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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 3, 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 2, 1998 Aug 26, 1998  Sep 3, 1997  Sep 2, 1998

Reserve Bank Credit  (1,2)                                  483,860    +   2,866    +  29,974      483,288
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      442,322    +      44    +  32,737      441,976
    Held under repurchase agreements                          5,050    +   2,237    -   5,432        5,110
  Federal agency obligations			        		      		     		   
    Bought outright                                             451            0    -     560          451
    Held under repurchase agreements                          3,425    -     213    +   1,261        3,076
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                            12    +       8    -     150            4
    Seasonal credit                                             234    -      20    -     177          217
    Extended credit                                               0            0            0            0
   Float                                                        638    +     216    +     328          701
   Other F.R. assets                                         31,729    +     594    +   1,966       31,753
Gold stock                                                   11,046    +       2    -       4       11,046
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,976    +      14    +     562       25,976
        Total factors supplying reserve funds               530,083    +   2,883    +  30,532      529,510
						        		      		     		   
Currency in circulation*                                    488,776    +     940    +  28,997      491,069
Treasury cash holdings*                                          94    +       1    -     182           92
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,400    +     495    +     269        5,372
  Foreign                                                       166    -       1    -      42          191
  Service-related balances and adjustments (4)                6,871    -     299    -     182        6,871
  Other                                                         365    -       8    +      21          362
Other F.R. liabilities and capital                           17,135    +      58    +   1,058       16,990
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             518,806    +   1,186    +  29,939      520,947

Reserve balances with F.R. Banks  (5)                        11,277    +   1,697    +     593        8,563
						       		      		     		    
On  September 2, 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 566,887 million, a change of 
 -$ 6,690 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 18,179 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 18,179 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 18,525 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 18,525 million was with foreign official and international 
   accounts.  Includes $ 314 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 
   $ 48 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,696 million and adjustments of $ 175 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 2, 1998     Aug 26, 1998      Sep 3, 1997
                ASSETS
Gold certificate account                                        11,046        +       1        -       4
Special drawing rights certificate account                       9,200                0                0
Coin                                                               410        -       4        -      66
					      
Loans                                                              221        -      39        -     186
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  451                0        -     510
  Held under repurchase agreements (1)                           3,076        -   1,888        +   1,730
U.S. government securities		      
  Bought outright--Bills                                       197,174        -     901        +   1,980
                   Notes (2)                                   178,827        +   1,522        +  19,031
                   Bonds (3)                                    65,975                0        +  10,984
    Total bought outright (4)                                  441,976        +     621        +  31,995
  Held under repurchase agreements (1)                           5,110        -   4,162        -   5,820
     Total U.S. government securities                          447,086        -   3,541        +  26,175
       Total loans and securities                              450,833        -   5,468        +  27,209
					      
Items in process of collection                      (530)        8,311        +   1,775        -   2,349
Bank premises                                                    1,293        -       1        +      29
Other assets (5)                                                30,491        +     110        +   2,062
                TOTAL ASSETS                        (530)      511,585        -   3,587        +  26,881
					      
                LIABILITIES
Federal Reserve notes                                          465,594        +   1,955        +  28,999
Deposits		 		     
  Depository institutions                                       15,373        -   8,259        -   2,198
  U.S. Treasury--general account                                 5,372        +   1,041        +     371
  Foreign--official accounts                                       191        +      29        +      25
    Other                                                          362        -       3        +       5
      Total deposits                                            21,298        -   7,193        -   1,797
Deferred availability cash items                    (530)        7,702        +   1,560        -   1,519
Other liabilities and accrued dividends (6)                      4,698        -     152        -     205
                TOTAL LIABILITIES                   (530)      499,292        -   3,830        +  25,477
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,865                0        +     702
Surplus                                                          5,220                0        +     725
Other capital accounts                                           1,207        +     242        -      23

*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 
   $ 41 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 
   $ 6 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 18,525 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 314 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 $ 167 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 2, 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         60          0     Within 15 days          13,326   -   6,511      3,124   -   1,888
16 to 90 days         161          0     16 to 90 days           93,050   +     966          5   +       5
Over 90 days            0          0     91 days to 1 year      143,965   +     775        120   -       5
                                         Over 1 to 5 years      101,535   +   1,228         93           0
                                         Over 5 to 10 years      41,276           0        185           0
                                         Over 10 years           53,935           0          0           0
    Total             221          0         Total              447,086   -   3,541      3,527   -   1,888

1  Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and 
   $ 48 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 2, 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                                             410         12         25         13         25         41         69         59         20         14         26         54         53
				       
Loans                                            221          0          0          2          0          0          8         35         39         83         29          1         23
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                451         25        167         13         29         35         27         43         16          5         12         20         57
  Held under repurchase agreements(1)          3,076          0      3,076          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     197,174     10,739     73,081      5,733     12,815     15,532     11,994     18,929      6,929      2,166      5,470      8,965     24,822
                   Notes (2)                 178,827      9,739     66,280      5,199     11,622     14,087     10,878     17,168      6,284      1,965      4,961      8,131     22,512
                   Bonds (3)                  65,975      3,593     24,453      1,918      4,288      5,197      4,013      6,334      2,318        725      1,830      3,000      8,305
     Total bought outright(4)                441,976     24,071    163,814     12,850     28,725     34,816     26,886     42,430     15,532      4,856     12,261     20,096     55,639
  Held under repurchase agreements(1)          5,110          0      5,110          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             447,086     24,071    168,924     12,850     28,725     34,816     26,886     42,430     15,532      4,856     12,261     20,096     55,639
       Total loans and securities            450,833     24,096    172,167     12,865     28,754     34,852     26,922     42,509     15,586      4,944     12,302     20,118     55,719
				       
Items in process of collection                 8,841        503      1,100        351        414        636      1,002        622        377        704        644        299      2,189
Bank premises                                  1,293         93        159         50        156        126         77        108         31        131         54        149        161
Other assets(5)                               30,491      1,443      9,255      1,316      1,828      3,677      1,865      2,882        792        786        720      1,416      4,513
Interdistrict settlement account                   0     -1,133    +17,584        +32     -3,652     -2,181       -468     -3,641     -1,717       +292       +986     +1,998     -8,100
          TOTAL ASSETS                       512,115     26,125    207,698     15,232     28,742     38,750     30,785     44,437     15,787      7,121     15,268     24,930     57,241

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 
   $ 41 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 
   $ 6 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 18,525 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 314 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 $ 167 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 2, 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                        465,594     23,528    194,622     13,232     26,366     34,477     27,159     39,722     14,505      5,431     13,518     22,709     50,326
Deposits			      	      
  Depository institutions                     15,373      1,299      2,471        923        829      1,074      1,379      2,359        493        556        648      1,101      2,241
  U.S. Treasury--general account               5,372          0      5,372          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     191          7         76          8          9         22          9         14          3          5          3          7         26
  Other                                          362          1        105          1          1         76          1        168          0          0          7          1          1
    Total deposits                            21,298      1,307      8,024        931        839      1,173      1,389      2,540        497        561        659      1,110      2,267
Deferred credit items                          8,232        466        901        313        412        555        958        598        350        633        644        347      2,056
Other liabilities and accrued	      	      
  dividends (1)                                4,698        264      1,600        169        299        380        314        456        182         87        163        223        560
    TOTAL LIABILITIES                        499,822     25,565    205,147     14,645     27,917     36,584     29,820     43,316     15,534      6,712     14,984     24,389     55,209
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,865        267      1,182        287        398      1,051        470        539        120        199        138        235        980
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                         1,207         39        313         28         93        297        157         79         11         22         27         34        107
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             512,115     26,125    207,698     15,232     28,742     38,750     30,785     44,437     15,787      7,121     15,268     24,930     57,241
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       575,063     27,981    235,359     15,870     30,590     41,882     35,889     49,728     17,360      7,278     16,119     29,412     67,595
  Less--Held by F.R. Banks                   109,469      4,453     40,737      2,638      4,224      7,405      8,730     10,006      2,855      1,847      2,601      6,703     17,270
  F.R. notes, net                            465,594     23,528    194,622     13,232     26,366     34,477     27,159     39,722     14,505      5,431     13,518     22,709     50,326
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          445,348
     Total collateral                        465,594

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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