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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
                                                                                           December 4, 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      Dec 3, 1997 Nov 26, 1997  Dec 4, 1996  Dec 3, 1997

Reserve Bank Credit  (1,2)                                  467,322    +   6,586    +  29,788      472,150
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      419,942    +      31    +  27,782      419,668
    Held under repurchase agreements                         12,575    +   5,174    +   3,295       17,947
  Federal agency obligations			        		      		     		   
    Bought outright                                             685            0    -   1,552          685
    Held under repurchase agreements                          2,166    +     431    +     442        1,025
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                            44    +      40    -     254          103
    Seasonal credit                                              90    -      10    +      15           88
    Extended credit                                               0            0            0            0
   Float                                                        631    +     656    -     108        1,333
   Other F.R. assets                                         31,188    +     264    +     168       31,301
Gold stock                                                   11,050            0    +       2       11,050
Special drawing rights certificate account                    9,200            0    -     518        9,200
Treasury currency outstanding                                25,596    +      14    +     666       25,596
        Total factors supplying reserve funds               513,169    +   6,600    +  29,938      517,996
						        		      		     		   
Currency in circulation*                                    471,868    +   3,607    +  30,287      472,809
Treasury cash holdings*                                         234    -      11    -      38          230
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    4,762    -     240    +     254        4,211
  Foreign                                                       173    +       5    +       4          173
  Service-related balances and adjustments (4)                7,184    +     369    +      73        7,184
  Other                                                         410    +      71    +     100          330
Other F.R. liabilities and capital                           15,603    -     542    +   1,427       15,383
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             500,234    +   3,259    +  32,107      500,319

Reserve balances with F.R. Banks  (5)                        12,935    +   3,341    -   2,169       17,677
						       		      		     		    
On   December 3, 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 624,477 million, a change of 
 +$ 6,669 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 15,025 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 15,025 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 15,300 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 15,300 million was with foreign official and international 
   accounts.  Includes $ 90 million securities loaned--fully secured U.S. government securities.
3  Includes $ 1550 million of inflation-indexed securities valued at the original face amount and 
   $ 19 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,718 million and adjustments of $ 466 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
                                                            Dec 3, 1997     Nov 26, 1997      Dec 4, 1996
                ASSETS
Gold certificate account                                        11,050        -       1        +       2
Special drawing rights certificate account                       9,200                0        -     518
Coin                                                               483        -      13        -     115
					      
Loans                                                              191        +      89        -   1,597
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  685                0        -   1,552
  Held under repurchase agreements (1)                           1,025        +     163        +     407
U.S. government securities		      
  Bought outright--Bills                                       194,304        -     751        +   3,763
                   Notes (2)                                   167,170        +       1        +  16,249
                   Bonds                                        58,193                0        +   8,854
    Total bought outright (3)                                  419,668        -     750        +  28,865
  Held under repurchase agreements (1)                          17,947        +   5,926        +   4,546
     Total U.S. government securities                          437,615        +   5,176        +  33,411
       Total loans and securities                              439,515        +   5,428        +  30,669
					      
Items in process of collection                      (472)        8,184        +   1,687        +   1,125
Bank premises                                                    1,264        -      12        +      42
Other assets (4)                                                30,028        -     329        +       6
                TOTAL ASSETS                        (472)      499,725        +   6,760        +  31,212
					      
                LIABILITIES
Federal Reserve notes                                          447,926        +   1,304        +  29,353
Deposits		 		     
  Depository institutions                                       24,877        +   5,326        +     486
  U.S. Treasury--general account                                 4,211        +     248        -     579
  Foreign--official accounts                                       173        -      19        +       7
    Other                                            (16)          330        +       7        +       7
      Total deposits                                 (16)       29,590        +   5,561        -      78
Deferred availability cash items                    (456)        6,826        +     405        +     439
Other liabilities and accrued dividends (5)                      4,900        +      47        +     288
                TOTAL LIABILITIES                   (472)      489,242        +   7,317        +  30,001
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,315        -       3        +     728
Surplus                                                          4,386        -       3        +     526
Other capital accounts                                             782        -     551        -      44

*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 
   $ 19 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 15,300 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 90 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 $ 134 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,   December 3, 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        114          0     Within 15 days          28,878   +   3,983      1,025   +     163
16 to 90 days          78          0     16 to 90 days           92,662   +   2,086         10           0
Over 90 days            0          0     91 days to 1 year      136,960   -     294        197           0
                                         Over 1 to 5 years       91,728   -     600        198           0
                                         Over 5 to 10 years      40,292           0        255           0
                                         Over 10 years           47,094           0         25           0
    Total             191          0         Total              437,615   +   5,176      1,710   +     163

1  Includes $ 1550 million of inflation-indexed securities valued at the original face amount and 
   $ 19 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   December 3, 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                                             483         26         19         56         27         65         49         57         16         20         35         40         74
				       
Loans                                            191          2          0          0          0        100          0         11         13         34         29          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)          1,025          0      1,025          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     194,304     11,845     62,848      6,496     13,440     18,487     12,966     20,725      7,739      2,706      5,548      7,056     24,447
                   Notes (2)                 167,170     10,191     54,071      5,589     11,563     15,906     11,155     17,831      6,658      2,328      4,773      6,071     21,033
                   Bonds                      58,193      3,548     18,823      1,945      4,025      5,537      3,883      6,207      2,318        810      1,662      2,113      7,322
     Total bought outright(3)                419,668     25,584    135,742     14,030     29,029     39,930     28,005     44,764     16,715      5,845     11,983     15,241     52,801
  Held under repurchase agreements(1)         17,947          0     17,947          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             437,615     25,584    153,689     14,030     29,029     39,930     28,005     44,764     16,715      5,845     11,983     15,241     52,801
       Total loans and securities            439,515     25,627    154,935     14,053     29,076     40,095     28,050     44,848     16,755      5,888     12,032     15,266     52,889
				       
Items in process of collection                 8,656        468        929        309        319        587      1,180        610        648        640        382        599      1,985
Bank premises                                  1,264         94        154         50        128        126         78        108         31        133         54        150        159
Other assets(4)                               30,028      1,245      9,635      1,374      1,781      2,263      2,292      3,187        819        574        958      1,344      4,555
Interdistrict settlement account                   0     -3,406    +13,359       -863       -694     -7,844       +443     -4,577     -1,169     -1,199     +1,343     +4,905       -298
          TOTAL ASSETS                       500,197     25,208    186,170     15,610     31,881     37,050     33,418     46,200     17,842      6,326     15,338     23,130     62,025

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 
   $ 19 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 15,300 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 90 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 $ 134 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   December 3, 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                        447,926     22,832    173,669     13,595     27,533     32,492     29,375     40,724     15,825      4,540     13,517     19,477     54,346
Deposits			      	      
  Depository institutions                     24,877      1,296      3,448      1,048      3,080      1,847      2,033      3,169      1,319        755        974      2,540      3,367
  U.S. Treasury--general account               4,211          0      4,211          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     173          5         62          9          9         10         13         17          4          3          5          8         28
  Other                                          346          1        102          1          1         67          3        135          1         11         25         -3          4
    Total deposits                            29,606      1,303      7,823      1,058      3,090      1,924      2,049      3,320      1,324        769      1,004      2,545      3,398
Deferred credit items                          7,282        403        893        223        249        582        917        618        250        542        356        394      1,855
Other liabilities and accrued	      	      
  dividends (1)                                4,900        287      1,598        187        319        444        336        500        200        100        168        192        570
    TOTAL LIABILITIES                        489,714     24,825    183,983     15,063     31,191     35,443     32,677     45,163     17,598      5,950     15,046     22,608     60,169
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,315        194      1,108        281        358        815        336        527        122        194        125        277        978
Surplus                                        4,386        164        999        262        279        303        405        511        109        101        165        244        845
Other capital accounts                           782         26         80          5         54        490          0          0         12         81          1          1         33
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             500,197     25,208    186,170     15,610     31,881     37,050     33,418     46,200     17,842      6,326     15,338     23,130     62,025
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       548,856     28,541    207,723     16,825     31,396     38,914     37,944     48,545     17,894      6,362     15,583     26,207     72,920
  Less--Held by F.R. Banks                   100,930      5,709     34,054      3,230      3,863      6,421      8,569      7,821      2,069      1,823      2,066      6,730     18,574
  F.R. notes, net                            447,926     22,832    173,669     13,595     27,533     32,492     29,375     40,724     15,825      4,540     13,517     19,477     54,346
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          427,676
     Total collateral                        447,926

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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