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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
                                                                                             March 19, 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     Mar 18, 1998 Mar 11, 1998 Mar 19, 1997 Mar 18, 1998

Reserve Bank Credit  (1,2)                                  468,414    +     928    +  30,146      469,339
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      432,541    +   2,206    +  35,459      432,708
    Held under repurchase agreements                          2,216    -     634    -   5,027        3,001
  Federal agency obligations			        		      		     		   
    Bought outright                                             625    -      43    -   1,387          625
    Held under repurchase agreements                          1,478    -     937    +     512        1,220
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                             2    -       1    -     297            2
    Seasonal credit                                              20    +       2    -      14           23
    Extended credit                                               0            0            0            0
   Float                                                        588    +      28    +      78          594
   Other F.R. assets                                         30,945    +     308    +     823       31,165
Gold stock                                                   11,049            0    -       1       11,049
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,760    +      14    +     618       25,760
        Total factors supplying reserve funds               514,423    +     942    +  30,763      515,348
						        		      		     		   
Currency in circulation*                                    474,061    +     167    +  30,481      474,719
Treasury cash holdings*                                         256    +      11    -      47          259
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    6,294    +   1,427    -   1,184        5,745
  Foreign                                                       176    +      17    +      10          156
  Service-related balances and adjustments (4)                6,981    -     148    -      48        6,981
  Other                                                         372    -       5    -      48          357
Other F.R. liabilities and capital                           16,178    -     231    +   1,545       15,879
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             504,317    +   1,238    +  30,709      504,095

Reserve balances with F.R. Banks  (5)                        10,106    -     295    +      54       11,253
						       		      		     		    
On     March 18, 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 613,242 million, a change of 
 +$ 2,993 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,504 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,504 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 16,338 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,338 million was with foreign official and international 
   accounts.  Includes $ 210 million securities loaned--fully secured U.S. government securities.
3  Includes $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 21 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,734 million and adjustments of $ 247 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
                                                           Mar 18, 1998     Mar 11, 1998     Mar 19, 1997
                ASSETS
Gold certificate account                                        11,049        -       1        -       1
Special drawing rights certificate account                       9,200                0                0
Coin                                                               536        -      15        -     154
					      
Loans                                                               26        +       8        -   1,168
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  625                0        -   1,387
  Held under repurchase agreements (1)                           1,220        -   2,199        +      15
U.S. government securities		      
  Bought outright--Bills                                       195,812        +     186        +   4,531
                   Notes (2)                                   176,165        +       1        +  21,638
                   Bonds                                        60,732                0        +   9,333
    Total bought outright (3)                                  432,708        +     187        +  35,502
  Held under repurchase agreements (1)                           3,001        -   3,939        -   6,888
     Total U.S. government securities                          435,709        -   3,752        +  28,614
       Total loans and securities                              437,579        -   5,943        +  26,075
					      
Items in process of collection                      (448)        7,193        +      37        +     814
Bank premises                                                    1,280        +       1        +      31
Other assets (4)                                                29,856        +     104        +     708
                TOTAL ASSETS                        (448)      496,692        -   5,817        +  27,472
					      
                LIABILITIES
Federal Reserve notes                                          449,753        -     366        +  29,713
Deposits		 		     
  Depository institutions                                       17,967        -   6,862        -   1,279
  U.S. Treasury--general account                                 5,745        +   1,189        -   3,291
  Foreign--official accounts                                       156        -       3        -       7
    Other                                                          357        -      22        -      55
      Total deposits                                            24,224        -   5,698        -   4,632
Deferred availability cash items                    (448)        6,836        +     398        +   1,010
Other liabilities and accrued dividends (5)                      4,692        -     149        -       4
                TOTAL LIABILITIES                   (448)      485,505        -   5,814        +  26,087
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,430        +       3        +     673
Surplus                                                          5,220                0        +     706
Other capital accounts                                             536        -       6        +       5

*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 
   $ 21 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 16,338 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 210 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 $ 174 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,     March 18, 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         26          0     Within 15 days          15,517   +     917      1,220   -   2,199
16 to 90 days           0          0     16 to 90 days           93,598   -   4,905         74           0
Over 90 days            0          0     91 days to 1 year      139,873   +     235        175           0
                                         Over 1 to 5 years       97,246           0        126           0
                                         Over 5 to 10 years      39,842           0        225           0
                                         Over 10 years           49,633           0         25           0
    Total              26          0         Total              435,709   -   3,752      1,845   -   2,199

1  Includes $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 21 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     March 18, 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                      11,049        624      3,936        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                                             536         33         27         64         35         70         44         71         16         24         31         41         81
				       
Loans                                             26          0          0          0          0          0          5         11          0          7          1          0          2
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                625         38        202         21         43         59         42         67         25          9         18         23         79
  Held under repurchase agreements(1)          1,220          0      1,220          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     195,812     11,937     63,335      6,546     13,545     18,631     13,067     20,886      7,799      2,727      5,591      7,111     24,636
                   Notes (2)                 176,165     10,739     56,981      5,889     12,186     16,761     11,756     18,791      7,016      2,453      5,030      6,398     22,164
                   Bonds                      60,732      3,702     19,644      2,030      4,201      5,778      4,053      6,478      2,419        846      1,734      2,206      7,641
     Total bought outright(3)                432,708     26,379    139,960     14,466     29,931     41,171     28,875     46,155     17,234      6,026     12,356     15,714     54,442
  Held under repurchase agreements(1)          3,001          0      3,001          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             435,709     26,379    142,961     14,466     29,931     41,171     28,875     46,155     17,234      6,026     12,356     15,714     54,442
       Total loans and securities            437,579     26,417    144,383     14,487     29,974     41,230     28,921     46,232     17,259      6,041     12,375     15,737     54,522
				       
Items in process of collection                 7,641        421      1,057        290        359        480        969        612        287        542        293        474      1,858
Bank premises                                  1,280         94        156         50        139        126         80        107         31        132         55        150        159
Other assets(4)                               29,856      1,497      8,411      1,280      1,854      3,817      1,876      2,974        836        807        724      1,310      4,471
Interdistrict settlement account                   0     -4,757    +26,916     -2,331     -1,985     -9,688     -1,110     -5,175     -2,328       -957     +1,169     +7,382     -7,135
          TOTAL ASSETS                       497,140     24,859    188,089     14,472     31,619     37,792     32,104     46,789     16,842      6,859     15,179     25,919     56,617

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 
   $ 21 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 16,338 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 210 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 $ 174 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     March 18, 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                        449,753     22,342    175,247     12,603     28,998     32,737     28,627     41,757     15,409      5,221     13,557     23,309     49,945
Deposits			      	      
  Depository institutions                     17,967      1,311      2,148        815      1,206      2,283      1,504      2,692        727        637        744      1,549      2,351
  U.S. Treasury--general account               5,745          0      5,745          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     156          7         41          8          9         22          9         14          3          5          3          7         26
  Other                                          357          1        107          0          3         62          2        177          0          0          3          1          1
    Total deposits                            24,224      1,319      8,040        823      1,218      2,368      1,515      2,883        730        643        749      1,557      2,378
Deferred credit items                          7,284        416      1,044        219        353        544        889        574        259        514        427        309      1,736
Other liabilities and accrued	      	      
  dividends (1)                                4,692        288      1,417        186        314        439        335        496        199        100        168        190        561
    TOTAL LIABILITIES                        485,953     24,365    185,748     13,832     30,883     36,088     31,366     45,709     16,597      6,478     14,902     25,365     54,620
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,430        211      1,114        317        358        840        363        526        115        190        136        275        985
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           536         29        173         51         42         46         37         52          8          2         22          8         67
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             497,140     24,859    188,089     14,472     31,619     37,792     32,104     46,789     16,842      6,859     15,179     25,919     56,617
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       551,759     27,052    210,504     16,019     32,215     39,260     37,097     50,308     17,776      6,615     15,835     28,673     70,406
  Less--Held by F.R. Banks                   102,006      4,710     35,257      3,415      3,216      6,523      8,470      8,551      2,367      1,393      2,278      5,364     20,461
  F.R. notes, net                            449,753     22,342    175,247     12,603     28,998     32,737     28,627     41,757     15,409      5,221     13,557     23,309     49,945
Collateral held against F.R. notes    	      
   Gold certificate account                   11,049
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          429,504
     Total collateral                        449,753

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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