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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 26, 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 24, 1997 Dec 17, 1997 Dec 25, 1996 Dec 24, 1997

Reserve Bank Credit  (1,2)                                  471,597    +   4,898    +  30,090      475,558
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      429,198    -   1,221    +  36,543      432,059
    Held under repurchase agreements                          7,270    +   4,370    -   4,638        7,123
  Federal agency obligations			        		      		     		   
    Bought outright                                             685            0    -   1,540          685
    Held under repurchase agreements                          1,483    +     685    +     528        1,902
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                            92    -     186    -      27           21
    Seasonal credit                                              78    -       6    +       8           75
    Extended credit                                               0            0            0            0
   Float                                                        851    +     362    -     473        2,083
   Other F.R. assets                                         31,941    +     895    -     312       31,611
Gold stock                                                   11,049            0    +       1       11,048
Special drawing rights certificate account                    9,200            0    -     518        9,200
Treasury currency outstanding                                25,630    +      14    +     662       25,630
        Total factors supplying reserve funds               517,476    +   4,912    +  30,234      521,437
						        		      		     		   
Currency in circulation*                                    477,146    +   4,051    +  30,869      480,548
Treasury cash holdings*                                         229    -       2    -      20          229
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,001    -   1,329    -     693        4,949
  Foreign                                                       156    -      14    -      45          157
  Service-related balances and adjustments (4)                6,988    +     183    +      69        6,988
  Other                                                         333    -      46    +      33          296
Other F.R. liabilities and capital                           16,343    +     151    +   1,773       16,141
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             506,196    +   2,995    +  31,987      509,308

Reserve balances with F.R. Banks  (5)                        11,280    +   1,917    -   1,753       12,129
						       		      		     		    
On  December 24, 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 603,376 million, a change of 
 -$ 12,474 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 17,135 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 17,135 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 15,702 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 15,702 million was with foreign official and international 
   accounts.  Includes $ 326 million securities loaned--fully secured U.S. government securities.
3  Includes $ 1650 million of inflation-indexed securities valued at the original face amount and 
   $ 22 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,653 million and adjustments of $ 335 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 24, 1997     Dec 17, 1997     Dec 25, 1996
                ASSETS
Gold certificate account                                        11,048        -       1                0
Special drawing rights certificate account                       9,200                0        -     518
Coin                                                               485        -      11        -     135
					      
Loans                                                               96        -     882        -       9
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  685                0        -   1,540
  Held under repurchase agreements (1)                           1,902        +      22        +     947
U.S. government securities		      
  Bought outright--Bills                                       198,447        +   1,512        +   3,327
                   Notes (2)                                   174,205        +       1        +  23,283
                   Bonds                                        59,407                0        +  10,068
    Total bought outright (3)                                  432,059        +   1,513        +  36,679
  Held under repurchase agreements (1)                           7,123        -   2,292        -   4,785
     Total U.S. government securities                          439,182        -     779        +  31,894
       Total loans and securities                              441,865        -   1,639        +  31,291
					      
Items in process of collection                      (497)       10,884        +   2,869        +     190
Bank premises                                                    1,271        +       4        +      39
Other assets (4)                                                30,388        -     467        -     728
                TOTAL ASSETS                        (497)      505,142        +     754        +  30,139
					      
                LIABILITIES
Federal Reserve notes                                          455,632        +   5,165        +  31,141
Deposits		 		     
  Depository institutions                                       20,097        -   2,350        -     813
  U.S. Treasury--general account                                 4,949        -   2,543        -   1,530
  Foreign--official accounts                                       157        +       3        -      57
    Other                                                          296        -      85        +      32
      Total deposits                                            25,499        -   4,975        -   2,369
Deferred availability cash items                    (497)        7,870        +     444        -      97
Other liabilities and accrued dividends (5)                      4,932        -       9        +     225
                TOTAL LIABILITIES                   (497)      493,933        +     625        +  28,899
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,443        +      86        +     842
Surplus                                                          4,389                0        +     528
Other capital accounts                                           1,377        +      42        -     131

*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 
   $ 22 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 15,702 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 326 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 $ 157 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 24, 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         96          0     Within 15 days          19,907   +   2,217      1,902   +      22
16 to 90 days           0          0     16 to 90 days           95,600   -   2,887         60           0
Over 90 days            0          0     91 days to 1 year      138,259   -     110        192           0
                                         Over 1 to 5 years       96,202   +       1        153           0
                                         Over 5 to 10 years      40,906           0        255           0
                                         Over 10 years           48,308           0         25           0
    Total              96          0         Total              439,182   -     779      2,587   +      22

1  Includes $ 1650 million of inflation-indexed securities valued at the original face amount and 
   $ 22 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 24, 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                      11,048        624      3,935        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                                             485         26         21         53         30         68         47         56         17         21         38         40         70
				       
Loans                                             96          1          0          1          0          0          4          9         10         32         30          0          8
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)          1,902          0      1,902          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     198,447     12,098     64,188      6,634     13,727     18,882     13,243     21,167      7,904      2,764      5,667      7,207     24,968
                   Notes (2)                 174,205     10,620     56,347      5,824     12,050     16,575     11,625     18,582      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)                432,059     26,339    139,750     14,444     29,886     41,109     28,832     46,085     17,208      6,017     12,337     15,691     54,360
  Held under repurchase agreements(1)          7,123          0      7,123          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             439,182     26,339    146,873     14,444     29,886     41,109     28,832     46,085     17,208      6,017     12,337     15,691     54,360
       Total loans and securities            441,865     26,382    148,996     14,468     29,933     41,174     28,882     46,167     17,246      6,058     12,387     15,716     54,454
				       
Items in process of collection                11,381        559      1,139        401        507        761      1,758      1,143        262      1,133        388        703      2,627
Bank premises                                  1,271         94        156         50        131        126         78        108         31        133         55        150        159
Other assets(4)                               30,388      1,333      8,999      1,421      1,903      2,370      2,381      3,360        889        595        996      1,398      4,744
Interdistrict settlement account                   0     -3,647    +25,798       -700     -3,086     -9,493        +42     -7,231     -1,529     -1,550       +893     +3,327     -2,825
          TOTAL ASSETS                       505,639     25,901    192,247     16,326     30,661     36,762     34,513     45,572     17,657      6,660     15,289     22,161     61,890

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 
   $ 22 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 15,702 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 326 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 $ 157 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 24, 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                        455,632     22,920    178,671     13,851     28,294     32,248     30,449     40,210     16,391      4,767     13,535     19,960     54,336
Deposits			      	      
  Depository institutions                     20,097      1,785      3,632      1,454        975      1,629      1,979      2,883        551        604        773      1,058      2,773
  U.S. Treasury--general account               4,949          0      4,949          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     157          5         46          9          9         10         13         17          4          3          5          8         28
  Other                                          296          1         95          1          2         30          2        158          1          0          1          2          2
    Total deposits                            25,499      1,791      8,722      1,464        986      1,669      1,995      3,058        556        608        780      1,068      2,803
Deferred credit items                          8,367        414        966        249        314        700        931        715        240        794        496        368      2,179
Other liabilities and accrued	      	      
  dividends (1)                                4,932        298      1,549        189        331        454        343        510        204        102        171        193        588
    TOTAL LIABILITIES                        494,430     25,423    189,908     15,753     29,925     35,072     33,718     44,493     17,391      6,272     14,982     21,589     59,906
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,443        262      1,108        284        358        833        359        527        127        194        127        284        980
Surplus                                        4,389        164        999        262        279        303        405        512        109        101        167        244        845
Other capital accounts                         1,377         53        233         27         99        555         31         40         29         93         14         43        159
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             505,639     25,901    192,247     16,326     30,661     36,762     34,513     45,572     17,657      6,660     15,289     22,161     61,890
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       551,126     27,999    210,100     16,844     31,799     39,277     38,616     47,244     18,618      6,515     15,394     26,171     72,549
  Less--Held by F.R. Banks                    95,494      5,079     31,429      2,994      3,505      7,029      8,167      7,034      2,227      1,747      1,859      6,211     18,213
  F.R. notes, net                            455,632     22,920    178,671     13,851     28,294     32,248     30,449     40,210     16,391      4,767     13,535     19,960     54,336
Collateral held against F.R. notes    	      
   Gold certificate account                   11,048
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          435,384
     Total collateral                        455,632

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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