5,488      8,995     24,903
                   Notes (2)                 180,595      9,836     66,936      5,251     11,737     14,226     10,986     17,337      6,346      1,984      5,010      8,211     22,735
                   Bonds (3)                  61,915      3,372     22,948      1,800      4,024      4,877      3,766      5,944      2,176        680      1,718      2,815      7,794
     Total bought outright(4)                440,328     23,981    163,203     12,802     28,618     34,687     26,786     42,272     15,474      4,837     12,215     20,021     55,432
  Held under repurchase agreements(1)          4,894          0      4,894          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             445,222     23,981    168,097     12,802     28,618     34,687     26,786     42,272     15,474      4,837     12,215     20,021     55,432
       Total loans and securities            446,420     24,010    168,761     12,818     28,652     34,728     26,822     42,350     15,518      4,928     12,255     20,047     55,530
				       
Items in process of collection                 7,163        491        672        219        333        527        725        503        297        554        479        420      1,944
Bank premises                                  1,294         94        158         50        152        125         81        108         31        132         54        149        160
Other assets(5)                               31,068      1,473      9,610      1,326      1,860      3,715      1,870      2,876        814        787        733      1,440      4,564
Interdistrict settlement account                   0     -2,630    +12,401        +14     -1,177     -2,707        +97     -2,294       -755       +332     +1,359     +2,543     -7,183
          TOTAL ASSETS                       506,570     24,561    199,032     15,045     31,062     38,026     30,971     45,492     16,624      7,000     15,447     25,540     57,770

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 
   $ 36 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Includes $ 400 million of inflation-indexed securities valued at the original face amount and 
   $ 2 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 17,881 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 120 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 $ 110 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 8, 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                        462,507     22,570    186,880     13,110     28,196     33,896     27,744     41,447     15,352      5,580     14,047     23,108     50,577
Deposits			      	      
  Depository institutions                     15,330        744      2,360        993      1,426      1,058      1,234      1,882        567        443        530      1,297      2,797
  U.S. Treasury--general account               4,934          0      4,934          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     149          7         34          8          9         22          9         14          3          5          3          7         26
  Other                                          275          1        104          0          4         45          5        111          0          1          2          1          1
    Total deposits                            20,689        752      7,433      1,001      1,440      1,126      1,248      2,006        571        449        535      1,306      2,823
Deferred credit items                          6,797        430        702        195        340        540        729        487        265        504        424        376      1,804
Other liabilities and accrued	      	      
  dividends (1)                                4,637        262      1,563        168        298        373        313        454        182         85        163        223        553
    TOTAL LIABILITIES                        494,630     24,014    196,578     14,474     30,274     35,935     30,034     44,394     16,370      6,619     15,169     25,013     55,758
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,811        264      1,163        285        385      1,034        464        538        122        191        136        235        993
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           908         29        236         13         68        239        135         58         11          2         23         20         75
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             506,570     24,561    199,032     15,045     31,062     38,026     30,971     45,492     16,624      7,000     15,447     25,540     57,770
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       567,723     26,410    231,326     15,425     31,016     40,272     35,934     49,864     17,359      7,174     16,113     29,118     67,713
  Less--Held by F.R. Banks                   105,216      3,840     44,447      2,315      2,820      6,376      8,190      8,417      2,007      1,594      2,066      6,010     17,135
  F.R. notes, net                            462,507     22,570    186,880     13,110     28,196     33,896     27,744     41,447     15,352      5,580     14,047     23,108     50,577
Collateral held against F.R. notes    	      
   Gold certificate account                   11,047
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          442,260
     Total collateral                        462,507

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.`

---