---

`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
                                                                                                May 7, 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      May 6, 1998 Apr 29, 1998  May 7, 1997  May 6, 1998

Reserve Bank Credit  (1,2)                                  473,803    -   7,637    +  12,880      470,839
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      437,654    -   1,926    +  34,174      437,682
    Held under repurchase agreements                          2,247    -   5,211    -  20,602            0
  Federal agency obligations			        		      		     		   
    Bought outright                                             551    -       8    -   1,420          551
    Held under repurchase agreements                            279    -     257    -     593            0
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                            24    +       9    -      41            1
    Seasonal credit                                              69    +      16    -      71           68
    Extended credit                                               0            0            0            0
   Float                                                        573    +     128    +     477          281
   Other F.R. assets                                         32,406    -     388    +     956       32,257
Gold stock                                                   11,048            0    -       3       11,048
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,858    +      14    +     616       25,858
        Total factors supplying reserve funds               519,910    -   7,623    +  13,493      516,945
						        		      		     		   
Currency in circulation*                                    477,103    +   1,193    +  30,410      478,834
Treasury cash holdings*                                         271    -       6    -      39          248
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    8,442    -   9,502    -  15,457        4,107
  Foreign                                                       160    -      12    -      14          154
  Service-related balances and adjustments (4)                6,753    -      51    -     398        6,753
  Other                                                         384    +      18    +      28          375
Other F.R. liabilities and capital                           16,769    +     464    +   1,739       16,450
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             509,882    -   7,895    +  16,269      506,921

Reserve balances with F.R. Banks  (5)                        10,028    +     272    -   2,776       10,024
						       		      		     		    
On        May 6, 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 605,791 million, a change of 
 +$ 1,761 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 20,545 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,769 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 20,518 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,993 million was with foreign official and international 
   accounts.  Includes $ 90 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 
   $ 29 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,483 million and adjustments of $ 270 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
                                                            May 6, 1998     Apr 29, 1998      May 7, 1997
                ASSETS
Gold certificate account                                        11,048                0        -       3
Special drawing rights certificate account                       9,200                0                0
Coin                                                               457                0        -     152
					      
Loans                                                               69        +       9        -     360
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  551                0        -   1,420
  Held under repurchase agreements (1)                               0        -   1,808        -   1,924
U.S. government securities		      
  Bought outright--Bills                                       195,181        -   4,725        -     478
                   Notes (2)                                   180,587        +       1        +  24,507
                   Bonds (3)                                    61,913                0        +   9,526
    Total bought outright (4)                                  437,682        -   4,724        +  33,556
  Held under repurchase agreements (1)                               0        -  26,047        -  23,256
     Total U.S. government securities                          437,682        -  30,771        +  10,300
       Total loans and securities                              438,301        -  32,570        +   6,595
					      
Items in process of collection                      (435)        8,543        +     800        +   2,038
Bank premises                                                    1,285                0        +      46
Other assets (5)                                                31,043        -   2,944        +     715
                TOTAL ASSETS                        (435)      499,877        -  34,714        +   9,240
					      
                LIABILITIES
Federal Reserve notes                                          453,681        +   1,755        +  29,712
Deposits		 		     
  Depository institutions                                       17,729        +     356        -   7,449
  U.S. Treasury--general account                                 4,107        -  37,694        -  15,592
  Foreign--official accounts                                       154        -      46        -      22
    Other                                                          375        +      32        +      30
      Total deposits                                            22,365        -  37,351        -  23,033
Deferred availability cash items                    (435)        7,381        +     567        +   1,298
Other liabilities and accrued dividends (6)                      4,802        -      36        -     558
                TOTAL LIABILITIES                   (435)      488,229        -  35,065        +   7,419
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,487        +      12        +     689
Surplus                                                          5,220                0        +     725
Other capital accounts                                             941        +     339        +     407

*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 
   $ 28 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 
   $ 1 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 20,518 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 90 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 $ 180 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,        May 6, 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          7          0     Within 15 days          12,917   -  28,386          0   -   1,808
16 to 90 days          62          0     16 to 90 days           88,524   -   8,690          0           0
Over 90 days            0          0     91 days to 1 year      146,068   +   6,548        175           0
                                         Over 1 to 5 years       98,772   -     243        126           0
                                         Over 5 to 10 years      40,623           0        225           0
                                         Over 10 years           50,777           0         25           0
    Total              69          0         Total              437,682   -  30,771        551   -   1,808

1  Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and 
   $ 29 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        May 6, 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                      11,048        582      4,208        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                                             457         25         29         40         27         51         44         60         18         22         41         35         65
				       
Loans                                             69          0          0          1          0          0          5         19         10         21         12          0          1
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                551         30        204         16         36         43         33         53         19          6         15         25         69
  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                     195,181     10,630     72,342      5,675     12,685     15,375     11,873     18,738      6,859      2,144      5,414      8,875     24,571
                   Notes (2)                 180,587      9,835     66,933      5,250     11,737     14,226     10,985     17,337      6,346      1,984      5,010      8,211     22,734
                   Bonds (3)                  61,913      3,372     22,948      1,800      4,024      4,877      3,766      5,944      2,176        680      1,718      2,815      7,794
     Total bought outright(4)                437,682     23,837    162,222     12,725     28,446     34,478     26,625     42,018     15,381      4,808     12,142     19,901     55,099
  Held under repurchase agreements(1)              0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             437,682     23,837    162,222     12,725     28,446     34,478     26,625     42,018     15,381      4,808     12,142     19,901     55,099
       Total loans and securities            438,301     23,867    162,427     12,742     28,482     34,521     26,663     42,090     15,411      4,836     12,169     19,926     55,169
				       
Items in process of collection                 8,978        528      1,031        338        562        732      1,110        626        359        643        588        410      2,051
Bank premises                                  1,285         93        158         50        142        126         82        107         31        132         54        149        159
Other assets(5)                               31,043      1,513      9,151      1,275      1,908      3,758      1,910      3,013        841        795        755      1,467      4,658
Interdistrict settlement account                   0     -1,864    +10,663       -304       -767     -3,735       -118       -889       -790       +460     +1,415     +2,637     -6,708
          TOTAL ASSETS                       500,312     25,274    190,869     14,745     31,571     37,052     31,010     46,906     16,568      7,138     15,557     25,522     58,100

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 
   $ 28 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 
   $ 1 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 20,518 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 90 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 $ 180 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        May 6, 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                        453,681     22,484    178,670     13,054     28,930     32,963     27,310     42,186     15,270      5,382     13,828     23,275     50,327
Deposits			      	      
  Depository institutions                     17,729      1,454      3,035        688      1,152      1,066      1,745      2,405        570        660        819        970      3,165
  U.S. Treasury--general account               4,107          0      4,107          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     154          7         39          8          9         22          9         14          3          5          3          7         26
  Other                                          375          2        100          1          1         84          1        181          0          0          2          1          3
    Total deposits                            22,365      1,463      7,281        696      1,162      1,173      1,755      2,600        574        666        824        979      3,194
Deferred credit items                          7,816        558        813        269        375        735        851        541        283        603        456        416      1,916
Other liabilities and accrued	      	      
  dividends (1)                                4,802        268      1,591        175        311        394        325        469        187         90        168        233        593
    TOTAL LIABILITIES                        488,664     24,772    188,355     14,194     30,777     35,265     30,241     45,796     16,314      6,741     15,276     24,903     56,030
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,487        211      1,156        266        375        857        369        528        116        191        134        295        989
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           941         37        302         13         84        112         62         80         17         18         28         52        136
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             500,312     25,274    190,869     14,745     31,571     37,052     31,010     46,906     16,568      7,138     15,557     25,522     58,100
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       561,661     26,777    222,350     15,605     31,902     39,918     35,836     51,003     17,582      6,963     16,031     28,694     69,000
  Less--Held by F.R. Banks                   107,980      4,293     43,680      2,551      2,972      6,955      8,526      8,817      2,311      1,581      2,203      5,418     18,673
  F.R. notes, net                            453,681     22,484    178,670     13,054     28,930     32,963     27,310     42,186     15,270      5,382     13,828     23,275     50,327
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          433,433
     Total collateral                        453,681

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.`

---