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 20, 1997
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 19, 1997 Nov 12, 1997 Nov 20, 1996 Nov 19, 1997

Reserve Bank Credit  (1,2)                                  460,894    +   1,447    +  28,727      460,642
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      417,448    +   3,856    +  23,653      418,528
    Held under repurchase agreements                          7,573    -   2,021    +   3,591        7,352
  Federal agency obligations			        		      		     		   
    Bought outright                                             685            0    -   1,562          685
    Held under repurchase agreements                          1,303    -     199    +     617        2,601
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                            73    +      72    +      10          486
    Seasonal credit                                             110    -       4    +       3          106
    Extended credit                                               0            0            0            0
   Float                                                      1,614    +     795    +     815          408
   Other F.R. assets                                         32,087    -   1,052    +   1,598       30,477
Gold stock                                                   11,050            0    +       1       11,050
Special drawing rights certificate account                    9,200            0    -     518        9,200
Treasury currency outstanding                                25,568    +      14    +     670       25,568
        Total factors supplying reserve funds               506,712    +   1,461    +  28,880      506,460
						        		      		     		   
Currency in circulation*                                    467,164    +   1,470    +  29,964      467,721
Treasury cash holdings*                                         247            0    -      28          246
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,059    -     279    +      20        4,126
  Foreign                                                       270    +      28    +      97          180
  Service-related balances and adjustments (4)                6,882    -     138    +     108        6,882
  Other                                                         346    -      16    -      18          342
Other F.R. liabilities and capital                           16,191    -      52    +   1,735       15,926
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             496,160    +   1,012    +  31,878      495,422

Reserve balances with F.R. Banks  (5)                        10,552    +     449    -   2,998       11,038
						       		      		     		    
On  November 19, 1997, the face amount of marketable U.S. government securities held in custody by the 
Federal Reserve Banks for foreign official and international accounts was 625,771 million, a change of 
 -$ 2,544 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 14,364 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 14,364 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 13,554 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 13,554 million was with foreign official and international 
   accounts.  Includes $ 140 million securities loaned--fully secured U.S. government securities.
3  Includes $ 1550 million of inflation-indexed securities valued at the original face amount and 
   $ 17 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,762 million and adjustments of $ 120 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 19, 1997     Nov 12, 1997     Nov 20, 1996
                ASSETS
Gold certificate account                                        11,050                0        +       1
Special drawing rights certificate account                       9,200                0        -     518
Coin                                                               510                0        -     114
					      
Loans                                                              592        +     480        +     122
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  685                0        -   1,562
  Held under repurchase agreements (1)                           2,601        +   1,028        +     876
U.S. government securities		      
  Bought outright--Bills                                       196,050        +   2,348        +   2,881
                   Notes (2)                                   165,239        +     711        +  14,317
                   Bonds                                        57,239        +   1,180        +   7,900
    Total bought outright (3)                                  418,528        +   4,239        +  25,098
  Held under repurchase agreements (1)                           7,352        -   3,398        -   1,123
     Total U.S. government securities                          425,880        +     841        +  23,975
       Total loans and securities                              429,758        +   2,350        +  23,411
					      
Items in process of collection                      (600)        7,079        +     573        +      78
Bank premises                                                    1,277                0        +      56
Other assets (4)                                                29,156        -   3,881        +     134
                TOTAL ASSETS                        (600)      488,029        -     959        +  23,048
					      
                LIABILITIES
Federal Reserve notes                                          442,909        +      85        +  29,135
Deposits		 		     
  Depository institutions                                       18,112        -     354        -   7,264
  U.S. Treasury--general account                                 4,126        -   1,382        -     993
  Foreign--official accounts                                       180        -       7        -       3
    Other                                                          342        -       7        -      24
      Total deposits                                            22,759        -   1,750        -   8,283
Deferred availability cash items                    (600)        6,435        +     517        +     482
Other liabilities and accrued dividends (5)                      4,931        +     189        +     223
                TOTAL LIABILITIES                   (600)      477,035        -     959        +  21,556
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,285        +       3        +     704
Surplus                                                          4,389                0        +     528
Other capital accounts                                           1,321        -       2        +     259

*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 $ 1550 million of inflation-indexed securities valued at the original face amount and 
   $ 17 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 13,554 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 140 million securities loaned--fully secured by U.S. government 
   securities.
4  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.  Includes
   special investment account at Chicago of $ 147 million in Treasury bills maturing within 90 days.
5  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 19, 1997
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        578          0     Within 15 days          15,708   -  11,872      2,601   +   1,028
16 to 90 days          15          0     16 to 90 days           95,893   +   5,719         10           0
Over 90 days            0          0     91 days to 1 year      137,439   +   4,265        192           0
                                         Over 1 to 5 years       90,894   +     602        203           0
                                         Over 5 to 10 years      39,756   +   1,326        255           0
                                         Over 10 years           46,190   +     802         25           0
    Total             592          0         Total              425,880   +     841      3,286   +   1,028

1  Includes $ 1550 million of inflation-indexed securities valued at the original face amount and 
   $ 17 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 19, 1997
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
         ASSETS                        
Gold certificate account                      11,050        624      3,937        350        669        965        723      1,069        401        147        286        459      1,420
Special drawing rights certif. acct.           9,200        530      3,202        282        574        792        602        900        340        123        247        367      1,241
Coin                                             510         30         21         57         29         67         60         64         19         21         23         42         75
				       
Loans                                            592         60        300          0        105          0         20         16         17         41         32          0          1
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                685         42        221         23         47         65         46         73         27         10         20         25         86
  Held under repurchase agreements(1)          2,601          0      2,601          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     196,050     11,952     63,413      6,554     13,561     18,654     13,083     20,912      7,808      2,730      5,598      7,120     24,666
                   Notes (2)                 165,239     10,073     53,447      5,524     11,430     15,722     11,027     17,625      6,581      2,301      4,718      6,001     20,790
                   Bonds                      57,239      3,489     18,514      1,914      3,959      5,446      3,820      6,105      2,280        797      1,634      2,079      7,202
     Total bought outright(3)                418,528     25,515    135,373     13,992     28,950     39,822     27,929     44,642     16,669      5,829     11,951     15,199     52,658
  Held under repurchase agreements(1)          7,352          0      7,352          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             425,880     25,515    142,725     13,992     28,950     39,822     27,929     44,642     16,669      5,829     11,951     15,199     52,658
       Total loans and securities            429,758     25,616    145,848     14,015     29,102     39,887     27,994     44,732     16,714      5,880     12,002     15,224     52,745
				       
Items in process of collection                 7,678        497        788        265        331        532        963        565        343        628        356        428      1,981
Bank premises                                  1,277         94        153         50        128        127         78        108         31        145         55        150        159
Other assets(4)                               29,156      1,230      8,719      1,389      1,777      2,228      2,309      3,206        814        567        959      1,356      4,601
Interdistrict settlement account                   0     -3,339    +21,307     -2,029     -2,306     -8,236     -1,092     -4,610     -1,072       -994       +903     +3,158     -1,690
          TOTAL ASSETS                       488,629     25,283    183,975     14,378     30,305     36,362     31,637     46,034     17,590      6,517     14,831     21,185     60,532

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 $ 1550 million of inflation-indexed securities valued at the original face amount and 
   $ 17 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 13,554 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 140 million securities loaned--fully secured by U.S. government 
   securities.
4  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.  Includes
   special investment account at Chicago of $ 147 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 19, 1997
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
       LIABILITIES                         
Federal Reserve notes                        442,909     23,005    171,922     12,629     27,708     32,444     28,060     41,035     15,794      4,417     13,223     19,063     53,607
Deposits			      	      
  Depository institutions                     18,112      1,169      3,045        814      1,208      1,158      1,668      2,686      1,104      1,027        774      1,001      2,457
  U.S. Treasury--general account               4,126          0      4,126          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     180          5         69          9          9         10         13         17          4          3          5          8         28
  Other                                          342          1        104        -95          4         77          2        148          0          1          1          2         97
    Total deposits                            22,759      1,176      7,344        728      1,221      1,244      1,683      2,851      1,108      1,031        781      1,011      2,582
Deferred credit items                          7,035        399        834        254        310        567        798        581        239        566        350        360      1,778
Other liabilities and accrued	      	      
  dividends (1)                                4,931        296      1,541        191        325        457        345        512        204        109        172        195        585
    TOTAL LIABILITIES                        477,634     24,876    181,641     13,802     29,565     34,713     30,885     44,979     17,345      6,123     14,526     20,629     58,553
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,285        194      1,107        287        355        812        316        516        122        198        125        276        978
Surplus                                        4,389        164        999        262        279        303        405        512        109        101        167        244        845
Other capital accounts                         1,321         49        228         28        107        534         32         28         14         94         14         36        156
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             488,629     25,283    183,975     14,378     30,305     36,362     31,637     46,034     17,590      6,517     14,831     21,185     60,532
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       548,516     29,010    207,342     16,056     32,041     39,102     36,936     49,612     17,960      6,115     15,523     26,110     72,709
  Less--Held by F.R. Banks                   105,608      6,005     35,419      3,427      4,333      6,658      8,877      8,577      2,166      1,698      2,299      7,047     19,101
  F.R. notes, net                            442,909     23,005    171,922     12,629     27,708     32,444     28,060     41,035     15,794      4,417     13,223     19,063     53,607
Collateral held against F.R. notes    	      
   Gold certificate account                   11,050
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          422,658
     Total collateral                        442,909

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.