---

`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
                                                                                             August 6, 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      Aug 5, 1998 Jul 29, 1998  Aug 6, 1997  Aug 5, 1998

Reserve Bank Credit  (1,2)                                  480,678    +   1,561    +  33,098      479,542
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      441,092    +   1,132    +  32,518      441,908
    Held under repurchase agreements                          4,636    -     291    -     423          530
  Federal agency obligations			        		      		     		   
    Bought outright                                             526            0    -     543          526
    Held under repurchase agreements                          1,275    +     600    +     737        1,955
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                            58    +      46    -      45          299
    Seasonal credit                                             238    -       4    -     138          237
    Extended credit                                               0            0            0            0
   Float                                                         92    +      30    -     363        1,584
   Other F.R. assets                                         32,761    +      48    +   1,353       32,504
Gold stock                                                   11,046    -       1    -       5       11,046
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,920    +      14    +     544       25,920
        Total factors supplying reserve funds               526,844    +   1,574    +  33,636      525,709
						        		      		     		   
Currency in circulation*                                    486,964    +   1,255    +  31,589      488,531
Treasury cash holdings*                                         140    -      40    -     169          138
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,234    +     118    +      38        5,045
  Foreign                                                       161    -      13    -      28          168
  Service-related balances and adjustments (4)                6,979    +     244    -     384        6,979
  Other                                                         292    +      40    -      58          346
Other F.R. liabilities and capital                           16,824    -     201    +   2,006       16,503
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             516,594    +   1,403    +  32,994      517,710

Reserve balances with F.R. Banks  (5)                        10,250    +     171    +     642        7,999
						       		      		     		    
On     August 5, 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 593,333 million, a change of 
 +$ 340 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,112 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,112 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 16,046 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,046 million was with foreign official and international 
   accounts.  Includes $ 176 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 
   $ 44 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,745 million and adjustments of $ 234 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
                                                            Aug 5, 1998     Jul 29, 1998      Aug 6, 1997
                ASSETS
Gold certificate account                                        11,046                0        -       4
Special drawing rights certificate account                       9,200                0                0
Coin                                                               412        -       1        -      67
					      
Loans                                                              536        +     284        +     121
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  526                0        -     520
  Held under repurchase agreements (1)                           1,955        +     845        +   1,737
U.S. government securities		      
  Bought outright--Bills                                       199,653        -     496        +   3,286
                   Notes (2)                                   178,887        +       1        +  18,363
                   Bonds (3)                                    63,367        +   1,049        +   9,106
    Total bought outright (4)                                  441,908        +     554        +  30,755
  Held under repurchase agreements (1)                             530        -   7,881        -   3,221
     Total U.S. government securities                          442,438        -   7,327        +  27,534
       Total loans and securities                              445,454        -   6,198        +  28,873
					      
Items in process of collection                      (485)        8,382        +   2,128        +     528
Bank premises                                                    1,289        +       1        +      29
Other assets (5)                                                31,252        -     774        +   1,012
                TOTAL ASSETS                        (485)      507,035        -   4,843        +  30,369
					      
                LIABILITIES
Federal Reserve notes                                          463,161        +   1,501        +  30,719
Deposits		 		     
  Depository institutions                                       14,302        -   7,317        -   2,093
  U.S. Treasury--general account                                 5,045        -     139        -     902
  Foreign--official accounts                                       168        +      10        -      19
    Other                                                          346        +      85        -       3
      Total deposits                                            19,860        -   7,362        -   3,018
Deferred availability cash items                    (485)        7,511        +   1,269        +     896
Other liabilities and accrued dividends (6)                      4,633        -     162        -      95
                TOTAL LIABILITIES                   (485)      495,165        -   4,755        +  28,503
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,841        +      22        +     738
Surplus                                                          5,220                0        +     805
Other capital accounts                                             809        -     111        +     323

*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 
   $ 39 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 
   $ 5 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 16,046 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 176 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 $ 118 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,     August 5, 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        359          0     Within 15 days          17,753   +     405      2,005   +     845
16 to 90 days         177          0     16 to 90 days           89,281   -   8,691         48           0
Over 90 days            0          0     91 days to 1 year      143,445   +     995        114           0
                                         Over 1 to 5 years       96,711   -   1,086        104           0
                                         Over 5 to 10 years      43,018           0        185           0
                                         Over 10 years           52,231   +   1,049         25           0
    Total             536          0         Total              442,438   -   7,327      2,481   +     845

1  Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and 
   $ 44 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     August 5, 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                                             412          9         21         15         26         41         69         58         23         15         29         52         55
				       
Loans                                            536        125          0          0          0         60          7        136         43         91         31          2         40
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)          1,955          0      1,955          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     199,653     10,874     74,000      5,805     12,976     15,728     12,145     19,167      7,016      2,193      5,539      9,078     25,134
                   Notes (2)                 178,887      9,743     66,303      5,201     11,626     14,092     10,882     17,173      6,286      1,965      4,962      8,134     22,520
                   Bonds (3)                  63,367      3,451     23,486      1,842      4,118      4,992      3,855      6,083      2,227        696      1,758      2,881      7,977
     Total bought outright(4)                441,908     24,067    163,789     12,848     28,721     34,811     26,882     42,424     15,529      4,855     12,259     20,093     55,631
  Held under repurchase agreements(1)            530          0        530          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             442,438     24,067    164,319     12,848     28,721     34,811     26,882     42,424     15,529      4,855     12,259     20,093     55,631
       Total loans and securities            445,454     24,221    166,469     12,863     28,755     34,912     26,921     42,611     15,590      4,952     12,305     20,119     55,737
				       
Items in process of collection                 8,867        584      1,075        279        260        817        997        703        309        690        444        548      2,162
Bank premises                                  1,289         93        159         50        152        125         76        108         31        131         54        149        160
Other assets(5)                               31,252      1,518      9,277      1,349      1,914      3,776      1,925      2,959        844        793        757      1,472      4,667
Interdistrict settlement account                   0     -3,101    +18,342       +660     -2,835     -2,191       -734     -4,101     -1,200       +171     +1,154     +2,215     -8,381
          TOTAL ASSETS                       507,520     24,436    202,752     15,821     29,490     39,080     30,573     44,236     16,295      7,002     15,279     25,451     57,105

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 
   $ 39 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 
   $ 5 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 16,046 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 176 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 $ 118 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     August 5, 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                        463,161     22,376    190,649     13,423     27,123     34,675     26,954     40,468     15,005      5,533     13,734     22,868     50,353
Deposits			      	      
  Depository institutions                     14,302        720      2,000      1,422        986        894      1,484      1,503        559        407        610      1,455      2,262
  U.S. Treasury--general account               5,045          0      5,045          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     168          7         53          8          9         22          9         14          3          5          3          7         26
  Other                                          346          2        125          0          1         89          1        120          0          0          7          0          1
    Total deposits                            19,860        729      7,223      1,430        996      1,005      1,495      1,637        563        412        621      1,462      2,288
Deferred credit items                          7,996        527        879        233        285        916        879        592        292        585        487        381      1,941
Other liabilities and accrued	      	      
  dividends (1)                                4,633        262      1,551        168        298        374        313        454        181         87        163        224        559
    TOTAL LIABILITIES                        495,650     23,894    200,303     15,253     28,701     36,970     29,641     43,151     16,040      6,617     15,004     24,935     55,141
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,841        266      1,178        286        391      1,049        466        538        123        195        137        232        978
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           809         23        215          9         63        243        127         45         10          1         19         13         41
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             507,520     24,436    202,752     15,821     29,490     39,080     30,573     44,236     16,295      7,002     15,279     25,451     57,105
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       571,137     26,667    233,281     15,957     30,566     41,382     35,794     49,812     17,589      7,230     15,999     29,233     67,626
  Less--Held by F.R. Banks                   107,977      4,291     42,631      2,535      3,444      6,707      8,840      9,344      2,584      1,697      2,265      6,365     17,273
  F.R. notes, net                            463,161     22,376    190,649     13,423     27,123     34,675     26,954     40,468     15,005      5,533     13,734     22,868     50,353
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          442,914
     Total collateral                        463,161

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.`

---