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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
                                                                                               July 2, 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 1, 1998 Jun 24, 1998  Jul 2, 1997  Jul 1, 1998

Reserve Bank Credit  (1,2)                                  491,832    +  11,321    +  35,325      487,345
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      440,584    -   1,314    +  30,738      440,522
    Held under repurchase agreements                         14,953    +  10,809    +   3,301       11,606
  Federal agency obligations			        		      		     		   
    Bought outright                                             540    -      11    -     882          526
    Held under repurchase agreements                          1,465    +     982    +     634          415
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                           194    +     188    -     231          516
    Seasonal credit                                             188    +       9    -     116          197
    Extended credit                                               0            0            0            0
   Float                                                        490    -     848    -     118          784
   Other F.R. assets                                         33,418    +   1,505    +   1,998       32,780
Gold stock                                                   11,047    -       2    -       2       11,047
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,970    +      14    +     634       25,970
        Total factors supplying reserve funds               538,049    +  11,333    +  35,957      533,562
						        		      		     		   
Currency in circulation*                                    482,322    +     999    +  28,778      485,096
Treasury cash holdings*                                         204            0    -     140          204
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                   18,717    +   5,948    +   6,140        7,866
  Foreign                                                       172    +       8    -       5          166
  Service-related balances and adjustments (4)                7,020    +      61    -     539        7,020
  Other                                                         316    -      17    -       8          313
Other F.R. liabilities and capital                           17,092    +     212    +   1,624       16,548
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             525,844    +   7,212    +  35,851      517,213

Reserve balances with F.R. Banks  (5)                        12,205    +   4,121    +     105       16,349
						       		      		     		    
On       July 1, 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 599,574 million, a change of 
 +$ 3,851 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 17,623 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 17,623 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 17,687 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 17,687 million was with foreign official and international 
   accounts.  Includes $ 122 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 
   $ 37 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,573 million and adjustments of $ 447 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 1, 1998     Jun 24, 1998      Jul 2, 1997
                ASSETS
Gold certificate account                                        11,047        -       2        -       2
Special drawing rights certificate account                       9,200                0                0
Coin                                                               389        -      22        -      84
					      
Loans                                                              713        +     518        -     725
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  526        -      25        -     711
  Held under repurchase agreements (1)                             415        -     765        -   1,310
U.S. government securities		      
  Bought outright--Bills                                       198,013        -     975        +   1,936
                   Notes (2)                                   180,594        +       1        +  19,472
                   Bonds (3)                                    61,915                0        +   7,653
    Total bought outright (4)                                  440,522        -     974        +  29,061
  Held under repurchase agreements (1)                          11,606        +     111        +   8,246
     Total U.S. government securities                          452,128        -     863        +  37,307
       Total loans and securities                              453,781        -   1,135        +  34,561
					      
Items in process of collection                      (525)        8,504        +   2,108        -     412
Bank premises                                                    1,290        -       1        +      40
Other assets (5)                                                31,536        -     339        +   1,867
                TOTAL ASSETS                        (525)      515,748        +     610        +  35,970
					      
                LIABILITIES
Federal Reserve notes                                          459,720        +   2,876        +  27,423
Deposits		 		     
  Depository institutions                                       23,490        +  10,830        +   3,757
  U.S. Treasury--general account                                 7,866        -  14,598        +   2,613
  Foreign--official accounts                                       166        +      11        -       6
    Other                                                          313        -      12        -      27
      Total deposits                                            31,834        -   3,768        +   6,336
Deferred availability cash items                    (525)        7,645        +   1,620        +     634
Other liabilities and accrued dividends (6)                      4,733        -       7        -      46
                TOTAL LIABILITIES                   (525)      503,933        +     721        +  34,348
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,809        +      19        +     754
Surplus                                                          5,220                0        +     725
Other capital accounts                                             786        -     130        +     144

*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 
   $ 35 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 $ 17,687 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 122 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 $ 145 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 1, 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        560          0     Within 15 days          20,456   -   5,753        415   -     790
16 to 90 days         153          0     16 to 90 days           94,040   -   3,128         98           0
Over 90 days            0          0     91 days to 1 year      145,693   +   7,659        104   +       4
                                         Over 1 to 5 years       98,145   +     359         99   -       4
                                         Over 5 to 10 years      43,016   +       1        200           0
                                         Over 10 years           50,778           0         25           0
    Total             713          0         Total              452,128   -     863        941   -     790

1  Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and 
   $ 37 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 1, 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                                             389         11         22         15         25         40         56         54         19         17         33         45         53
				       
Loans                                            713          0          1          5         40          1          5         30        492         84         26          2         28
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)            415          0        415          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     198,013     10,784     73,392      5,757     12,869     15,598     12,045     19,010      6,958      2,175      5,493      9,003     24,927
                   Notes (2)                 180,594      9,836     66,935      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)                440,522     23,992    163,275     12,808     28,631     34,702     26,797     42,291     15,481      4,840     12,220     20,030     55,456
  Held under repurchase agreements(1)         11,606          0     11,606          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             452,128     23,992    174,881     12,808     28,631     34,702     26,797     42,291     15,481      4,840     12,220     20,030     55,456
       Total loans and securities            453,781     24,020    175,492     12,828     28,705     34,744     26,834     42,372     15,991      4,929     12,261     20,056     55,550
				       
Items in process of collection                 9,030        563        871        294        440        577      1,111        775        383        687        563        423      2,343
Bank premises                                  1,290         94        159         50        148        125         81        108         31        131         54        149        160
Other assets(5)                               31,536      1,455     10,258      1,316      1,839      3,688      1,847      2,877        804        782        724      1,422      4,522
Interdistrict settlement account                   0     -1,667     +8,355       +130       -968     -2,132       +575     -1,777       -970       +666     +1,919     +3,093     -7,225
          TOTAL ASSETS                       516,273     25,588    202,566     15,238     31,407     38,642     31,823     46,306     16,956      7,464     16,089     26,084     58,110

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 
   $ 35 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 $ 17,687 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 122 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 $ 145 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 1, 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                        459,720     22,509    185,282     13,101     28,165     32,717     27,664     41,368     15,357      5,574     14,051     23,350     50,581
Deposits			      	      
  Depository institutions                     23,490      1,715      4,269      1,165      1,775      2,753      2,094      2,592        844        775        994      1,588      2,927
  U.S. Treasury--general account               7,866          0      7,866          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                                          313          1        101          2          2         53          2        146          0          1          3          1          1
    Total deposits                            31,834      1,723     12,287      1,174      1,787      2,828      2,105      2,751        847        781      1,000      1,596      2,954
Deferred credit items                          8,171        549        910        233        377        656        813        648        313        643        601        395      2,034
Other liabilities and accrued	      	      
  dividends (1)                                4,733        266      1,632        168        301        376        315        458        184         87        163        224        559
    TOTAL LIABILITIES                        504,458     25,047    200,111     14,675     30,629     36,578     30,898     45,225     16,702      7,084     15,815     25,565     56,129
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,809        264      1,163        285        385      1,034        464        538        122        191        137        235        991
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           786         23        237          6         58        212        123         41         11          0         18         13         45
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             516,273     25,588    202,566     15,238     31,407     38,642     31,823     46,306     16,956      7,464     16,089     26,084     58,110
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       567,090     26,295    230,998     15,424     31,085     39,343     36,032     49,886     17,408      7,187     16,163     29,252     68,018
  Less--Held by F.R. Banks                   107,370      3,786     45,716      2,323      2,920      6,625      8,368      8,518      2,050      1,613      2,112      5,902     17,437
  F.R. notes, net                            459,720     22,509    185,282     13,101     28,165     32,717     27,664     41,368     15,357      5,574     14,051     23,350     50,581
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          439,472
     Total collateral                        459,720

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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