---

`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 18, 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 17, 1997 Dec 10, 1997 Dec 18, 1996 Dec 17, 1997

Reserve Bank Credit  (1,2)                                  466,694    +   2,660    +  26,220      476,020
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      430,419    +   6,026    +  37,632      430,546
    Held under repurchase agreements                          2,900    -   2,492    -   8,864        9,415
  Federal agency obligations			        		      		     		   
    Bought outright                                             685            0    -   1,540          685
    Held under repurchase agreements                            798    -     114    +     306        1,880
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                           278    +     246    +     193          894
    Seasonal credit                                              84    -       1    +      16           84
    Extended credit                                               0            0            0            0
   Float                                                        485    -   1,118    -     803          399
   Other F.R. assets                                         31,046    +     114    -     720       32,117
Gold stock                                                   11,049    -       1    +       1       11,049
Special drawing rights certificate account                    9,200            0    -     518        9,200
Treasury currency outstanding                                25,624    +      14    +     669       25,624
        Total factors supplying reserve funds               512,567    +   2,673    +  26,372      521,893
						        		      		     		   
Currency in circulation*                                    473,103    +     901    +  30,642      475,365
Treasury cash holdings*                                         231    +       1    -      26          229
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    6,330    +   1,801    -     839        7,493
  Foreign                                                       170    -       2    -       6          154
  Service-related balances and adjustments (4)                6,804    -      30    -     317        6,804
  Other                                                         379    +      31    +      26          381
Other F.R. liabilities and capital                           16,192    +     648    +   1,540       16,021
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             503,209    +   3,351    +  31,020      506,447

Reserve balances with F.R. Banks  (5)                         9,358    -     678    -   4,648       15,446
						       		      		     		    
On  December 17, 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 615,850 million, a change of 
 -$ 11,456 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 15,341 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 15,341 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 15,214 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 15,214 million was with foreign official and international 
   accounts.  Includes $ 500 million securities loaned--fully secured U.S. government securities.
3  Includes $ 1650 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 $ 6,694 million and adjustments of $ 110 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 17, 1997     Dec 10, 1997     Dec 18, 1996
                ASSETS
Gold certificate account                                        11,049        -       1                0
Special drawing rights certificate account                       9,200                0        -     518
Coin                                                               497        +      13        -     127
					      
Loans                                                              978        +     879        +     730
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  685                0        -   1,540
  Held under repurchase agreements (1)                           1,880        +   1,880        +     726
U.S. government securities		      
  Bought outright--Bills                                       196,935        +     189        +   4,609
                   Notes (2)                                   174,204        +   2,642        +  23,282
                   Bonds                                        59,407                0        +  10,068
    Total bought outright (3)                                  430,546        +   2,830        +  37,959
  Held under repurchase agreements (1)                           9,415        +   7,915        -  13,206
     Total U.S. government securities                          439,961        +  10,745        +  24,753
       Total loans and securities                              443,504        +  13,505        +  24,669
					      
Items in process of collection                      (488)        8,016        -     809        -     924
Bank premises                                                    1,268        -       1        +      37
Other assets (4)                                                30,855        +     977        -     776
                TOTAL ASSETS                        (488)      504,388        +  13,684        +  22,361
					      
                LIABILITIES
Federal Reserve notes                                          450,467        +   1,857        +  30,081
Deposits		 		     
  Depository institutions                                       22,447        +   7,798        -   7,557
  U.S. Treasury--general account                                 7,493        +   2,994        -   2,496
  Foreign--official accounts                                       154        -       6        -       9
    Other                                                          381        -       2        +      22
      Total deposits                                            30,474        +  10,784        -  10,040
Deferred availability cash items                    (488)        7,426        +     637        +     764
Other liabilities and accrued dividends (5)                      4,941        +     288        +      13
                TOTAL LIABILITIES                   (488)      493,308        +  13,566        +  20,817
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,356        +      31        +     779
Surplus                                                          4,389                0        +     528
Other capital accounts                                           1,335        +      87        +     237

*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 
   $ 21 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 15,214 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 500 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 $ 184 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 17, 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        971          0     Within 15 days          17,689   +   3,048      1,880   +   1,880
16 to 90 days           7          0     16 to 90 days           98,487   -     565         60   +      50
Over 90 days            0          0     91 days to 1 year      138,369   +   5,620        192   -      50
                                         Over 1 to 5 years       96,201   +   2,641        153           0
                                         Over 5 to 10 years      40,906           0        255           0
                                         Over 10 years           48,308           0         25           0
    Total             978          0         Total              439,961   +  10,745      2,565   +   1,880

1  Includes $ 1650 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  December 17, 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                      11,049        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                                             497         26         21         55         31         67         51         57         16         20         41         41         70
				       
Loans                                            978        651          0          3          0          0          0        256          8         34         25          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)          1,880          0      1,880          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     196,935     12,006     63,699      6,584     13,622     18,738     13,142     21,006      7,844      2,743      5,623      7,152     24,778
                   Notes (2)                 174,204     10,620     56,346      5,824     12,050     16,575     11,625     18,581      6,938      2,426      4,974      6,326     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)                430,546     26,247    139,261     14,394     29,781     40,965     28,731     45,924     17,148      5,996     12,294     15,636     54,170
  Held under repurchase agreements(1)          9,415          0      9,415          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             439,961     26,247    148,676     14,394     29,781     40,965     28,731     45,924     17,148      5,996     12,294     15,636     54,170
       Total loans and securities            443,504     26,940    150,777     14,419     29,829     41,030     28,776     46,253     17,184      6,040     12,339     15,661     54,257
				       
Items in process of collection                 8,504        456      1,076        334        271        608      1,031        731        138        773        563        468      2,054
Bank premises                                  1,268         94        153         50        131        126         78        107         31        133         55        150        159
Other assets(4)                               30,855      1,306      9,736      1,409      1,853      2,337      2,363      3,347        862        589        983      1,381      4,689
Interdistrict settlement account                   0     -4,819    +24,956     -1,269     -3,026     -7,615       +114     -8,126       -650       -717       +804     +3,729     -3,380
          TOTAL ASSETS                       504,876     25,158    193,856     15,631     30,333     38,309     33,738     44,339     18,322      7,108     15,317     22,256     60,509

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 
   $ 21 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 15,214 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 500 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 $ 184 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 17, 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                        450,467     22,606    176,843     13,656     27,963     32,055     30,024     39,629     16,255      4,719     13,366     19,745     53,606
Deposits			      	      
  Depository institutions                     22,447      1,386      4,534        933      1,026      3,391      1,552      2,288      1,358      1,297        985      1,280      2,415
  U.S. Treasury--general account               7,493          0      7,493          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     154          5         43          9          9         10         13         17          4          3          5          8         28
  Other                                          381          1        109         11          3         59          2        185          1          0          2          6          2
    Total deposits                            30,474      1,392     12,179        952      1,038      3,460      1,568      2,490      1,363      1,301        992      1,294      2,445
Deferred credit items                          7,914        447        971        261        262        678      1,006        624        237        596        481        460      1,894
Other liabilities and accrued	      	      
  dividends (1)                                4,941        297      1,529        191        334        460        346        517        204        104        171        195        590
    TOTAL LIABILITIES                        493,796     24,742    191,521     15,061     29,598     36,653     32,943     43,260     18,059      6,719     15,010     21,694     58,535
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,356        197      1,108        284        358        815        359        526        127        194        126        283        979
Surplus                                        4,389        164        999        262        279        303        405        512        109        101        167        244        845
Other capital accounts                         1,335         54        228         24         99        538         32         41         27         94         14         35        150
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             504,876     25,158    193,856     15,631     30,333     38,309     33,738     44,339     18,322      7,108     15,317     22,256     60,509
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       552,564     28,091    209,998     16,922     31,737     39,422     38,851     47,450     18,692      6,556     15,465     26,455     72,926
  Less--Held by F.R. Banks                   102,097      5,485     33,155      3,265      3,774      7,367      8,828      7,821      2,436      1,837      2,099      6,710     19,320
  F.R. notes, net                            450,467     22,606    176,843     13,656     27,963     32,055     30,024     39,629     16,255      4,719     13,366     19,745     53,606
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          430,218
     Total collateral                        450,467

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.`

---