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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
                                                                                          November 12, 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     Nov 11, 1998  Nov 4, 1998 Nov 12, 1997 Nov 11, 1998

Reserve Bank Credit  (1,2)                                  493,079    -     796    +  33,710      495,062
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      450,355    +     228    +  36,763      451,665
    Held under repurchase agreements                          1,903    -   1,430    -   7,691          940
  Federal agency obligations			        		      		     		
    Bought outright                                             373    -      13    -     312          373
    Held under repurchase agreements                          3,188    -     690    +   1,686        3,605
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            13    -      22    +      12            3
    Seasonal credit                                              46    -      21    -      67           36
    Extended credit                                               0            0            0            0
   Float                                                      1,034    +   1,119    +     274        2,245
   Other F.R. assets                                         36,167    +      33    +   3,046       36,196
Gold stock                                                   11,041            0    -       9       11,041
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,124    +      14    +     531       26,124
        Total factors supplying reserve funds               539,445    -     782    +  34,232      541,427
						        		      		     		
Currency in circulation*                                    501,024    +   2,727    +  35,291      503,138
Treasury cash holdings*                                          87    -       1    -     161           86
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,256    +     226    -      82        5,271
  Foreign                                                       185    +      21    -      57          157
  Service-related balances and adjustments (4)                6,810    -      53    -     226        6,810
  Other                                                         416    +      10    +      54          390
Other F.R. liabilities and capital                           18,138    +      89    +   1,895       18,258
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             531,917    +   3,019    +  36,714      534,109

Reserve balances with F.R. Banks  (5)                         7,528    -   3,801    -   2,482        7,318
						       		      		     		
On  November 11, 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 578,930 million, a change of
 +$ 3,165 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 18,411 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $ 18,411 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 17,943 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $ 17,943 million was with foreign official and international
   accounts.  Includes $ 190 million securities loaned--fully secured U.S. government securities.
3  Includes $ 3,250 million of inflation-indexed securities valued at the original face amount and
   $ 60 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $ 6,666 million and adjustments of $ 144 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
                                                           Nov 11, 1998      Nov 4, 1998     Nov 12, 1997
                ASSETS
Gold certificate account                                        11,041                0        -       9
Special drawing rights certificate account                       9,200                0                0
Coin                                                               408        -       1        -     102
					
Loans                                                               39        -      22        -      74
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  373                0        -     312
  Held under repurchase agreements (1)                           3,605        +     371        +   2,032
U.S. government securities		
  Bought outright--Bills                                       197,757        +      98        +   4,055
                   Notes (2)                                   186,206        +   1,172        +  21,678
                   Bonds (3)                                    67,702        +       6        +  11,644
    Total bought outright (4)                                  451,665        +   1,277        +  37,377
  Held under repurchase agreements (1)                             940        -   1,110        -   9,810
     Total U.S. government securities                          452,605        +     167        +  27,567
       Total loans and securities                              456,622        +     516        +  29,213
					
Items in process of collection                      (375)       10,370        +   2,441        +   3,865
Bank premises                                                    1,295        +       1        +      18
Other assets (5)                                                34,958        -       7        +   1,922
                TOTAL ASSETS                        (375)      523,894        +   2,949        +  34,907
					
                LIABILITIES
Federal Reserve notes                                          477,508        +   3,078        +  34,684
Deposits		 		
  Depository institutions                                       14,186        -     134        -   4,280
  U.S. Treasury--general account                                 5,271        -     643        -     237
  Foreign--official accounts                                       157        -      34        -      31
    Other                                                          390        -      49        +      41
      Total deposits                                            20,003        -     860        -   4,506
Deferred availability cash items                    (375)        8,126        +     335        +   2,207
Other liabilities and accrued dividends (6)                      4,356        -      38        -     387
                TOTAL LIABILITIES                   (375)      509,992        +   2,515        +  31,998
					
                CAPITAL ACCOUNTS
Capital paid in                                                  5,932        +      10        +     651
Surplus                                                          5,220                0        +     832
Other capital accounts                                           2,749        +     424        +   1,426

*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 $ 2,450 million of inflation-indexed securities valued at the original face amount and
   $ 52 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
   $ 9 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 17,943 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 190 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 $ 165 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,  November 11, 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          5          0     Within 15 days          17,639   +   2,338      3,610   +     376
16 to 90 days          34          0     16 to 90 days           95,103   +   3,375         32   -       5
Over 90 days            0          0     91 days to 1 year      134,307   -   6,725        100   +       7
                                         Over 1 to 5 years      107,911   +   1,178         51   -       7
                                         Over 5 to 10 years      42,035           0        185           0
                                         Over 10 years           55,611           0          0           0
    Total              39          0         Total              452,605   +     167      3,978   +     371

1  Includes $ 3,250 million of inflation-indexed securities valued at the original face amount and
   $ 60 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  November 11, 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                      11,041        582      4,201        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                                             408         27         19         18         18         48         59         50         20         15         31         45         58
				
Loans                                             39          0          0          1          0          0          0          2          8         12         13          0          2
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                373         20        138         11         24         29         23         36         13          4         10         17         47
  Held under repurchase agreements(1)          3,605          0      3,605          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     197,757     10,770     73,297      5,750     12,853     15,578     12,030     18,985      6,949      2,173      5,486      8,992     24,895
                   Notes (2)                 186,206     10,141     69,015      5,414     12,102     14,668     11,327     17,876      6,544      2,046      5,165      8,467     23,441
                   Bonds (3)                  67,702      3,687     25,093      1,968      4,400      5,333      4,118      6,500      2,379        744      1,878      3,078      8,523
     Total bought outright(4)                451,665     24,599    167,405     13,132     29,355     35,580     27,475     43,361     15,872      4,962     12,529     20,537     56,859
  Held under repurchase agreements(1)            940          0        940          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             452,605     24,599    168,345     13,132     29,355     35,580     27,475     43,361     15,872      4,962     12,529     20,537     56,859
       Total loans and securities            456,622     24,619    172,089     13,143     29,379     35,609     27,498     43,399     15,893      4,979     12,553     20,554     56,908
				
Items in process of collection                10,746        697      1,384        -21        570      1,047      1,152        820        634        875        652        535      2,401
Bank premises                                  1,295         93        158         50        156        125         80        107         31        131         54        149        161
Other assets(5)                               34,958      1,693     10,329      1,503      2,148      4,207      2,156      3,352        938        890        846      1,650      5,246
Interdistrict settlement account                   0     -2,984    +19,569       +923     -4,721     +1,091     -2,236     -2,532     -2,257       +226       +827     +2,564    -10,470
          TOTAL ASSETS                       524,270     25,257    210,952     16,221     28,767     43,727     30,028     47,092     15,957      7,366     15,499     26,394     57,010

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 $ 2,450 million of inflation-indexed securities valued at the original face amount and
   $ 52 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
   $ 9 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 17,943 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 190 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 $ 165 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  November 11, 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                        477,508     23,361    197,303     14,731     26,188     38,730     26,490     42,523     14,469      5,703     13,840     23,953     50,215
Deposits			      	
  Depository institutions                     14,186        518      2,767        532      1,016      1,183      1,348      1,973        633        454        659      1,258      1,846
  U.S. Treasury--general account               5,271          0      5,271          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     157          7         42          8          9         22          9         14          3          5          3          7         26
  Other                                          390          1        102          0          3         89          2        168          4          0         17          2          2
    Total deposits                            20,003        526      8,182        540      1,028      1,294      1,359      2,154        640        459        679      1,267      1,874
Deferred credit items                          8,501        495      1,048        230        350        659        930        714        385        667        503        368      2,151
Other liabilities and accrued	      	
  dividends (1)                                4,356        242      1,470        158        280        359        294        419        169         85        152        209        519
    TOTAL LIABILITIES                        510,368     24,624    208,003     15,659     27,846     41,043     29,073     45,811     15,663      6,914     15,175     25,797     54,759
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                5,932        268      1,202        211        398      1,224        421        549        119        202        138        233        967
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                         2,749        112        692         79        187        642        195        230         53         61         67         92        338
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             524,270     25,257    210,952     16,221     28,767     43,727     30,028     47,092     15,957      7,366     15,499     26,394     57,010
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       594,511     28,033    240,223     17,612     30,202     47,286     37,067     53,120     17,139      7,357     16,675     31,476     68,321
  Less--Held by F.R. Banks                   117,003      4,672     42,920      2,881      4,014      8,555     10,576     10,597      2,669      1,654      2,835      7,523     18,106
  F.R. notes, net                            477,508     23,361    197,303     14,731     26,188     38,730     26,490     42,523     14,469      5,703     13,840     23,953     50,215
Collateral held against F.R. notes    	
   Gold certificate account                   11,041
   Special drawing rights	      	
     certificate account                       9,200
   Other eligible assets                         683
   U.S. govt. and agency securities          456,583
     Total collateral                        477,508

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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