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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
                                                                                              March 5, 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      Mar 4, 1998 Feb 25, 1998  Mar 5, 1997  Mar 4, 1998

Reserve Bank Credit  (1,2)                                  466,373    +     227    +  31,211      465,125
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      428,922    +     304    +  36,807      429,091
    Held under repurchase agreements                          4,000    -   1,743    -   5,190        3,098
  Federal agency obligations			        		      		     		   
    Bought outright                                             675            0    -   1,337          675
    Held under repurchase agreements                          2,008    +   1,565    +     648        1,415
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                             2    -      13    -      12            2
    Seasonal credit                                              14    +       1    -      14           16
    Extended credit                                               0            0            0            0
   Float                                                        124    -      27    -     781          399
   Other F.R. assets                                         30,629    +     141    +   1,089       30,429
Gold stock                                                   11,050    +       1    -       1       11,049
Special drawing rights certificate account                    9,200            0    -     171        9,200
Treasury currency outstanding                                25,732    +      14    +     621       25,732
        Total factors supplying reserve funds               512,354    +     242    +  31,659      511,106
						        		      		     		   
Currency in circulation*                                    472,861    +       8    +  30,496      474,356
Treasury cash holdings*                                         241    +      12    -      38          243
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,447    +   1,047    +     299        4,778
  Foreign                                                       216    +      45    +       8          242
  Service-related balances and adjustments (4)                7,029    +      73    -     324        7,029
  Other                                                         370    -       2    -       1          380
Other F.R. liabilities and capital                           16,197    +      58    +   2,045       15,908
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             502,361    +   1,241    +  32,484      502,937

Reserve balances with F.R. Banks  (5)                         9,993    -     999    -     825        8,169
						       		      		     		    
On      March 4, 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 609,177 million, a change of 
 +$ 2,758 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,359 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,359 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 16,190 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,190 million was with foreign official and international 
   accounts.  Includes $ 71 million securities loaned--fully secured U.S. government securities.
3  Includes $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 20 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,781 million and adjustments of $ 248 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
                                                            Mar 4, 1998     Feb 25, 1998      Mar 5, 1997
                ASSETS
Gold certificate account                                        11,049                0        -       1
Special drawing rights certificate account                       9,200                0                0
Coin                                                               565        -       4        -     151
					      
Loans                                                               18        +       1        -      10
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  675                0        -   1,337
  Held under repurchase agreements (1)                           1,415        -     195        +     780
U.S. government securities		      
  Bought outright--Bills                                       195,959        -      98        +   4,515
                   Notes (2)                                   172,400                0        +  20,735
                   Bonds                                        60,732                0        +  10,450
    Total bought outright (3)                                  429,091        -      98        +  35,699
  Held under repurchase agreements (1)                           3,098        -   8,982        -   3,926
     Total U.S. government securities                          432,189        -   9,080        +  31,773
       Total loans and securities                              434,297        -   9,274        +  31,206
					      
Items in process of collection                      (450)        8,130        +     931        -     151
Bank premises                                                    1,276                0        +      32
Other assets (4)                                                29,068        -     986        +     798
                TOTAL ASSETS                        (450)      493,586        -   9,332        +  31,733
					      
                LIABILITIES
Federal Reserve notes                                          449,433        +   1,083        +  29,894
Deposits		 		     
  Depository institutions                                       15,346        -  12,128        -     417
  U.S. Treasury--general account                                 4,778        +     381        -     461
  Foreign--official accounts                                       242        +      48        +      78
    Other                                                          380        +       6        -      38
      Total deposits                                            20,747        -  11,694        -     838
Deferred availability cash items                    (450)        7,498        +   1,300        +     613
Other liabilities and accrued dividends (5)                      4,558        -     158        +      85
                TOTAL LIABILITIES                   (450)      482,236        -   9,468        +  29,754
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,479        +       2        +     748
Surplus                                                          5,220                0        +     780
Other capital accounts                                             650        +     133        +     450

*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 
   $ 20 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 16,190 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 71 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 $ 187 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,      March 4, 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          2          0     Within 15 days          17,394   -   9,016      1,465   -     195
16 to 90 days          16          0     16 to 90 days           97,786   +   5,975         44           0
Over 90 days            0          0     91 days to 1 year      132,552   -   6,717        150           0
                                         Over 1 to 5 years       94,983   +     678        151           0
                                         Over 5 to 10 years      39,841           0        255           0
                                         Over 10 years           49,633           0         25           0
    Total              18          0         Total              432,189   -   9,080      2,090   -     195

1  Includes $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 20 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      March 4, 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                                             565         33         27         66         36         71         52         75         19         24         33         47         82
				       
Loans                                             18          0          0          0          0          0          5          6          0          4          1          0          2
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                675         41        218         23         47         64         45         72         27          9         19         24         85
  Held under repurchase agreements(1)          1,415          0      1,415          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     195,959     11,946     63,383      6,551     13,555     18,645     13,076     20,902      7,805      2,729      5,595      7,117     24,655
                   Notes (2)                 172,400     10,510     55,763      5,763     11,925     16,403     11,504     18,389      6,866      2,401      4,923      6,261     21,691
                   Bonds                      60,732      3,702     19,644      2,030      4,201      5,778      4,053      6,478      2,419        846      1,734      2,206      7,641
     Total bought outright(3)                429,091     26,159    138,790     14,345     29,681     40,827     28,634     45,769     17,090      5,976     12,252     15,583     53,987
  Held under repurchase agreements(1)          3,098          0      3,098          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             432,189     26,159    141,888     14,345     29,681     40,827     28,634     45,769     17,090      5,976     12,252     15,583     53,987
       Total loans and securities            434,297     26,200    143,521     14,368     29,727     40,891     28,683     45,847     17,117      5,989     12,273     15,607     54,074
				       
Items in process of collection                 8,580        481        952        264        414        564      1,214        618        374        751        481        346      2,121
Bank premises                                  1,276         94        156         50        137        126         79        107         31        132         55        150        159
Other assets(4)                               29,068      1,457      8,075      1,255      1,806      3,751      1,830      2,912        809        799        704      1,286      4,383
Interdistrict settlement account                   0     -4,870    +27,914     -2,338     -2,021    -10,939       -639     -5,647     -1,963     -1,320     +1,144     +6,997     -6,317
          TOTAL ASSETS                       494,036     24,549    187,783     14,298     31,343     36,221     32,545     45,881     17,128      6,645     15,223     25,259     57,162

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 
   $ 20 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 16,190 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 71 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 $ 187 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      March 4, 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                        449,433     22,364    176,384     12,406     29,139     32,181     28,735     41,190     15,720      5,043     13,529     23,049     49,693
Deposits			      	      
  Depository institutions                     15,346        901      1,758        844        779      1,238      1,750      2,296        667        380        777      1,087      2,869
  U.S. Treasury--general account               4,778          0      4,778          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     242          7        127          8          9         22          9         14          3          5          3          7         26
  Other                                          380          1        102          0          0         65          8        195          1          2          4          1          0
    Total deposits                            20,747        909      6,765        852        788      1,325      1,768      2,505        670        387        785      1,096      2,896
Deferred credit items                          7,948        444        891        215        368        564        974        614        297        731        467        371      2,011
Other liabilities and accrued	      	      
  dividends (1)                                4,558        280      1,383        182        305        424        325        481        193         96        164        184        542
    TOTAL LIABILITIES                        482,686     23,997    185,423     13,654     30,601     34,495     31,802     44,790     16,880      6,258     14,945     24,701     55,142
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,479        263      1,114        317        358        840        363        525        115        190        136        275        985
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           650         35        191         54         49         69         42         64         11          9         24         12         90
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             494,036     24,549    187,783     14,298     31,343     36,221     32,545     45,881     17,128      6,645     15,223     25,259     57,162
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       549,622     27,323    208,712     16,118     32,396     38,701     37,214     49,783     17,967      6,569     15,816     28,675     70,347
  Less--Held by F.R. Banks                   100,189      4,959     32,328      3,713      3,257      6,520      8,479      8,594      2,248      1,526      2,287      5,626     20,654
  F.R. notes, net                            449,433     22,364    176,384     12,406     29,139     32,181     28,735     41,190     15,720      5,043     13,529     23,049     49,693
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          429,183
     Total collateral                        449,433

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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