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<FONT SIZE=+1><I>Release Date: April 2, 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
                                                                                              April 2, 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 1, 1998 Mar 25, 1998  Apr 2, 1997  Apr 1, 1998

Reserve Bank Credit  (1,2)                                  468,282    +   1,745    +  29,670      470,024
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      433,099    +     212    +  36,279      433,361
    Held under repurchase agreements                          2,185    +   1,072    -   3,981        3,297
  Federal agency obligations			        		      		     		   
    Bought outright                                             625            0    -   1,370          625
    Held under repurchase agreements                            425    +     251    -   1,722        1,028
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                             2    -      17    -     564            0
    Seasonal credit                                              29    +       3    -      28           27
    Extended credit                                               0            0            0            0
   Float                                                        330    -     161    -      95          734
   Other F.R. assets                                         31,587    +     386    +   1,152       30,951
Gold stock                                                   11,049            0    -       1       11,049
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,788    +      14    +     615       25,788
        Total factors supplying reserve funds               514,319    +   1,759    +  30,284      516,061
						        		      		     		   
Currency in circulation*                                    473,863    +     109    +  29,385      475,338
Treasury cash holdings*                                         264    +       4    -      44          259
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,033    -     148    -     503        3,534
  Foreign                                                       179    +      15    -     125          186
  Service-related balances and adjustments (4)                6,846    -     170    -      98        6,847
  Other                                                         363    +       5    -      19          353
Other F.R. liabilities and capital                           15,894    -     195    +   1,263       15,394
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             502,442    -     379    +  29,859      501,911

Reserve balances with F.R. Banks  (5)                        11,877    +   2,137    +     425       14,150
						       		      		     		    
On      April 1, 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 613,724 million, a change of 
 +$ 2,567 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,974 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,974 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 16,712 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,712 million was with foreign official and international 
   accounts.  Includes $ 60 million securities loaned--fully secured U.S. government securities.
3  Includes $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 23 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,613 million and adjustments of $ 234 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 1, 1998     Mar 25, 1998      Apr 2, 1997
                ASSETS
Gold certificate account                                        11,049                0        -       1
Special drawing rights certificate account                       9,200                0                0
Coin                                                               520        -      17        -     140
					      
Loans                                                               28        -      10        -      35
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  625                0        -   1,370
  Held under repurchase agreements (1)                           1,028        -      17        -     703
U.S. government securities		      
  Bought outright--Bills                                       195,437        -     758        +   4,307
                   Notes (2)                                   176,436        +       1        +  21,909
                   Bonds                                        61,488                0        +  10,089
    Total bought outright (3)                                  433,361        -     758        +  36,305
  Held under repurchase agreements (1)                           3,297        -   2,438        -   4,914
     Total U.S. government securities                          436,658        -   3,196        +  31,391
       Total loans and securities                              438,339        -   3,222        +  29,284
					      
Items in process of collection                      (356)        8,015        +   1,525        +     139
Bank premises                                                    1,280                0        +      38
Other assets (4)                                                29,638        -     785        +     509
                TOTAL ASSETS                        (356)      498,041        -   2,500        +  29,829
					      
                LIABILITIES
Federal Reserve notes                                          450,329        +     783        +  28,505
Deposits		 		     
  Depository institutions                                       20,727        -   2,863        +     966
  U.S. Treasury--general account                                 3,534        -   1,285        -   1,558
  Foreign--official accounts                                       186        +      27        -      44
    Other                                                          353        -      11        -      23
      Total deposits                                            24,800        -   4,133        -     660
Deferred availability cash items                    (356)        7,517        +   1,370        +     958
Other liabilities and accrued dividends (5)                      4,601        -      91        +      48
                TOTAL LIABILITIES                   (356)      487,248        -   2,072        +  28,852
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,471        +      18        +     709
Surplus                                                          5,202        -      19        +     706
Other capital accounts                                             120        -     427        -     438

*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 
   $ 23 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 16,712 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 60 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 $ 200 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,      April 1, 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          1          0     Within 15 days          16,996   -   1,849      1,088   +      43
16 to 90 days          26          0     16 to 90 days           96,876   +   3,798         14   -      60
Over 90 days            0          0     91 days to 1 year      135,190   -   4,993        175           0
                                         Over 1 to 5 years       97,095   -     151        126           0
                                         Over 5 to 10 years      40,126           0        225           0
                                         Over 10 years           50,376           0         25           0
    Total              28          0         Total              436,658   -   3,196      1,653   -      17

1  Includes $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 23 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 1, 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        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                                             520         31         29         60         31         65         41         67         14         24         44         38         76
				       
Loans                                             28          1          0          0          0          0          5         12          0          7          3          0          0
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)          1,028          0      1,028          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     195,437     11,914     63,214      6,534     13,519     18,595     13,042     20,846      7,784      2,722      5,581      7,098     24,589
                   Notes (2)                 176,436     10,756     57,069      5,898     12,204     16,787     11,774     18,820      7,027      2,457      5,038      6,408     22,199
                   Bonds                      61,488      3,748     19,888      2,056      4,253      5,850      4,103      6,559      2,449        856      1,756      2,233      7,736
     Total bought outright(3)                433,361     26,419    140,171     14,488     29,976     41,233     28,919     46,224     17,260      6,035     12,374     15,738     54,524
  Held under repurchase agreements(1)          3,297          0      3,297          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             436,658     26,419    143,468     14,488     29,976     41,233     28,919     46,224     17,260      6,035     12,374     15,738     54,524
       Total loans and securities            438,339     26,458    144,698     14,509     30,019     41,292     28,965     46,303     17,286      6,051     12,395     15,761     54,603
				       
Items in process of collection                 8,372        554        969        270        444        585        878        717        360        584        546        473      1,991
Bank premises                                  1,280         94        156         50        139        126         80        107         31        132         54        150        159
Other assets(4)                               29,638      1,501      8,270      1,268      1,852      3,779      1,873      2,996        841        797        725      1,304      4,432
Interdistrict settlement account                   0     -5,004    +28,330     -2,035     -2,151    -10,268     -1,749     -5,771     -2,340       -907       +808     +7,020     -5,931
          TOTAL ASSETS                       498,397     24,787    189,592     14,753     31,578     37,337     31,414     46,388     16,932      6,950     15,105     25,571     57,991

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 
   $ 23 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 16,712 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 60 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 $ 200 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 1, 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                        450,329     22,330    175,977     12,573     28,971     33,081     28,017     41,910     15,476      5,348     13,559     23,137     49,951
Deposits			      	      
  Depository institutions                     20,727      1,195      5,473      1,116      1,214      1,407      1,516      2,078        714        532        653      1,290      3,538
  U.S. Treasury--general account               3,534          0      3,534          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     186          7         71          8          9         22          9         14          3          5          3          7         26
  Other                                          353          3         37          1          1         99          1        203          1          0          6          1          1
    Total deposits                            24,800      1,205      9,115      1,125      1,224      1,528      1,526      2,295        718        538        662      1,299      3,565
Deferred credit items                          7,874        506        841        262        361        637        840        668        305        600        459        392      2,002
Other liabilities and accrued	      	      
  dividends (1)                                4,601        277      1,421        183        306        428        325        481        193         97        163        186        541
    TOTAL LIABILITIES                        487,604     24,319    187,355     14,143     30,862     35,674     30,709     45,354     16,692      6,583     14,843     25,013     56,058
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,471        211      1,119        319        375        840        363        526        116        190        134        290        987
Surplus                                        5,202        254      1,055        273        335        818        338        502        122        176        119        265        945
Other capital accounts                           120          3         63         19          5          5          3          6          3          1          9          3          1
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             498,397     24,787    189,592     14,753     31,578     37,337     31,414     46,388     16,932      6,950     15,105     25,571     57,991
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       553,602     26,957    213,747     15,790     32,094     39,546     36,506     50,628     17,667      6,688     15,745     28,477     69,755
  Less--Held by F.R. Banks                   103,272      4,627     37,770      3,218      3,124      6,465      8,489      8,718      2,191      1,341      2,186      5,340     19,804
  F.R. notes, net                            450,329     22,330    175,977     12,573     28,971     33,081     28,017     41,910     15,476      5,348     13,559     23,137     49,951
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          430,080
     Total collateral                        450,329

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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