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<FONT SIZE=+1><I>Release Date: March 12, 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
                                                                                             March 12, 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 11, 1998  Mar 4, 1998 Mar 12, 1997 Mar 11, 1998

Reserve Bank Credit  (1,2)                                  467,527    +   1,161    +  30,213      475,036
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      430,335    +   1,413    +  35,009      432,521
    Held under repurchase agreements                          2,850    -   1,150    -   5,495        6,940
  Federal agency obligations			        		      		     		   
    Bought outright                                             667    -       7    -   1,344          625
    Held under repurchase agreements                          2,415    +     407    +   1,121        3,419
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                             3    +       1    +       1            2
    Seasonal credit                                              19    +       5    -       7           16
    Extended credit                                               0            0            0            0
   Float                                                        596    +     480    +     152          424
   Other F.R. assets                                         30,642    +      13    +     776       31,089
Gold stock                                                   11,049            0    -       1       11,050
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,746    +      14    +     620       25,746
        Total factors supplying reserve funds               513,522    +   1,175    +  30,831      521,031
						        		      		     		   
Currency in circulation*                                    473,893    +   1,032    +  30,381      475,059
Treasury cash holdings*                                         245    +       4    -      38          255
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    4,867    -     580    -     301        4,556
  Foreign                                                       159    -      57    -      16          159
  Service-related balances and adjustments (4)                7,129    +     100    -     195        7,129
  Other                                                         376    +       7    -      32          379
Other F.R. liabilities and capital                           16,409    +     212    +   2,013       16,031
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             503,079    +     718    +  31,812      503,567

Reserve balances with F.R. Banks  (5)                        10,442    +     457    -     980       17,464
						       		      		     		    
On     March 11, 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 610,249 million, a change of 
 +$ 1,072 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,833 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,833 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 16,524 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,524 million was with foreign official and international 
   accounts.  Includes $ 100 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 $ 6,704 million and adjustments of $ 425 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 11, 1998      Mar 4, 1998     Mar 12, 1997
                ASSETS
Gold certificate account                                        11,050                0        -       1
Special drawing rights certificate account                       9,200                0                0
Coin                                                               551        -      15        -     150
					      
Loans                                                               18                0        -      17
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  625        -      50        -   1,387
  Held under repurchase agreements (1)                           3,419        +   2,004        +   1,240
U.S. government securities		      
  Bought outright--Bills                                       195,626        -     334        +   4,053
                   Notes (2)                                   176,164        +   3,764        +  23,061
                   Bonds                                        60,732                0        +   9,333
    Total bought outright (3)                                  432,521        +   3,430        +  36,446
  Held under repurchase agreements (1)                           6,940        +   3,842        -   5,869
     Total U.S. government securities                          439,461        +   7,272        +  30,577
       Total loans and securities                              443,523        +   9,226        +  30,413
					      
Items in process of collection                      (417)        7,155        -     974        +     580
Bank premises                                                    1,279        +       2        +      31
Other assets (4)                                                29,753        +     684        +     487
                TOTAL ASSETS                        (417)      502,510        +   8,924        +  31,359
					      
                LIABILITIES
Federal Reserve notes                                          450,119        +     686        +  29,741
Deposits		 		     
  Depository institutions                                       24,828        +   9,482        +     519
  U.S. Treasury--general account                                 4,556        -     223        -     729
  Foreign--official accounts                                       159        -      83        -      63
    Other                                                          379        -       1        -      30
      Total deposits                                            29,922        +   9,175        -     303
Deferred availability cash items                    (417)        6,439        -   1,060        +     406
Other liabilities and accrued dividends (5)                      4,840        +     282        +      48
                TOTAL LIABILITIES                   (417)      491,320        +   9,083        +  29,892
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,428        -      52        +     673
Surplus                                                          5,220                0        +     744
Other capital accounts                                             542        -     108        +      50

*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 $ 16,524 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 100 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,     March 11, 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          2          0     Within 15 days          14,600   -   2,794      3,419   +   1,954
16 to 90 days          16          0     16 to 90 days           98,503   +     717         74   +      30
Over 90 days            0          0     91 days to 1 year      139,638   +   7,086        175   +      25
                                         Over 1 to 5 years       97,245   +   2,262        126   -      25
                                         Over 5 to 10 years      39,841           0        225   -      30
                                         Over 10 years           49,633           0         25           0
    Total              18          0         Total              439,461   +   7,272      4,044   +   1,954

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 11, 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                      11,050        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                                             551         33         26         65         36         70         48         73         17         24         32         44         82
				       
Loans                                             18          0          0          0          0          0          5          6          0          5          1          0          1
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)          3,419          0      3,419          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     195,626     11,926     63,275      6,540     13,532     18,613     13,054     20,866      7,792      2,724      5,586      7,104     24,613
                   Notes (2)                 176,164     10,739     56,980      5,889     12,185     16,761     11,756     18,790      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)                432,521     26,368    139,899     14,460     29,918     41,153     28,862     46,135     17,227      6,024     12,350     15,708     54,418
  Held under repurchase agreements(1)          6,940          0      6,940          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             439,461     26,368    146,839     14,460     29,918     41,153     28,862     46,135     17,227      6,024     12,350     15,708     54,418
       Total loans and securities            443,523     26,406    150,460     14,480     29,961     41,212     28,909     46,207     17,252      6,038     12,370     15,730     54,497
				       
Items in process of collection                 7,572        424        781        256        287        453      1,159        690        319        487        369        357      1,990
Bank premises                                  1,279         94        156         50        139        126         79        107         31        132         55        150        159
Other assets(4)                               29,753      1,482      8,471      1,270      1,835      3,791      1,862      2,956        826        804        717      1,301      4,438
Interdistrict settlement account                   0     -4,165    +25,616     -2,357     -1,369     -9,836       -876     -5,702     -2,085       -690     +1,429     +7,471     -7,437
          TOTAL ASSETS                       502,927     25,428    192,650     14,397     32,133     37,573     32,508     46,300     17,101      7,064     15,503     25,878     56,390

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 $ 16,524 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 100 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     March 11, 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                        450,119     22,450    176,425     12,498     29,248     32,508     28,612     41,306     15,697      5,113     13,651     23,068     49,543
Deposits			      	      
  Depository institutions                     24,828      1,785      6,914        850      1,514      2,285      1,976      2,627        718        960        955      1,748      2,498
  U.S. Treasury--general account               4,556          0      4,556          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     159          7         44          8          9         22          9         14          3          5          3          7         26
  Other                                          379          1        103          1          3         67          1        191          0          0         10          1          1
    Total deposits                            29,922      1,793     11,617        858      1,527      2,374      1,986      2,831        722        966        968      1,756      2,525
Deferred credit items                          6,856        400        775        215        299        533        828        577        234        504        435        304      1,752
Other liabilities and accrued	      	      
  dividends (1)                                4,840        293      1,490        189        322        448        343        508        203        100        172        195        577
    TOTAL LIABILITIES                        491,737     24,935    190,306     13,759     31,396     35,862     31,769     45,223     16,857      6,684     15,226     25,323     54,396
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,428        211      1,114        317        358        840        363        525        115        190        136        275        985
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           542         29        175         48         44         53         37         50          8          2         23          9         64
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             502,927     25,428    192,650     14,397     32,133     37,573     32,508     46,300     17,101      7,064     15,503     25,878     56,390
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       550,756     27,264    210,552     15,957     32,366     38,995     36,937     49,802     17,915      6,564     15,806     28,554     70,042
  Less--Held by F.R. Banks                   100,637      4,814     34,127      3,459      3,118      6,488      8,326      8,496      2,218      1,450      2,155      5,486     20,500
  F.R. notes, net                            450,119     22,450    176,425     12,498     29,248     32,508     28,612     41,306     15,697      5,113     13,651     23,068     49,543
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          429,869
     Total collateral                        450,119

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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