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<FONT SIZE=+1><I>Release Date: June 4, 1998</I></FONT><BR>

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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
                                                                                               June 4, 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      Jun 3, 1998 May 27, 1998  Jun 4, 1997  Jun 3, 1998

Reserve Bank Credit  (1,2)                                  476,574    +   4,577    +  28,712      480,122
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      441,353    +     770    +  35,578      441,582
    Held under repurchase agreements                          2,838    +   2,838    -   5,254        4,194
  Federal agency obligations			        		      		     		   
    Bought outright                                             551            0    -   1,288          551
    Held under repurchase agreements                            593    +     593    -     906        1,330
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                            35    -      40    -     200          213
    Seasonal credit                                             129    +      11    -      82          121
    Extended credit                                               0            0            0            0
   Float                                                        428    +     103    +     101        1,298
   Other F.R. assets                                         30,648    +     302    +     764       30,834
Gold stock                                                   11,049            0    -       2       11,048
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,914    +      14    +     629       25,914
        Total factors supplying reserve funds               522,736    +   4,591    +  29,340      526,284
						        		      		     		   
Currency in circulation*                                    481,459    +     532    +  29,771      482,248
Treasury cash holdings*                                         226    -      10    -     106          226
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,341    +     161    +     348        5,211
  Foreign                                                       161    -      11    -      16          162
  Service-related balances and adjustments (4)                6,675    -      65    -     450        6,675
  Other                                                         320    -      38    -      83          334
Other F.R. liabilities and capital                           16,722    +     217    +     806       16,454
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             510,905    +     786    +  30,270      511,310

Reserve balances with F.R. Banks  (5)                        11,832    +   3,806    -     930       14,974
						       		      		     		    
On       June 3, 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 603,316 million, a change of 
 -$ 2,989 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,850 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,850 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 16,622 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,622 million was with foreign official and international 
   accounts.  Includes $ 26 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 
   $ 32 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,422 million and adjustments of $ 253 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
                                                            Jun 3, 1998     May 27, 1998      Jun 4, 1997
                ASSETS
Gold certificate account                                        11,048        -       1        -       2
Special drawing rights certificate account                       9,200                0                0
Coin                                                               383        -      21        -     122
					      
Loans                                                              334        +     209        +     134
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  551                0        -   1,113
  Held under repurchase agreements (1)                           1,330        +   1,330        +     122
U.S. government securities		      
  Bought outright--Bills                                       199,078        -   1,062        +   2,880
                   Notes (2)                                   180,590        +       1        +  22,820
                   Bonds (3)                                    61,914                0        +   8,998
    Total bought outright (4)                                  441,582        -   1,061        +  34,698
  Held under repurchase agreements (1)                           4,194        +   4,194        -   4,765
     Total U.S. government securities                          445,776        +   3,133        +  29,933
       Total loans and securities                              447,991        +   4,672        +  29,076
					      
Items in process of collection                      (500)        8,708        -   1,398        +   1,027
Bank premises                                                    1,286        -       1        +      43
Other assets (5)                                                29,473        +     331        +     729
                TOTAL ASSETS                        (500)      508,090        +   3,582        +  30,750
					      
                LIABILITIES
Federal Reserve notes                                          456,944        -      94        +  29,091
Deposits		 		     
  Depository institutions                                       21,520        +   4,864        -     911
  U.S. Treasury--general account                                 5,211        +     197        +     913
  Foreign--official accounts                                       162        -      17        -      11
    Other                                                          334        +      23        -      44
      Total deposits                                            27,227        +   5,067        -      52
Deferred availability cash items                    (500)        7,465        -   1,551        +     988
Other liabilities and accrued dividends (6)                      4,907        +     267        -     173
                TOTAL LIABILITIES                   (500)      496,542        +   3,689        +  29,854
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,726        +       6        +     886
Surplus                                                          5,220                0        +     725
Other capital accounts                                             601        -     114        -     715

*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 
   $ 31 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 $ 16,622 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 26 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 $ 150 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,       June 3, 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        233          0     Within 15 days          11,955   -   4,256      1,330   +   1,330
16 to 90 days         101          0     16 to 90 days           98,531   +   1,791         75   +      25
Over 90 days            0          0     91 days to 1 year      143,714   +   4,681        125           0
                                         Over 1 to 5 years       97,784   +     916        126           0
                                         Over 5 to 10 years      43,014           0        200   -      25
                                         Over 10 years           50,777           0         25           0
    Total             334          0         Total              445,776   +   3,133      1,881   +   1,330

1  Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and 
   $ 32 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       June 3, 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                                             383         19         21         24         19         41         49         49         19         17         37         35         55
				       
Loans                                            334          1          0          0          0        213          6         26         16         51         15          0          6
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)          1,330          0      1,330          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     199,078     10,842     73,786      5,788     12,939     15,682     12,110     19,112      6,996      2,187      5,523      9,052     25,061
                   Notes (2)                 180,590      9,835     66,934      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)                441,582     24,050    163,668     12,838     28,700     34,785     26,862     42,393     15,518      4,851     12,250     20,078     55,590
  Held under repurchase agreements(1)          4,194          0      4,194          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             445,776     24,050    167,862     12,838     28,700     34,785     26,862     42,393     15,518      4,851     12,250     20,078     55,590
       Total loans and securities            447,991     24,080    169,396     12,854     28,735     35,041     26,901     42,472     15,553      4,908     12,280     20,103     55,665
				       
Items in process of collection                 9,208        825      1,394        672        339        542        960        634        315        506        391        504      2,127
Bank premises                                  1,286         93        157         50        144        126         82        108         31        131         54        150        160
Other assets(5)                               29,473      1,397      8,991      1,210      1,769      3,576      1,780      2,775        769        766        697      1,370      4,372
Interdistrict settlement account                   0     -2,274     +8,964       -450       -991     -2,635       +261     -1,384       -342       +522     +2,067     +3,299     -7,038
          TOTAL ASSETS                       508,590     25,253    196,334     14,966     31,233     38,290     31,353     46,552     17,043      7,101     16,062     26,358     58,046

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 
   $ 31 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 $ 16,622 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 26 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 $ 150 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       June 3, 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                        456,944     22,503    181,912     12,990     28,530     32,716     27,441     41,682     15,304      5,367     14,095     23,757     50,648
Deposits			      	      
  Depository institutions                     21,520      1,472      4,113      1,009      1,226      2,454      1,802      2,571        977        678        994      1,419      2,805
  U.S. Treasury--general account               5,211          0      5,211          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     162          7         47          8          9         22          9         14          3          5          3          7         26
  Other                                          334          2        101          0          2         68          1        151          1          0          1          1          4
    Total deposits                            27,227      1,481      9,473      1,017      1,237      2,544      1,813      2,736        982        683        999      1,427      2,835
Deferred credit items                          7,965        511        874        240        378        623        885        594        327        580        533        423      1,997
Other liabilities and accrued	      	      
  dividends (1)                                4,907        271      1,656        176        314        407        330        476        188         91        169        232        596
    TOTAL LIABILITIES                        497,042     24,767    193,914     14,423     30,458     36,290     30,468     45,489     16,802      6,722     15,795     25,840     56,076
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,726        214      1,161        268        385      1,036        463        532        117        191        135        235        990
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           601         19        203          2         54        146         83         29          2          0         13         13         36
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             508,590     25,253    196,334     14,966     31,233     38,290     31,353     46,552     17,043      7,101     16,062     26,358     58,046
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       567,000     26,523    228,293     15,522     31,517     39,746     36,072     50,504     17,602      7,093     16,384     29,347     68,396
  Less--Held by F.R. Banks                   110,056      4,020     46,381      2,532      2,988      7,030      8,631      8,821      2,298      1,726      2,290      5,590     17,748
  F.R. notes, net                            456,944     22,503    181,912     12,990     28,530     32,716     27,441     41,682     15,304      5,367     14,095     23,757     50,648
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          436,696
     Total collateral                        456,944

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.
</PRE> 


	



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