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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
                                                                                           January 29, 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     Jan 28, 1998 Jan 21, 1998 Jan 29, 1997 Jan 28, 1998

Reserve Bank Credit  (1,2)                                  465,445    -   1,051    +  29,262      473,716
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      428,462    -   1,255    +  36,507      427,975
    Held under repurchase agreements                          2,896    +     976    -   4,525        8,978
  Federal agency obligations			        		      		     		   
    Bought outright                                             685            0    -   1,354          685
    Held under repurchase agreements                            422    +      20    -   1,258          760
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                            87    -     277    +      72           14
    Seasonal credit                                              16            0    -       2           13
    Extended credit                                               0            0            0            0
   Float                                                        617    -   1,201    -     186        2,245
   Other F.R. assets                                         32,260    +     686    +       8       33,046
Gold stock                                                   11,044    -       1    -       3       11,044
Special drawing rights certificate account                    9,200            0    -     245        9,200
Treasury currency outstanding                                25,700    +      14    +     666       25,700
        Total factors supplying reserve funds               511,389    -   1,038    +  29,680      519,661
						        		      		     		   
Currency in circulation*                                    470,198    -   2,393    +  30,469      470,073
Treasury cash holdings*                                         219    -       8    -      30          220
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    6,976    -   2,172    -     920        6,846
  Foreign                                                       166    +       6    -      10          158
  Service-related balances and adjustments (4)                7,585    +     204    +     505        7,585
  Other                                                         343    +      14    +      12          334
Other F.R. liabilities and capital                           16,083    -      44    +   1,559       15,853
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             501,569    -   4,394    +  31,585      501,069

Reserve balances with F.R. Banks  (5)                         9,820    +   3,355    -   1,905       18,592
						       		      		     		    
On   January 28, 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 605,315 million, a change of 
 +$ 2,022 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 17,072 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 17,072 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 17,558 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 17,558 million was with foreign official and international 
   accounts.  Includes $ 190 million securities loaned--fully secured U.S. government securities.
3  Includes $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 22 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,669 million and adjustments of $ 916 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
                                                           Jan 28, 1998     Jan 21, 1998     Jan 29, 1997
                ASSETS
Gold certificate account                                        11,044        -       1        -       3
Special drawing rights certificate account                       9,200                0        -     200
Coin                                                               532        +      22        -     144
					      
Loans                                                               27        -     355        -      52
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  685                0        -   1,354
  Held under repurchase agreements (1)                             760        -     596        -   1,770
U.S. government securities		      
  Bought outright--Bills                                       194,841        -   1,577        +   2,562
                   Notes (2)                                   173,727                0        +  23,412
                   Bonds                                        59,407                0        +  10,068
    Total bought outright (3)                                  427,975        -   1,577        +  36,042
  Held under repurchase agreements (1)                           8,978        +   2,707        -   4,948
     Total U.S. government securities                          436,953        +   1,130        +  31,094
       Total loans and securities                              438,425        +     179        +  27,918
					      
Items in process of collection                      (403)        8,180        -   3,800        +   1,904
Bank premises                                                    1,274        -       1        +      38
Other assets (4)                                                32,160        +   1,197        +      65
                TOTAL ASSETS                        (403)      500,816        -   2,403        +  29,578
					      
                LIABILITIES
Federal Reserve notes                                          445,125        -   2,339        +  29,504
Deposits		 		     
  Depository institutions                                       26,426        +  12,503        +   1,138
  U.S. Treasury--general account                                 6,846        -   8,584        -   3,029
  Foreign--official accounts                                       158        -       3        -      41
    Other                                             (3)          334        +       4        -       7
      Total deposits                                  (3)       33,764        +   3,919        -   1,938
Deferred availability cash items                    (400)        6,074        -   3,906        +     532
Other liabilities and accrued dividends (5)                      4,635        -      83        -      19
                TOTAL LIABILITIES                   (403)      489,598        -   2,410        +  28,079
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,476        +       5        +     785
Surplus                                                          5,220                0        +     725
Other capital accounts                                             522        +       3        -      10

*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 $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 22 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 17,558 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 190 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 $ 157 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,   January 28, 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         25          0     Within 15 days          21,566   +   1,254        770   -     586
16 to 90 days           2          0     16 to 90 days           92,750   -     574         94   +       4
Over 90 days            0          0     91 days to 1 year      138,887   +     450        150   -      12
                                         Over 1 to 5 years       94,136           0        151   -       2
                                         Over 5 to 10 years      41,306           0        255           0
                                         Over 10 years           48,308           0         25           0
    Total              27          0         Total              436,953   +   1,130      1,445   -     596

1  Includes $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 22 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   January 28, 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                      11,044        624      3,931        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                                             532         26         22         59         31         70         56         67         21         22         37         49         73
				       
Loans                                             27          0          0          0          0          0          5          2          8          0          9          0          2
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)            760          0        760          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     194,841     11,878     63,022      6,514     13,477     18,538     13,002     20,783      7,760      2,714      5,564      7,076     24,514
                   Notes (2)                 173,727     10,591     56,192      5,808     12,017     16,530     11,593     18,531      6,919      2,419      4,961      6,309     21,858
                   Bonds                      59,407      3,622     19,215      1,986      4,109      5,652      3,964      6,337      2,366        827      1,696      2,157      7,474
     Total bought outright(3)                427,975     26,090    138,429     14,308     29,604     40,720     28,559     45,650     17,046      5,960     12,221     15,542     53,846
  Held under repurchase agreements(1)          8,978          0      8,978          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             436,953     26,090    147,407     14,308     29,604     40,720     28,559     45,650     17,046      5,960     12,221     15,542     53,846
       Total loans and securities            438,425     26,133    148,389     14,331     29,651     40,786     28,610     45,725     17,081      5,970     12,249     15,567     53,934
				       
Items in process of collection                 8,583        476        902        378        359        506        957        986        343        575        534        471      2,097
Bank premises                                  1,274         94        156         51        134        126         79        107         31        132         55        150        159
Other assets(4)                               32,160      1,565     10,013      1,310      1,927      3,916      1,955      3,070        886        817        751      1,348      4,603
Interdistrict settlement account                   0     -3,508    +31,803     -2,108     -2,690    -11,098     -1,453     -7,891     -2,027       -437        +79     +4,965     -5,634
          TOTAL ASSETS                       501,219     25,939    198,418     14,652     30,655     36,063     31,528     44,033     17,077      7,349     14,238     23,376     57,892

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 $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 22 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 17,558 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 190 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 $ 157 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   January 28, 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                        445,125     22,216    177,632     12,575     28,371     31,371     28,190     39,108     15,820      4,809     12,807     21,175     51,050
Deposits			      	      
  Depository institutions                     26,426      2,468      9,316      1,018        969      2,033      1,499      2,628        611      1,583        537      1,118      2,646
  U.S. Treasury--general account               6,846          0      6,846          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     158          5         45          8          9         22          9         14          3          5          3          7         26
  Other                                          337          1        101          1          2         60          5        159          0          1          3          2          2
    Total deposits                            33,767      2,474     16,308      1,027        980      2,116      1,513      2,800        614      1,589        543      1,127      2,674
Deferred credit items                          6,474        421        735        229        263        443        763        562        203        464        450        316      1,626
Other liabilities and accrued	      	      
  dividends (1)                                4,635        283      1,421        182        307        430        329        486        197         97        165        185        553
    TOTAL LIABILITIES                        490,001     25,393    196,096     14,014     29,921     34,359     30,796     42,956     16,835      6,960     13,965     22,803     55,903
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,476        263      1,108        317        357        834        361        526        115        194        135        285        982
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           522         29        160         48         41         52         33         49          5          7         19         18         62
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             501,219     25,939    198,418     14,652     30,655     36,063     31,528     44,033     17,077      7,349     14,238     23,376     57,892
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       548,150     27,763    208,592     16,470     32,152     38,774     37,823     47,521     18,263      6,613     15,066     27,722     71,391
  Less--Held by F.R. Banks                   103,025      5,548     30,959      3,895      3,781      7,403      9,632      8,413      2,444      1,804      2,259      6,547     20,341
  F.R. notes, net                            445,125     22,216    177,632     12,575     28,371     31,371     28,190     39,108     15,820      4,809     12,807     21,175     51,050
Collateral held against F.R. notes    	      
   Gold certificate account                   11,044
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          424,881
     Total collateral                        445,125

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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