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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
                                                                                          February 26, 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     Feb 25, 1998 Feb 18, 1998 Feb 26, 1997 Feb 25, 1998

Reserve Bank Credit  (1,2)                                  466,237    +   1,506    +  30,231      476,236
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      428,618    +     481    +  35,653      429,189
    Held under repurchase agreements                          5,743    +   2,944    -   3,688       12,080
  Federal agency obligations			        		      		     		   
    Bought outright                                             675            0    -   1,356          675
    Held under repurchase agreements                            442    -     174    -     710        1,610
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                            15    -      63    -      22            4
    Seasonal credit                                              13    +       1    -      11           13
    Extended credit                                               0            0            0            0
   Float                                                        245    -     234    -     248        1,227
   Other F.R. assets                                         30,486    -   1,448    +     614       31,438
Gold stock                                                   11,049    +       1    -       2       11,050
Special drawing rights certificate account                    9,200            0    -     200        9,200
Treasury currency outstanding                                25,718    +      14    +     623       25,718
        Total factors supplying reserve funds               512,203    +   1,521    +  30,652      522,203
						        		      		     		   
Currency in circulation*                                    472,853    -     200    +  30,945      473,257
Treasury cash holdings*                                         229    +       2    -      37          241
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    4,400    -     569    -      25        4,398
  Foreign                                                       172    +       8    -      38          194
  Service-related balances and adjustments (4)                6,956    -      84    -     122        6,956
  Other                                                         371    -      33    +      43          374
Other F.R. liabilities and capital                           16,139    -      15    +   1,746       15,931
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             501,120    -     890    +  32,513      501,350

Reserve balances with F.R. Banks  (5)                        11,083    +   2,411    -   1,861       20,853
						       		      		     		    
On  February 25, 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 606,419 million, a change of 
 -$ 291 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,663 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,663 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 16,093 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,093 million was with foreign official and international 
   accounts.  Includes $ 140 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 $ 6,745 million and adjustments of $ 211 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
                                                           Feb 25, 1998     Feb 18, 1998     Feb 26, 1997
                ASSETS
Gold certificate account                                        11,050        +       2        -       1
Special drawing rights certificate account                       9,200                0        -     200
Coin                                                               569        -      10        -     151
					      
Loans                                                               17        +       2        -      12
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  675                0        -   1,337
  Held under repurchase agreements (1)                           1,610        +     540        -     718
U.S. government securities		      
  Bought outright--Bills                                       196,057        +   1,188        +   4,589
                   Notes (2)                                   172,400        -       1        +  20,735
                   Bonds                                        60,732                0        +  10,450
    Total bought outright (3)                                  429,189        +   1,188        +  35,774
  Held under repurchase agreements (1)                          12,080        +   7,778        -   2,736
     Total U.S. government securities                          441,269        +   8,966        +  33,038
       Total loans and securities                              443,571        +   9,508        +  30,971
					      
Items in process of collection                      (484)        7,199        -   6,971        +     927
Bank premises                                                    1,276        -       1        +      31
Other assets (4)                                                30,054        +   1,271        +     601
                TOTAL ASSETS                        (484)      502,918        +   3,799        +  32,176
					      
                LIABILITIES
Federal Reserve notes                                          448,349        -     872        +  29,780
Deposits		 		     
  Depository institutions                                       27,475        +   8,524        +     800
  U.S. Treasury--general account                                 4,398        -     302        -     832
  Foreign--official accounts                                       194        +      24        +       6
    Other                                                          374        -      31        +      38
      Total deposits                                            32,440        +   8,215        +      13
Deferred availability cash items                    (484)        6,198        -   3,542        +     715
Other liabilities and accrued dividends (5)                      4,716        +       1        +     140
                TOTAL LIABILITIES                   (484)      491,704        +   3,802        +  30,649
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,478        +       4        +     757
Surplus                                                          5,220                0        +     746
Other capital accounts                                             517        -       7        +      24

*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 $ 16,093 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 140 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 $ 182 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,  February 25, 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         12          0     Within 15 days          26,410   +   9,119      1,660   +     590
16 to 90 days           5          0     16 to 90 days           91,811   -     462         44   -      50
Over 90 days            0          0     91 days to 1 year      139,269   +     310        150           0
                                         Over 1 to 5 years       94,305           0        151           0
                                         Over 5 to 10 years      39,841           0        255           0
                                         Over 10 years           49,633           0         25           0
    Total              17          0         Total              441,269   +   8,966      2,285   +     540

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  February 25, 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                      11,050        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                                             569         33         26         67         36         72         55         76         20         23         34         48         80
				       
Loans                                             17          1          0          0          0          0          5          2          2          3          4          0          0
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)          1,610          0      1,610          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     196,057     11,952     63,415      6,554     13,561     18,654     13,083     20,912      7,809      2,730      5,598      7,120     24,667
                   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)                429,189     26,164    138,822     14,348     29,687     40,836     28,640     45,779     17,094      5,977     12,255     15,587     53,999
  Held under repurchase agreements(1)         12,080          0     12,080          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             441,269     26,164    150,902     14,348     29,687     40,836     28,640     45,779     17,094      5,977     12,255     15,587     53,999
       Total loans and securities            443,571     26,206    152,730     14,371     29,734     40,900     28,690     45,853     17,123      5,990     12,279     15,611     54,084
				       
Items in process of collection                 7,682        414      1,273        240        366        478        780        704        269        553        435        430      1,739
Bank premises                                  1,276         94        155         51        137        126         79        107         31        132         55        150        159
Other assets(4)                               30,054      1,455      9,126      1,252      1,802      3,740      1,828      2,901        807        791        704      1,281      4,369
Interdistrict settlement account                   0     -3,838    +21,612     -1,450     -1,632    -10,135       +219     -4,392     -1,809     -1,124       +996     +7,607     -6,054
          TOTAL ASSETS                       503,402     25,518    192,060     15,162     31,687     36,938     32,975     47,219     17,183      6,635     15,035     25,952     57,037

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 $ 16,093 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 140 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 $ 182 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  February 25, 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                        448,349     22,275    175,963     12,314     28,919     31,911     28,833     41,007     15,635      5,005     13,463     23,179     49,844
Deposits			      	      
  Depository institutions                     27,475      2,017      6,957      1,823      1,401      2,241      2,295      3,835        837        671        753      1,711      2,933
  U.S. Treasury--general account               4,398          0      4,398          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     194          7         79          8          9         22          9         14          3          5          3          7         26
  Other                                          374          1        101          1          3         71          3        187          0          0          3          2          1
    Total deposits                            32,440      2,025     11,534      1,832      1,413      2,335      2,308      4,036        841        676        760      1,721      2,960
Deferred credit items                          6,682        388        752        194        312        552        769        615        266        475        368        300      1,692
Other liabilities and accrued	      	      
  dividends (1)                                4,716        282      1,481        183        309        435        332        490        197         99        167        186        554
    TOTAL LIABILITIES                        492,187     24,971    189,730     14,522     30,953     35,233     32,242     46,148     16,939      6,255     14,759     25,386     55,050
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,478        263      1,114        317        358        839        362        525        115        189        136        275        985
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           517         31        162         50         41         48         32         43          7          2         22         20         58
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             503,402     25,518    192,060     15,162     31,687     36,938     32,975     47,219     17,183      6,635     15,035     25,952     57,037
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       548,745     27,386    206,814     16,197     32,349     38,669     37,515     49,788     18,018      6,584     15,860     28,843     70,722
  Less--Held by F.R. Banks                   100,395      5,111     30,850      3,883      3,431      6,757      8,682      8,781      2,383      1,579      2,397      5,664     20,878
  F.R. notes, net                            448,349     22,275    175,963     12,314     28,919     31,911     28,833     41,007     15,635      5,005     13,463     23,179     49,844
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          428,099
     Total collateral                        448,349

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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