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<PRE>
FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                            August 12, 2004
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
                                                                   Averages of daily figures
Reserve Bank credit, related items, and                   Week ended   Change from week ended     Wednesday
reserve balances of depository institutions at           Aug 11, 2004  Aug 4, 2004 Aug 13, 2003 Aug 11, 2004
Federal Reserve Banks

Reserve Bank Credit                                         754,791    -   2,839    +  42,967      750,586
 Securities held outright                                   693,741    +      13    +  40,669      693,746       
    U.S. Treasury (1)                                       693,741    +      13    +  40,679      693,746
       Bills (2)                                            255,248            0    +  15,321      255,248
       Notes and bonds, nominal (2)                         421,546            0    +  22,693      421,546
       Notes and bonds, inflation-indexed (2)                14,862            0    +   2,048       14,862
       Inflation compensation (3)                             2,085    +      13    +     618        2,090
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    20,036    -   2,893    +   2,357       16,000
 Loans to depository institutions                               239    -      26    +      94          231
    Primary credit                                               16    -      15    +       9            4
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             223    -      11    +      85          227
 Float                                                         -297    -     530    -     892         -569
 Other Federal Reserve assets                                41,071    +     596    +     737       41,179
Gold stock                                                   11,044            0    +       1       11,044
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,064    +      14    +     896       36,064
       
Total factors supplying reserve funds                       804,098    -   2,825    +  43,863      799,894
                                                                   
Currency in circulation(5)                                  734,968    +   1,053    +  39,979      736,223
Reverse repurchase agreements (6)                            20,422    -     166    +     859       20,606
   Foreign official and international accounts               20,422    -     166    +     859       20,606
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          289    +       6    -      80          304
Deposits with F.R.Banks, other than reserve balances         15,982    +   1,073    -   1,223       15,503       
  U.S. Treasury, general account                              5,064    +     363    -     547        4,617
  Foreign official                                               81    -      17    -      68           82
  Service-related                                            10,539    +     738    -     618       10,539
     Required clearing balances                              10,529    +     728    -     383       10,529
     Adjustments to compensate for float                         10    +      10    -     235           10
  Other                                                         298    -      11    +      11          265
Other liabilities and capital                                21,850    +     505    +   1,660       21,669

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  793,510    +   2,470    +  41,194      794,305

Reserve balances with Federal Reserve Banks                  10,588    -   5,295    +   2,669        5,589
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,256,264    +   8,341    + 316,480    1,256,074
     U.S. Treasury                                        1,017,939    +   4,607    + 264,402    1,017,359
     Federal agency                                         238,325    +   3,735    +  52,079      238,715
  Securities lent to dealers                                    748    +     368    -   1,383        2,203   


Note: Components may not sum to totals because of rounding.


1  Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.  
2  Face value of the securities. 
3  Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 
4  Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5  Estimated. 
6  Cash value of agreements, which are collateralized by U.S. Treasury securities.
7  Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.


Sources: Federal Reserve Banks and the U.S. Department of the Treasury.


2. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of Dollars
                                              Eliminations                          Change Since
                                                  from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital             consolidation Aug 11, 2004      Aug 4, 2004     Aug 13, 2003

Assets
Gold certificate account                                        11,040                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               750        +      10        -     138
Securities, repurchase agreements, and loans                   709,977        -   1,078        +  37,526
   Securities held outright                                    693,746        +      12        +  40,458
      U.S. Treasury (1)                                        693,746        +      12        +  40,468       
         Bills (2)                                             255,248                0        +  15,106
         Notes and bonds, nominal (2)                          421,546                0        +  22,693
         Notes and bonds, inflation-indexed (2)                 14,862                0        +   2,048
         Inflation compensation (3)                              2,090        +      12        +     621
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    16,000        -   1,000        -   3,000    
   Loans                                                           231        -      90        +      67
Items in process of collection                      (717)        5,317        -   2,294        -   3,967
Bank premises                                                    1,710        +       1        +     123
Other assets (5)                                                39,425        +     561        +     620
      Total assets                                  (717)      770,418        -   2,801        +  34,163
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  701,208        +     326        +  39,194
Reverse repurchase agreements (6)                               20,606        +      30        +   1,468
Deposits                                              (0)       21,048        -   2,855        -   6,167       
  Depository institutions                                       16,084        -   2,338        -   4,606
  U.S. Treasury, general account                                 4,617        -     464        -   1,103
  Foreign official                                                  82        -       1        -     443
  Other                                               (0)          265        -      52        -      16
Deferred availability cash items                    (717)        5,886        -     613        -   1,958
Other liabilities and accrued dividends (7)                      2,512        +      66        +     353
      Total liabilities                             (717)      751,261        -   3,045        +  32,891
                          
Capital Accounts
Capital paid in                                                  9,260        +       7        +     536
Surplus                                                          8,856        +      27        +     476
Other capital accounts                                           1,040        +     210        +     260
      Total capital                                             19,157        +     244        +   1,273


Note: Components may not sum to totals because of rounding.

1  Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.
2  Face value of the securities.
3  Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 
4  Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securites.
5  Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 
6  Cash value of agreements, which are collateralized by U.S. Treasury securities.
7  Includes exchange-translation account reflecting the daily revaluation at market exchange rates of 
   foreign exchange commitments.



3. Maturity Distribution of Loans and Securities,    August 11, 2004
Millions of dollars
                                    U.S. Treasury           Federal agency                      Reverse
Maturity             Loans           securities (1)          securities           Repurchase   repurchase
                                              Weekly                    Weekly    agreements(2)agreements(2)
                                  Holdings    changes      Holdings    changes    
Within 15 days              26       56,565   +     263            0           0       16,000       20,606
16 days to 90 days         205      149,322   -   1,044            0           0            0            0
91 days to 1 year            0      166,742   +     781            0           0     ------      ------
Over 1 to 5 years     ------        192,432   +       5            0           0     ------      ------
Over 5 to 10 years    ------         51,872   +       3            0           0     ------      ------
Over 10 years         ------         76,813   +       5            0           0     ------      ------
                   		 	
All                        231      693,746   +      12            0           0       16,000      20,606

Note: Components may not sum to totals because of rounding.
---   Not applicable.

1  Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face 
   value of such securities. 
2  Cash value of agreements classified by remaining maturity of the agreements.



4. Statement of Condition of Each Federal Reserve Bank on    August 11, 2004
Millions of dollars
                                                                                                                                                            Kansas                 San
Assets, liabilities, and capital               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco

Assets                        
Gold certificate account                      11,040        494      4,650        382        452        819        894        924        325        218        302        525      1,055
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                             750         20         40         35         44         67         97         91         51         20         47        131        106
Securities, repurchase agreements,
      and loans                              709,977     32,577    316,817     20,645     29,644     52,729     46,793     62,556     20,404     15,215     18,263     31,635     62,698
   Securities held outright                  693,746     32,577    300,817     20,634     29,644     52,728     46,784     62,492     20,382     15,131     18,230     31,631     62,696
      U.S. Treasury (1)                      693,746     32,577    300,817     20,634     29,644     52,728     46,784     62,492     20,382     15,131     18,230     31,631     62,696
         Bills (2)                           255,248     11,986    110,679      7,592     10,907     19,400     17,213     22,992      7,499      5,567      6,707     11,638     23,067
         Notes and bonds(3)                  438,498     20,591    190,139     13,042     18,737     33,328     29,571     39,499     12,883      9,564     11,523     19,993     39,628
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                16,000          0     16,000          0          0          0          0          0          0          0          0          0          0
      Loans                                      231          0          0         11          0          2          8         65         23         84         33          3          2
Items in process of collection                 6,034        338        329        251        419        310        628        391        268        395        485        175      2,046
Bank premises                                  1,710         96        192         51        154        145        278        139         56        124         75        220        180
Other assets(5)                               39,425      1,789     14,318      1,149      2,387      6,032      2,273      3,554      1,033      1,155        825      1,060      3,850
Interdistrict settlement account                   0    + 2,908    -29,510    + 4,037    +   139    - 1,089    + 8,633    - 1,494    + 1,447    -   462    + 1,363    + 3,911    +10,117
          Total Assets                       771,135     38,336    307,711     26,632     33,344     59,160     59,762     66,373     23,655     16,695     21,427     37,754     80,286

Note: Components may not sum to totals because of rounding.

1  Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.
2  Face value of the securities.
3  Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face 
   value of such securities. 
4  Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5  Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.




4. Statement of Condition of Each Federal Reserve Bank on    August 11, 2004
Millions of dollars
                                                                                                                                                            Kansas                 San
Assets, liabilities, and capital                Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco

Liabilities                         
Federal Reserve notes outstanding             823,350     38,858    316,341     32,777     34,975     62,135     72,254     67,951     25,128     15,923     24,064     43,082     89,864
  Less: notes held by F.R. Banks              122,142      4,299     31,922      8,622      5,747     11,274     17,404      7,838      3,383      1,257      4,636      7,691     18,069
    Federal Reserve notes, net                701,208     34,559    284,419     24,155     29,228     50,861     54,850     60,112     21,744     14,667     19,428     35,391     71,795
Reverse repurchase agreements (1)              20,606        968      8,935        613        881      1,566      1,390      1,856        605        449        542        940      1,862
Deposits                                       21,048      1,085      8,450        742      1,068      1,798      1,524      1,665        573        405        686        718      2,333
  Depository institutions                      16,084      1,082      3,610        741      1,064      1,697      1,523      1,661        570        404        684        718      2,330
  U.S. Treasury, general account                4,617          0      4,617          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 82          2         59          1          2          7          2          3          1          1          1          0          4
  Other                                           265          1        163          0          1         94          0          1          2          0          1          0          0
Deferred availability cash items                6,603        548        636        437        490        475        749        401        144        460        348        286      1,630
Other liabilities and accrued                 
  dividends (2)                                 2,512        137        817        100        131        258        200        239        110         87         95        137        202
   
    Total liabilities                         751,978     37,295    303,257     26,047     31,797     54,958     58,714     64,273     23,176     16,068     21,100     37,471     77,823
                              
Capital                    
Capital paid in                                 9,260        506      2,116        284        757      2,084        506      1,024        232        262        153        131      1,203
Surplus                                         8,856        448      2,031        259        727      2,074        489        924        228        355        162        111      1,048
Other capital                                   1,040         86        307         43         62         44         53        152         19         10         12         41        212
     Total liabilities and capital            771,135     38,336    307,711     26,632     33,344     59,160     59,762     66,373     23,655     16,695     21,427     37,754     80,286
                              

Note: Components may not sum to totals because of rounding.

1  Cash value of agreements, which are collateralized by U.S. Treasury securities.
2  Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.


5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars



Federal Reserve notes and collateral        Wednesday
                                          Aug 11, 2004
              
Federal Reserve notes outstanding             823,350
   Less: Notes held by F.R. Banks
         not subject to collateralization     122,142
      Federal Reserve Notes to be
         collateralized                       701,208 
Collateral held against Federal Reserve            
   notes                                      701,208
   Gold certificate account                    11,040
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              687,969
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         709,746
   Less:face value of securities under
         reverse repurchase agreements         20,614
      U.S. Treasury and agency securities
             eligible to be pledged           689,132
   

Note: Components may not sum to totals because of rounding.

1  Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for the effect of inflation on the original face 
   value of inflation-indexed securities, and cash value of repurchase agreements. 
</PRE>

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