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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 11, 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 10, 1997  Dec 3, 1997 Dec 11, 1996 Dec 10, 1997

Reserve Bank Credit  (1,2)                                  464,043    -   3,025    +  29,410      466,105
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      424,393    +   4,451    +  31,248      427,716
    Held under repurchase agreements                          5,393    -   7,182    -   1,113        1,500
  Federal agency obligations			        		      		     		   
    Bought outright                                             685            0    -   1,549          685
    Held under repurchase agreements                            912    -   1,255    -     483            0
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                            32    -      13    +      28           14
    Seasonal credit                                              85    -       5    +      19           85
    Extended credit                                               0            0            0            0
   Float                                                      1,612    +   1,235    +     922        4,954
   Other F.R. assets                                         30,932    -     257    +     338       31,152
Gold stock                                                   11,050            0    +       2       11,050
Special drawing rights certificate account                    9,200            0    -     518        9,200
Treasury currency outstanding                                25,610    +      14    +     667       25,610
        Total factors supplying reserve funds               509,903    -   3,011    +  29,562      511,965
						        		      		     		   
Currency in circulation*                                    472,202    +     334    +  30,299      473,505
Treasury cash holdings*                                         230    -       4    -      34          231
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    4,529    -     234    -     397        4,499
  Foreign                                                       172    -       2    +       2          160
  Service-related balances and adjustments (4)                6,834    -     349    -      46        6,835
  Other                                                         348    -      62    +       9          383
Other F.R. liabilities and capital                           15,544    -      59    +   1,395       15,615
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             499,858    -     375    +  31,228      501,227

Reserve balances with F.R. Banks  (5)                        10,045    -   2,636    -   1,667       10,738
						       		      		     		    
On  December 10, 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 627,306 million, a change of 
 +$ 2,829 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 15,692 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 15,692 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 15,403 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 15,403 million was with foreign official and international 
   accounts.  Includes $ 30 million securities loaned--fully secured U.S. government securities.
3  Includes $ 1550 million of inflation-indexed securities valued at the original face amount and 
   $ 19 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 $ 141 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 10, 1997      Dec 3, 1997     Dec 11, 1996
                ASSETS
Gold certificate account                                        11,050                0        +       2
Special drawing rights certificate account                       9,200                0        -     518
Coin                                                               484                0        -     134
					      
Loans                                                               99        -      92        +      28
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  685                0        -   1,540
  Held under repurchase agreements (1)                               0        -   1,025        -   1,523
U.S. government securities		      
  Bought outright--Bills                                       196,747        +   2,442        +   3,700
                   Notes (2)                                   171,562        +   4,392        +  20,641
                   Bonds                                        59,407        +   1,214        +  10,068
    Total bought outright (3)                                  427,716        +   8,048        +  34,409
  Held under repurchase agreements (1)                           1,500        -  16,447        -   4,419
     Total U.S. government securities                          429,216        -   8,399        +  29,990
       Total loans and securities                              429,999        -   9,516        +  26,955
					      
Items in process of collection                      (495)        8,824        +     640        +   1,666
Bank premises                                                    1,268        +       4        +      37
Other assets (4)                                                29,878        -     150        +      89
                TOTAL ASSETS                        (495)      490,703        -   9,021        +  28,097
					      
                LIABILITIES
Federal Reserve notes                                          448,610        +     685        +  29,937
Deposits		 		     
  Depository institutions                                       14,649        -  10,228        -   3,378
  U.S. Treasury--general account                                 4,499        +     288        -     398
  Foreign--official accounts                                       160        -      13        -       8
    Other                                            (-1)          383        +      52        +      32
      Total deposits                                 (-1)       19,690        -   9,901        -   3,752
Deferred availability cash items                    (496)        6,789        -      37        +     533
Other liabilities and accrued dividends (5)                      4,653        -     247        -      67
                TOTAL LIABILITIES                   (495)      479,742        -   9,500        +  26,651
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,325        +      10        +     741
Surplus                                                          4,389        +       3        +     528
Other capital accounts                                           1,248        +     466        +     178

*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 $ 1550 million of inflation-indexed securities valued at the original face amount and 
   $ 19 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 15,403 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 30 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 10, 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         17          0     Within 15 days          14,641   -  14,237          0   -   1,025
16 to 90 days          81          0     16 to 90 days           99,052   +   6,390         10           0
Over 90 days            0          0     91 days to 1 year      132,749   -   4,211        242   +      45
                                         Over 1 to 5 years       93,560   +   1,832        153   -      45
                                         Over 5 to 10 years      40,905   +     613        255           0
                                         Over 10 years           48,308   +   1,214         25           0
    Total              99          0         Total              429,216   -   8,399        685   -   1,025

1  Includes $ 1550 million of inflation-indexed securities valued at the original face amount and 
   $ 19 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 10, 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                      11,050        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                                             484         24         20         56         29         66         47         56         14         20         38         40         72
				       
Loans                                             99          1          0          0          0          0         13         14          8         35         28          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)              0          0          0          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     196,747     11,994     63,638      6,577     13,609     18,720     13,129     20,986      7,836      2,740      5,618      7,145     24,754
                   Notes (2)                 171,562     10,459     55,492      5,735     11,867     16,324     11,448     18,300      6,833      2,389      4,899      6,231     21,585
                   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)                427,716     26,075    138,345     14,299     29,586     40,696     28,542     45,622     17,035      5,957     12,213     15,533     53,814
  Held under repurchase agreements(1)          1,500          0      1,500          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             429,216     26,075    139,845     14,299     29,586     40,696     28,542     45,622     17,035      5,957     12,213     15,533     53,814
       Total loans and securities            429,999     26,117    140,067     14,322     29,633     40,761     28,600     45,709     17,071      6,001     12,260     15,558     53,900
				       
Items in process of collection                 9,319        517        872        314        388        831      1,332        817        378        483        777        555      2,056
Bank premises                                  1,268         94        153         50        131        126         78        108         31        133         54        150        159
Other assets(4)                               29,878      1,287      8,964      1,397      1,827      2,301      2,340      3,309        848        584        974      1,371      4,677
Interdistrict settlement account                   0     -4,458    +30,228     -1,272     -3,578     -9,670       -943     -7,275     -1,573     -1,399       +455     +2,834     -3,350
          TOTAL ASSETS                       491,199     24,734    187,443     15,499     29,674     36,172     32,779     44,693     17,510      6,093     15,093     21,334     60,175

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 $ 1550 million of inflation-indexed securities valued at the original face amount and 
   $ 19 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 15,403 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 30 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 10, 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                        448,610     22,738    175,443     13,605     27,614     32,248     29,515     40,458     16,215      4,599     13,396     19,323     53,457
Deposits			      	      
  Depository institutions                     14,649        837      2,834        890        756        914      1,364      1,856        618        474        794        924      2,389
  U.S. Treasury--general account               4,499          0      4,499          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     160          5         49          9          9         10         13         17          4          3          5          8         28
  Other                                          382          3        103         11          4         62          3        185          1          5          3          3          1
    Total deposits                            19,689        845      7,484        909        768        986      1,380      2,057        623        483        802        935      2,417
Deferred credit items                          7,285        454        809        234        251        846        777        592        215        531        422        339      1,815
Other liabilities and accrued	      	      
  dividends (1)                                4,653        287      1,373        187        316        441        334        497        198         99        167        192        561
    TOTAL LIABILITIES                        480,237     24,323    185,109     14,935     28,949     34,520     32,006     43,604     17,251      5,712     14,787     20,790     58,251
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,325        197      1,108        281        358        815        336        526        122        194        126        283        979
Surplus                                        4,389        164        999        262        279        303        405        512        109        101        167        244        845
Other capital accounts                         1,248         50        227         20         88        535         32         50         28         87         13         17        101
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             491,199     24,734    187,443     15,499     29,674     36,172     32,779     44,693     17,510      6,093     15,093     21,334     60,175
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       550,179     28,409    209,186     16,891     31,378     39,243     38,091     48,142     18,337      6,388     15,514     25,982     72,616
  Less--Held by F.R. Banks                   101,569      5,671     33,744      3,286      3,764      6,996      8,576      7,684      2,122      1,789      2,119      6,659     19,159
  F.R. notes, net                            448,610     22,738    175,443     13,605     27,614     32,248     29,515     40,458     16,215      4,599     13,396     19,323     53,457
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          428,360
     Total collateral                        448,610

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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