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
                                                                                               May 14, 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     May 13, 1998  May 6, 1998 May 14, 1997 May 13, 1998

Reserve Bank Credit  (1,2)                                  469,128    -   4,645    +  18,934      471,369
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      434,600    -   3,054    +  29,748      437,644
    Held under repurchase agreements                              0    -   2,247    -  11,330            0
  Federal agency obligations			        		      		     		   
    Bought outright                                             551            0    -   1,420          551
    Held under repurchase agreements                              0    -     279    -     450            0
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                           153    +     129    +     137           10
    Seasonal credit                                              73    +       4    -      82           79
    Extended credit                                               0            0            0            0
   Float                                                      1,093    +     551    +   1,031          264
   Other F.R. assets                                         32,659    +     253    +   1,300       32,820
Gold stock                                                   11,048            0    -       3       11,048
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,872    +      14    +     619       25,872
        Total factors supplying reserve funds               515,248    -   4,631    +  19,550      517,489
						        		      		     		   
Currency in circulation*                                    478,436    +   1,333    +  30,365      479,285
Treasury cash holdings*                                         248    -      23    -      68          248
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    6,055    -   2,386    -   8,605        5,127
  Foreign                                                       166    +       6    -       5          155
  Service-related balances and adjustments (4)                6,647    -     106    -     495        6,647
  Other                                                         377    -       7    +      29          373
Other F.R. liabilities and capital                           16,691    -      77    +   1,529       16,168
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             508,620    -   1,261    +  22,749      508,003

Reserve balances with F.R. Banks  (5)                         6,628    -   3,370    -   3,199        9,485
						       		      		     		    
On       May 13, 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 606,862 million, a change of 
 +$ 1,071 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 23,601 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 17,135 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 20,556 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,136 million was with foreign official and international 
   accounts.  Includes $ 130 million securities loaned--fully secured U.S. government securities.
3  Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and 
   $ 30 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,447 million and adjustments of $ 200 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
                                                           May 13, 1998      May 6, 1998     May 14, 1997
                ASSETS
Gold certificate account                                        11,048                0        -       3
Special drawing rights certificate account                       9,200                0                0
Coin                                                               449        -       8        -     143
					      
Loans                                                               89        +      20        -     101
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  551                0        -   1,420
  Held under repurchase agreements (1)                               0                0        -     414
U.S. government securities		      
  Bought outright--Bills                                       195,143        -      38        -     672
                   Notes (2)                                   180,588        +       1        +  22,818
                   Bonds (3)                                    61,914                0        +   8,997
    Total bought outright (4)                                  437,644        -      37        +  31,144
  Held under repurchase agreements (1)                               0                0        -  11,596
     Total U.S. government securities                          437,644        -      37        +  19,548
       Total loans and securities                              438,284        -      17        +  17,613
					      
Items in process of collection                      (482)        6,749        -   1,794        +     528
Bank premises                                                    1,287        +       2        +      44
Other assets (5)                                                31,379        +     336        +     940
                TOTAL ASSETS                        (482)      498,395        -   1,481        +  18,979
					      
                LIABILITIES
Federal Reserve notes                                          454,110        +     429        +  29,403
Deposits		 		     
  Depository institutions                                       16,120        -   1,608        -     548
  U.S. Treasury--general account                                 5,127        +   1,020        -  11,710
  Foreign--official accounts                                       155        +       1        -       3
    Other                                                          373        -       2        +      18
      Total deposits                                            21,776        -     589        -  12,244
Deferred availability cash items                    (482)        6,341        -   1,040        +     653
Other liabilities and accrued dividends (6)                      4,771        -      31        -     240
                TOTAL LIABILITIES                   (482)      486,999        -   1,230        +  17,572
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,563        +      76        +     755
Surplus                                                          5,220                0        +     725
Other capital accounts                                             613        -     328        -      73

*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 
   $ 29 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Includes $ 400 million of inflation-indexed securities valued at the original face amount and 
   $ 1 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 20,556 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 130 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 $ 183 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,       May 13, 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         20          0     Within 15 days          13,312   +     395          0           0
16 to 90 days          69          0     16 to 90 days           87,861   -     663         50   +      50
Over 90 days            0          0     91 days to 1 year      146,298   +     230        125   -      50
                                         Over 1 to 5 years       98,773           0        126           0
                                         Over 5 to 10 years      40,623           0        225           0
                                         Over 10 years           50,777           0         25           0
    Total              89          0         Total              437,644   -      37        551           0

1  Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and 
   $ 30 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       May 13, 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                      11,048        582      4,208        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                                             449         24         27         38         28         49         46         60         18         21         41         34         63
				       
Loans                                             89          0          0          1          0          5          5         21         10         24         12          0         11
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                551         30        204         16         36         43         33         53         19          6         15         25         69
  Held under repurchase agreements(1)              0          0          0          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     195,143     10,628     72,328      5,674     12,683     15,372     11,871     18,734      6,858      2,144      5,413      8,873     24,566
                   Notes (2)                 180,588      9,835     66,933      5,250     11,737     14,226     10,985     17,337      6,346      1,984      5,010      8,211     22,734
                   Bonds (3)                  61,914      3,372     22,948      1,800      4,024      4,877      3,766      5,944      2,176        680      1,718      2,815      7,794
     Total bought outright(4)                437,644     23,835    162,209     12,724     28,444     34,475     26,622     42,015     15,379      4,808     12,141     19,899     55,094
  Held under repurchase agreements(1)              0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             437,644     23,835    162,209     12,724     28,444     34,475     26,622     42,015     15,379      4,808     12,141     19,899     55,094
       Total loans and securities            438,284     23,865    162,413     12,741     28,479     34,524     26,661     42,088     15,409      4,838     12,168     19,924     55,174
				       
Items in process of collection                 7,230        503        846        329        317        469        810        591        335        589        497        350      1,591
Bank premises                                  1,287         93        157         50        144        126         82        107         31        132         54        150        160
Other assets(5)                               31,379      1,531      9,277      1,285      1,928      3,786      1,933      3,045        853        796        765      1,482      4,697
Interdistrict settlement account                   0     -2,058    +11,828       -176       -983     -3,623       +278     -1,575       -629       +184     +1,401     +3,048     -7,695
          TOTAL ASSETS                       498,877     25,070    191,958     14,872     31,131     36,930     31,130     46,215     16,717      6,812     15,462     25,886     56,696

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 
   $ 29 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Includes $ 400 million of inflation-indexed securities valued at the original face amount and 
   $ 1 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 20,556 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 130 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 $ 183 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       May 13, 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                        454,110     22,587    179,755     12,983     28,724     32,908     26,891     42,025     15,373      5,417     13,962     23,258     50,227
Deposits			      	      
  Depository institutions                     16,120      1,281      2,113        935        969      1,127      2,421      1,958        633        377        611      1,531      2,165
  U.S. Treasury--general account               5,127          0      5,127          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                                          373          1        104          1          3         78          1        183          0          0          2          1          0
    Total deposits                            21,776      1,289      7,384        943        982      1,227      2,431      2,155        636        382        616      1,539      2,191
Deferred credit items                          6,823        434        803        217        339        538        736        490        278        543        443        320      1,681
Other liabilities and accrued	      	      
  dividends (1)                                4,771        266      1,573        175        308        399        324        467        186         89        167        231        587
    TOTAL LIABILITIES                        487,481     24,576    189,514     14,318     30,353     35,072     30,383     45,137     16,473      6,431     15,188     25,349     54,686
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,563        214      1,156        267        385        981        369        528        116        191        134        234        989
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           613         26        233         14         57         59         40         48          6          2         21         32         76
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             498,877     25,070    191,958     14,872     31,131     36,930     31,130     46,215     16,717      6,812     15,462     25,886     56,696
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       563,638     26,754    224,375     15,578     31,864     39,988     35,623     50,946     17,662      7,059     16,249     28,794     68,746
  Less--Held by F.R. Banks                   109,528      4,167     44,620      2,594      3,140      7,080      8,732      8,921      2,289      1,642      2,288      5,536     18,518
  F.R. notes, net                            454,110     22,587    179,755     12,983     28,724     32,908     26,891     42,025     15,373      5,417     13,962     23,258     50,227
Collateral held against F.R. notes    	      
   Gold certificate account                   11,048
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          433,862
     Total collateral                        454,110

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.