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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
                                                                                          December 10, 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      Dec 9, 1998  Dec 2, 1998 Dec 10, 1997  Dec 9, 1998

Reserve Bank Credit  (1,2)                                  496,035    -   5,408    +  32,007      498,677
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      454,530    +     132    +  30,137      454,775
    Held under repurchase agreements                          3,509    -   2,205    -   1,884        4,897
  Federal agency obligations			        		      		     		
    Bought outright                                             368            0    -     317          368
    Held under repurchase agreements                          3,245    -   2,046    +   2,333        3,486
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                             2    -      32    -      30            6
    Seasonal credit                                              12    -       4    -      73           11
    Extended credit                                               0            0            0            0
   Float                                                        785    +      74    -     819          954
   Other F.R. assets                                         33,584    -   1,326    +   2,659       34,179
Gold stock                                                   11,041            0    -      10       11,041
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,135    +      14    +     535       26,135
        Total factors supplying reserve funds               542,410    -   5,393    +  32,532      545,052
						        		      		     		
Currency in circulation*                                    506,694    -     220    +  34,502      507,863
Treasury cash holdings*                                          98    -       2    -     132           87
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,035    -     270    +     506        4,199
  Foreign                                                       154    -      53    -      18          155
  Service-related balances and adjustments (4)                6,744    -     468    -      89        6,745
  Other                                                         346    -      17    -       1          327
Other F.R. liabilities and capital                           16,499    -     306    +     955       16,649
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             535,569    -   1,334    +  35,722      536,024

Reserve balances with F.R. Banks  (5)                         6,841    -   4,060    -   3,191        9,028
						       		      		     		
On   December 9, 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 596,183 million, a change of
 +$ 804 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 18,530 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $ 18,530 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 18,286 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $ 18,286 million was with foreign official and international
   accounts.  Includes $ 126 million securities loaned--fully secured U.S. government securities.
3  Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and
   $ 73 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 $ 79 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
                                                            Dec 9, 1998      Dec 2, 1998     Dec 10, 1997
                ASSETS
Gold certificate account                                        11,041                0        -      10
Special drawing rights certificate account                       9,200                0                0
Coin                                                               385        +       8        -      99
					
Loans                                                               18        -     106        -      81
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  368                0        -     317
  Held under repurchase agreements (1)                           3,486        +     519        +   3,486
U.S. government securities		
  Bought outright--Bills                                       197,413        +     560        +     667
                   Notes (2)                                   187,890        +       2        +  16,327
                   Bonds (3)                                    69,472                0        +  10,065
    Total bought outright (4)                                  454,775        +     562        +  27,059
  Held under repurchase agreements (1)                           4,897        -     123        +   3,397
     Total U.S. government securities                          459,672        +     439        +  30,456
       Total loans and securities                              463,544        +     853        +  33,544
					
Items in process of collection                      (584)        8,373        -     884        -     451
Bank premises                                                    1,295        +       1        +      27
Other assets (5)                                                33,093        -     237        +   3,215
                TOTAL ASSETS                        (584)      526,931        -     260        +  36,227
					
                LIABILITIES
Federal Reserve notes                                          482,201        +     175        +  33,590
Deposits		 		
  Depository institutions                                       16,018        -     112        +   1,369
  U.S. Treasury--general account                                 4,199        -     183        -     300
  Foreign--official accounts                                       155        -      16        -       5
    Other                                                          327        -      34        -      56
      Total deposits                                            20,698        -     344        +   1,009
Deferred availability cash items                    (584)        7,383        -     486        +     594
Other liabilities and accrued dividends (6)                      4,357        -      20        -     296
                TOTAL LIABILITIES                   (584)      514,639        -     675        +  34,897
					
                CAPITAL ACCOUNTS
Capital paid in                                                  5,937        +       1        +     612
Surplus                                                          5,220        +      11        +     832
Other capital accounts                                           1,135        +     403        -     113

*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 $ 2,867 million of inflation-indexed securities valued at the original face amount and
   $ 63 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
3  Includes $ 820 million of inflation-indexed securities valued at the original face amount and
   $ 10 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,286 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 126 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,   December 9, 1998
Holdings of securities include securitites held under repurchase agreements, which are classified according
to remaining maturity.

Millions of dollars
                                                                 U.S. government         Federal agency
                    Loans   Acceptances                           securities (1)           obligations
                                                                           Weekly                 Weekly
                                                               Holdings    changes    Holdings    changes
Within 15 days          7          0     Within 15 days          15,130   +   1,751        888   -   2,109
16 to 90 days          10          0     16 to 90 days          104,570   +   4,976      2,630   +   2,628
Over 90 days            0          0     91 days to 1 year      132,137   -   6,290        100           0
                                         Over 1 to 5 years      107,349   +       1         51           0
                                         Over 5 to 10 years      44,819   +       1        185           0
                                         Over 10 years           55,667           0          0           0
    Total              18          0         Total              459,672   +     439      3,854   +     519

1  Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and
   $ 73 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   December 9, 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                                             385         28         19         23         15         52         53         40         19         15         27         40         54
				
Loans                                             18          0          0          2          0          0          0          2          1          3          7          0          2
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                368         20        136         11         24         29         22         35         13          4         10         17         46
  Held under repurchase agreements(1)          3,486          0      3,486          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     197,413     10,752     73,169      5,740     12,830     15,551     12,009     18,952      6,937      2,169      5,476      8,976     24,852
                   Notes (2)                 187,890     10,233     69,640      5,463     12,211     14,801     11,429     18,038      6,603      2,064      5,212      8,543     23,653
                   Bonds (3)                  69,472      3,784     25,749      2,020      4,515      5,473      4,226      6,669      2,441        763      1,927      3,159      8,746
     Total bought outright(4)                454,775     24,768    168,558     13,222     29,557     35,825     27,664     43,659     15,981      4,996     12,616     20,678     57,250
  Held under repurchase agreements(1)          4,897          0      4,897          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             459,672     24,768    173,455     13,222     29,557     35,825     27,664     43,659     15,981      4,996     12,616     20,678     57,250
       Total loans and securities            463,544     24,788    177,077     13,235     29,581     35,854     27,687     43,697     15,996      5,003     12,633     20,695     57,299
				
Items in process of collection                 8,957        763        931        444        400        670      1,078        649        318        741        517        559      1,888
Bank premises                                  1,295         93        158         50        156        125         81        107         31        131         54        148        162
Other assets(5)                               33,093      1,568     10,081      1,452      1,995      3,977      2,013      3,071        863        844        780      1,541      4,907
Interdistrict settlement account                   0       -519    +12,091     +1,054     -4,309     +1,734     +1,281     -1,238     -2,027       +217       +487     +1,500    -10,272
          TOTAL ASSETS                       527,514     27,834    207,761     16,864     29,054     44,011     33,512     48,223     15,898      7,202     15,034     25,381     56,742

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 $ 2,867 million of inflation-indexed securities valued at the original face amount and
   $ 63 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
3  Includes $ 820 million of inflation-indexed securities valued at the original face amount and
   $ 10 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,286 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 126 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   December 9, 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                        482,201     25,434    195,027     15,397     26,058     39,363     30,210     43,668     14,506      5,727     13,697     23,182     49,931
Deposits			      	
  Depository institutions                     16,018      1,098      3,529        523      1,452      1,089      1,134      2,317        611        355        461      1,077      2,372
  U.S. Treasury--general account               4,199          0      4,199          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     155          7         40          8          9         22          9         14          3          5          3          7         26
  Other                                          327          0        105          1          1         70          7        111          2          1         21          1          5
    Total deposits                            20,698      1,105      7,873        532      1,463      1,181      1,151      2,442        616        362        486      1,086      2,403
Deferred credit items                          7,966        503        818        328        442        658      1,009        546        352        634        413        339      1,924
Other liabilities and accrued	      	
  dividends (1)                                4,357        239      1,454        155        276        361        290        414        167         83        152        257        508
    TOTAL LIABILITIES                        515,222     27,281    205,171     16,412     28,238     41,563     32,661     47,069     15,640      6,807     14,748     24,864     54,767
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                5,937        266      1,208        175        398      1,237        420        577        119        202        140        224        971
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                         1,135         33        326          4         82        393         92         75         17          4         28         22         59
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             527,514     27,834    207,761     16,864     29,054     44,011     33,512     48,223     15,898      7,202     15,034     25,381     56,742
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       608,301     30,006    240,884     18,244     29,909     49,302     41,968     54,309     17,157      7,456     16,857     33,773     68,436
  Less--Held by F.R. Banks                   126,100      4,571     45,857      2,848      3,851      9,939     11,757     10,642      2,651      1,729      3,160     10,591     18,504
  F.R. notes, net                            482,201     25,434    195,027     15,397     26,058     39,363     30,210     43,668     14,506      5,727     13,697     23,182     49,931
Collateral held against F.R. notes    	
   Gold certificate account                   11,041
   Special drawing rights	      	
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          461,960
     Total collateral                        482,201

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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