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<FONT SIZE=+1><I>Release Date: January 8, 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
                                                                                            January 8, 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 7, 1998 Dec 31, 1997  Jan 8, 1997  Jan 7, 1998

Reserve Bank Credit  (1,2)                                  476,867    +     607    +  35,638      472,376
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      430,973    +     107    +  39,062      430,039
    Held under repurchase agreements                          9,827    -      90    -   2,590        4,275
  Federal agency obligations			        		      		     		   
    Bought outright                                             685            0    -   1,540          685
    Held under repurchase agreements                          1,523    +      20    -     108          747
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                           352    -     321    +     309            7
    Seasonal credit                                              23    -      41    +       4           19
    Extended credit                                               0            0            0            0
   Float                                                      1,956    +   1,186    +     705        5,258
   Other F.R. assets                                         31,528    -     255    -     204       31,348
Gold stock                                                   11,047    -       1    -       1       11,047
Special drawing rights certificate account                    9,200            0    -     518        9,200
Treasury currency outstanding                                25,658    +      14    +     664       25,658
        Total factors supplying reserve funds               522,772    +     620    +  35,783      518,281
						        		      		     		   
Currency in circulation*                                    480,757    -     826    +  32,472      478,730
Treasury cash holdings*                                         225    -       3    -      23          228
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,031    +     273    +     551        5,580
  Foreign                                                       244    +      30    +      66          159
  Service-related balances and adjustments (4)                6,795    -     162    -      82        6,795
  Other                                                         800    +     435    +     553          225
Other F.R. liabilities and capital                           15,632    -     591    +   1,626       15,709
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             509,483    -     845    +  35,164      507,425

Reserve balances with F.R. Banks  (5)                        13,288    +   1,465    +     619       10,856
						       		      		     		    
On    January 7, 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 600,196 million, a change of 
 -$ 2,638 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,789 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,505 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 17,724 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 15,734 million was with foreign official and international 
   accounts.  Includes $ 80 million securities loaned--fully secured U.S. government securities.
3  Includes $ 1650 million of inflation-indexed securities valued at the original face amount and 
   $ 23 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,601 million and adjustments of $ 194 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 7, 1998     Dec 31, 1997      Jan 8, 1997
                ASSETS
Gold certificate account                                        11,047                0        -       1
Special drawing rights certificate account                       9,200                0        -     518
Coin                                                               448        -      12        -     139
					      
Loans                                                               26        -   2,010        -      26
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  685                0        -   1,540
  Held under repurchase agreements (1)                             747        -   1,905        -   1,437
U.S. government securities		      
  Bought outright--Bills                                       196,426        -     697        +   4,365
                   Notes (2)                                   174,206                0        +  23,284
                   Bonds                                        59,407                0        +  10,068
    Total bought outright (3)                                  430,039        -     697        +  37,718
  Held under repurchase agreements (1)                           4,275        -  16,913        -   5,500
     Total U.S. government securities                          434,314        -  17,610        +  32,218
       Total loans and securities                              435,771        -  21,525        +  29,215
					      
Items in process of collection                      (403)       12,562        +   4,762        +   5,042
Bank premises                                                    1,272                0        +      36
Other assets (4)                                                30,068        -     705        -     806
                TOTAL ASSETS                        (403)      500,367        -  17,480        +  32,828
					      
                LIABILITIES
Federal Reserve notes                                          453,747        -   3,721        +  31,237
Deposits		 		     
  Depository institutions                                       17,632        -  13,206        -   1,693
  U.S. Treasury--general account                                 5,580        +     136        +     518
  Foreign--official accounts                                       159        -     299        -      10
    Other                                                          225        -     674        -      11
      Total deposits                                            23,596        -  14,043        -   1,196
Deferred availability cash items                    (403)        7,314        +      75        +   1,032
Other liabilities and accrued dividends (5)                      4,581        -     265        +     116
                TOTAL LIABILITIES                   (403)      489,239        -  17,954        +  31,189
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,439        +       6        +     840
Surplus                                                          5,214        -       6        +     719
Other capital accounts                                             474        +     474        +      81

*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 $ 1650 million of inflation-indexed securities valued at the original face amount and 
   $ 23 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 17,724 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 80 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 $ 63 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 7, 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         10          0     Within 15 days          19,254   -  14,892        747   -   1,905
16 to 90 days          16          0     16 to 90 days           98,686   +   3,038         60           0
Over 90 days            0          0     91 days to 1 year      132,130   -   5,756        192           0
                                         Over 1 to 5 years       95,028           0        153           0
                                         Over 5 to 10 years      40,907           0        255           0
                                         Over 10 years           48,308           0         25           0
    Total              26          0         Total              434,314   -  17,610      1,432   -   1,905

1  Includes $ 1650 million of inflation-indexed securities valued at the original face amount and 
   $ 23 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 7, 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                      11,047        624      3,934        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                                             448         24         19         50         24         64         45         52         15         19         35         37         65
				       
Loans                                             26          0          0          2          0          1          0         10          2          0         10          0          1
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)            747          0        747          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     196,426     11,975     63,534      6,567     13,587     18,689     13,108     20,952      7,823      2,736      5,609      7,133     24,714
                   Notes (2)                 174,206     10,620     56,347      5,824     12,050     16,575     11,625     18,582      6,938      2,426      4,974      6,327     21,918
                   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)                430,039     26,216    139,096     14,377     29,746     40,917     28,697     45,870     17,128      5,989     12,279     15,617     54,106
  Held under repurchase agreements(1)          4,275          0      4,275          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             434,314     26,216    143,371     14,377     29,746     40,917     28,697     45,870     17,128      5,989     12,279     15,617     54,106
       Total loans and securities            435,771     26,258    144,340     14,401     29,794     40,983     28,742     45,953     17,157      5,999     12,309     15,642     54,193
				       
Items in process of collection                12,965        785      2,792        594        556        994        942      1,062        437        920        672        515      2,696
Bank premises                                  1,272         94        156         51        132        126         78        108         31        132         55        150        159
Other assets(4)                               30,068      1,333      8,920      1,412      1,872      2,367      2,368      3,250        877        591        990      1,385      4,702
Interdistrict settlement account                   0     -4,802    +30,765     -1,952     -3,069    -10,208       -432     -6,964     -1,794     -1,717       +429     +3,156     -3,412
          TOTAL ASSETS                       500,770     24,847    194,127     15,189     30,553     36,083     33,069     45,429     17,464      6,214     15,021     21,710     61,063

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 $ 1650 million of inflation-indexed securities valued at the original face amount and 
   $ 23 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 17,724 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 80 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 $ 63 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 7, 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                        453,747     22,700    180,102     13,586     28,167     32,211     29,535     39,988     16,280      4,745     13,271     19,611     53,552
Deposits			      	      
  Depository institutions                     17,632        895      3,656        619      1,077      1,128      1,625      3,168        472        304        760        964      2,964
  U.S. Treasury--general account               5,580          0      5,580          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     159          5         48          9          9         10         13         17          4          3          5          8         28
  Other                                          225          2         99          1          0         22          1         66         27          2          2          1          2
    Total deposits                            23,596        902      9,383        628      1,087      1,161      1,640      3,250        502        310        767        973      2,993
Deferred credit items                          7,717        441        868        222        268        597        840        628        257        676        553        372      1,996
Other liabilities and accrued	      	      
  dividends (1)                                4,581        280      1,424        180        305        422        323        481        194         94        162        183        533
    TOTAL LIABILITIES                        489,642     24,322    191,777     14,616     29,827     34,390     32,338     44,348     17,233      5,825     14,753     21,138     59,074
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,439        262      1,108        284        356        833        360        527        115        194        134        283        982
Surplus                                        5,214        254      1,055        273        335        818        338        502        115        189        119        271        945
Other capital accounts                           474          9        187         16         35         41         33         52          0          6         14         18         63
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             500,770     24,847    194,127     15,189     30,553     36,083     33,069     45,429     17,464      6,214     15,021     21,710     61,063
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       549,231     27,882    210,472     16,721     31,730     39,249     38,129     46,996     18,515      6,446     15,285     25,904     71,900
  Less--Held by F.R. Banks                    95,484      5,183     30,370      3,135      3,563      7,039      8,593      7,008      2,235      1,702      2,014      6,293     18,349
  F.R. notes, net                            453,747     22,700    180,102     13,586     28,167     32,211     29,535     39,988     16,280      4,745     13,271     19,611     53,552
Collateral held against F.R. notes    	      
   Gold certificate account                   11,047
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          433,500
     Total collateral                        453,747

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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