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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
                                                                                             April 23, 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     Apr 22, 1998 Apr 15, 1998 Apr 23, 1997 Apr 22, 1998

Reserve Bank Credit  (1,2)                                  476,170    +   4,430    +  30,309      487,670
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      440,602    +   4,166    +  39,882      441,824
    Held under repurchase agreements                          2,338    +     439    -   7,844       10,225
  Federal agency obligations			        		      		     		   
    Bought outright                                             565    -      21    -   1,420          565
    Held under repurchase agreements                            687    -     100    -      43        2,617
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                            14            0    -     221           96
    Seasonal credit                                              43    +      12    -      52           47
    Extended credit                                               0            0            0            0
   Float                                                        362    -       8    -     525         -290
   Other F.R. assets                                         31,560    -      57    +     532       32,587
Gold stock                                                   11,049            0    -       3       11,049
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,830    +      14    +     613       25,830
        Total factors supplying reserve funds               522,249    +   4,445    +  30,919      533,748
						        		      		     		   
Currency in circulation*                                    476,953    -     242    +  31,127      477,306
Treasury cash holdings*                                         277    +       1    -      31          278
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    7,894    +   1,676    -     766       12,950
  Foreign                                                       185    +       2    +      21          162
  Service-related balances and adjustments (4)                6,861    +     225    -     247        6,861
  Other                                                         349    -      34    -       2          350
Other F.R. liabilities and capital                           16,328    +     105    +   1,302       16,156
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             508,848    +   1,733    +  31,405      514,063

Reserve balances with F.R. Banks  (5)                        13,401    +   2,712    -     486       19,685
						       		      		     		    
On     April 22, 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 606,551 million, a change of 
 -$ 4,498 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,253 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,253 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 16,374 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,374 million was with foreign official and international 
   accounts.  Includes $ 0 million securities loaned--fully secured U.S. government securities.
3  Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and 
   $ 26 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,516 million and adjustments of $ 345 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
                                                           Apr 22, 1998     Apr 15, 1998     Apr 23, 1997
                ASSETS
Gold certificate account                                        11,049                0        -       3
Special drawing rights certificate account                       9,200                0                0
Coin                                                               472        -      11        -     162
					      
Loans                                                              143        +     104        -   1,125
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  565                0        -   1,420
  Held under repurchase agreements (1)                           2,617        +     659        +     583
U.S. government securities		      
  Bought outright--Bills                                       199,325        -     335        +   3,724
                   Notes (2)                                   180,585        +   1,881        +  26,431
                   Bonds (3)                                    61,913                0        +  10,514
    Total bought outright (4)                                  441,824        +   1,546        +  40,669
  Held under repurchase agreements (1)                          10,225        +   7,130        -  10,847
     Total U.S. government securities                          452,049        +   8,676        +  29,822
       Total loans and securities                              455,373        +   9,439        +  27,860
					      
Items in process of collection                      (530)        7,322        -     308        +     313
Bank premises                                                    1,285        +       1        +      36
Other assets (5)                                                31,308        +   1,253        +     640
                TOTAL ASSETS                        (530)      516,008        +  10,375        +  28,683
					      
                LIABILITIES
Federal Reserve notes                                          452,225        -   1,134        +  30,259
Deposits		 		     
  Depository institutions                                       27,063        +   8,136        -     858
  U.S. Treasury--general account                                12,950        +   3,493        -   2,913
  Foreign--official accounts                                       162        -       1        +       6
    Other                                                          350        +       6        +      28
      Total deposits                                            40,525        +  11,634        -   3,738
Deferred availability cash items                    (530)        7,101        -     174        +     999
Other liabilities and accrued dividends (6)                      4,807        +      13        -     233
                TOTAL LIABILITIES                   (530)      504,659        +  10,339        +  27,286
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,473        -      32        +     680
Surplus                                                          5,220                0        +     725
Other capital accounts                                             656        +      67        -       7

*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 $ 2,050 million of inflation-indexed securities valued at the original face amount and 
   $ 26 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Includes $ 400 million of inflation-indexed securities valued at the original face amount and 
   $ 0 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 16,374 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 0 million securities loaned--fully secured by U.S. government 
   securities.
5  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.  Includes
   special investment account at Chicago of $ 150 million in Treasury bills maturing within 90 days.
6  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,     April 22, 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        137          0     Within 15 days          23,188   +   6,921      2,631   +     659
16 to 90 days           6          0     16 to 90 days           93,096   +   1,105          0           0
Over 90 days            0          0     91 days to 1 year      145,351   -   1,231        175           0
                                         Over 1 to 5 years       99,015   +   1,880        126           0
                                         Over 5 to 10 years      40,622   +       1        225           0
                                         Over 10 years           50,776           0         25           0
    Total             143          0         Total              452,049   +   8,676      3,182   +     659

1  Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and 
   $ 26 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     April 22, 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        582      4,209        323        643        807        717        998        358        128        289        530      1,465
Special drawing rights certif. acct.           9,200        530      3,202        282        574        792        602        900        340        123        247        367      1,241
Coin                                             472         27         31         45         29         52         42         64         17         23         44         34         64
				       
Loans                                            143          4          0          0          0         95          5         16          6          9          6          0          2
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                565         31        209         16         37         44         34         54         20          6         16         26         71
  Held under repurchase agreements(1)          2,617          0      2,617          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     199,325     10,856     73,878      5,795     12,955     15,702     12,125     19,136      7,005      2,190      5,529      9,063     25,093
                   Notes (2)                 180,585      9,835     66,932      5,250     11,737     14,225     10,985     17,337      6,346      1,984      5,010      8,211     22,733
                   Bonds (3)                  61,913      3,372     22,947      1,800      4,024      4,877      3,766      5,944      2,176        680      1,718      2,815      7,794
     Total bought outright(4)                441,824     24,063    163,758     12,845     28,715     34,804     26,877     42,416     15,526      4,854     12,256     20,089     55,620
  Held under repurchase agreements(1)         10,225          0     10,225          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             452,049     24,063    173,983     12,845     28,715     34,804     26,877     42,416     15,526      4,854     12,256     20,089     55,620
       Total loans and securities            455,373     24,097    176,809     12,862     28,752     34,944     26,916     42,486     15,553      4,869     12,278     20,115     55,693
				       
Items in process of collection                 7,852        528        761        216        363        531        861        624        382        575        562        705      1,744
Bank premises                                  1,285         94        157         50        142        126         81        107         32        132         54        150        159
Other assets(5)                               31,308      1,478      9,958      1,246      1,861      3,678      1,866      2,915        822        774        737      1,432      4,541
Interdistrict settlement account                   0     -2,237     +6,734       -283       -105     -2,057       +377       +291       -661       +897     +1,617     +3,058     -7,631
          TOTAL ASSETS                       516,538     25,100    201,862     14,741     32,259     38,872     31,462     48,386     16,841      7,520     15,828     26,390     57,276

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 $ 2,050 million of inflation-indexed securities valued at the original face amount and 
   $ 26 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Includes $ 400 million of inflation-indexed securities valued at the original face amount and 
   $ 0 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 16,374 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 0 million securities loaned--fully secured by U.S. government 
   securities.
5  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.  Includes
   special investment account at Chicago of $ 150 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     April 22, 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                        452,225     22,515    178,417     12,623     29,020     33,014     27,209     42,353     15,343      5,356     13,739     23,104     49,533
Deposits			      	      
  Depository institutions                     27,063      1,336      5,517      1,119      1,740      3,018      2,357      3,828        785      1,100      1,100      1,973      3,191
  U.S. Treasury--general account              12,950          0     12,950          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     162          7         47          8          9         22          9         14          3          5          3          7         26
  Other                                          350          2         98          1          2         91          1        151          0          1          1          1          1
    Total deposits                            40,525      1,345     18,613      1,127      1,752      3,131      2,367      3,993        789      1,106      1,104      1,981      3,217
Deferred credit items                          7,631        487        743        230        415        602        818        505        280        581        545        479      1,947
Other liabilities and accrued	      	      
  dividends (1)                                4,807        258      1,674        171        302        381        319        455        183         94        165        226        579
    TOTAL LIABILITIES                        505,189     24,605    199,447     14,152     31,489     37,129     30,713     47,305     16,594      7,137     15,553     25,790     55,275
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,473        211      1,145        265        375        857        368        528        116        191        134        295        987
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           656         30        215         52         59         68         42         51         10          4         22         34         68
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             516,538     25,100    201,862     14,741     32,259     38,872     31,462     48,386     16,841      7,520     15,828     26,390     57,276
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       558,999     27,009    219,938     15,471     32,172     39,917     35,715     51,082     17,613      6,840     15,896     28,403     68,944
  Less--Held by F.R. Banks                   106,773      4,493     41,521      2,848      3,152      6,903      8,506      8,729      2,270      1,484      2,156      5,299     19,411
  F.R. notes, net                            452,225     22,515    178,417     12,623     29,020     33,014     27,209     42,353     15,343      5,356     13,739     23,104     49,533
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          431,977
     Total collateral                        452,225

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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