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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

                                                                                                January 9, 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     Jan 8, 1997   Jan 1, 1997  Jan 10, 1996   Jan 8, 1997
 ________________________________________________________________________________________________________________
 Reserve Bank credit 1 2                                      441,333    -    6,333    +   19,831       438,910
   U.S. government securities
     Bought outright--system account                          391,911    -      471    +   13,487       392,321
     Held under repurchase agreements                          12,417    -    4,173    +    9,862         9,775
   Federal agency obligations
     Bought outright                                            2,225             0    -      409         2,225
     Held under repurchase agreements                           1,630    +      277    +       59         2,184
   Acceptances                                                      0             0             0             0
   Loans to depository institutions
     Adjustment credit                                             43    +        3    +       39            33
     Seasonal credit                                               19    -       38    +       15            18
     Extended credit                                                0             0             0             0
   Float                                                        1,349    -    1,269    -    2,600           283
   Other F.R. assets                                           31,738    -      661    -      621        32,071
 Gold stock                                                    11,048             0    -        2        11,048
 Special drawing rights certificate account                     9,718             0    -      450         9,718
 Treasury currency outstanding                                 24,992    +       14    +      957        24,992
                                                         --------------------------------------------------------
         Total factors supplying reserve funds                487,091    -    6,319    +   20,336       484,668

 Currency in circulation*                                     448,283    -    1,596    +   26,743       446,669
 Treasury cash holdings*                                          249             0    +       31           246
 Deposits, other than reserve balances, with F.R. Banks
   Treasury                                                     4,479    -    1,846    -      834         5,062
   Foreign                                                        177    +        7    -        5           169
   Service-related balances and adjustments 3                   6,881    -       12    +    1,208         6,881
   Other                                                          246    -      189    +       14           236
 Other F.R. liabilities and capital                            14,006    -      335    +    1,412        13,953
                                                         --------------------------------------------------------
         Total factors, other than reserve balances,
         absorbing reserve funds                              474,321    -    3,972    +   28,570       473,216

 Reserve balances with F.R. Banks 4                            12,770    -    2,347    -    8,234        11,452
 ----------------------------------------------------------------------------------------------------------------
 On     January 8, 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 $     617,935 million, a change of - $       139 million for the week.  The total includes the face
 value of U.S. Treasury strips and other zero coupon bonds.
 1 Net of $    13,702 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which
   a net of $    13,702 million was with foreign official and international accounts.  Includes securities loaned--fully secured by U.S.
   government securities.
 2 Net of $    13,292 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of
   $    13,292 million was with foreign official and international accounts.  Includes $         0 million securities loaned--fully
   secured U.S. government securities.
 3 Consists of required clearing balances of $     6,550 million and adjustments of $       331 million to compensate for float.
 4 Excludes required clearing balances and adjustments to compensate for float.

 * Estimated (Treasury's figures).
 Components may not add to totals due to rounding.
1


 Worksheet for H.4.1 (a)


 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------
                                                                                           Change since
                                                        *            Wednesday       Wednesday       Wednesday
                                                                    Jan 8, 1997     Jan 1, 1997    Jan 10, 1996
                                                 ----------------------------------------------------------------
                     ASSETS
 Gold certificate account                                               11,048               0      -        2
 Special drawing rights certificate account                              9,718               0      -      450
 Coin                                                                      587      -        4      +      170

 Loans                                                                      51      -       34      +       43
 Acceptances                                                                 0               0               0
 Federal agency obligations
   Bought outright                                                       2,225               0      -      409
   Held under repurchase agreements 1                                    2,184      +      572      +    2,184
 U.S. government securities
   Bought outright--Bills                                              192,060      +    1,414      +   10,599
                    Notes                                              150,922               0      -       91
                    Bonds                                               49,339               0      +    5,270
                                                                    ----------      ----------      ----------
     Total bought outright 2                                           392,321      +    1,414      +   15,778
   Held under repurchase agreements 1                                    9,775      -   10,196      +    9,775
                                                                    ----------      ----------      ----------
       Total U.S. government securities                                402,096      -    8,782      +   25,553
                                                                    ----------      ----------      ----------
         Total loans and securities                                    406,556      -    8,244      +   27,371

 Items in process of collection                          (369)           7,519      -    5,241      -    2,914
 Bank premises                                                           1,236      +        3      +      106
 Other assets 3                                                         30,874      -      115      -      337
                                                                    ----------      ----------      ----------
           TOTAL ASSETS                                  (369)         467,538      -   13,602      +   23,943

                   LIABILITIES
 Federal Reserve notes                                                 422,511      -    4,011      +   25,287
 Deposits
   Depository institutions                                              19,325      -    5,199      -    3,031
   U.S. Treasury--general account                                        5,062      -    2,680      -      734
   Foreign--official accounts                                              169      +        2      -        8
   Other                                                                   236      -      656               0
                                                                    ----------      ----------      ----------
     Total deposits                                                     24,792      -    8,533      -    3,773
 Deferred availability cash items                        (369)           6,282      -    1,181      +    1,032
 Other liabilities and accrued dividends 4                               4,465      -      267      +      323
                                                                    ----------      ----------      ----------
           TOTAL LIABILITIES                             (369)         458,050      -   13,993      +   22,870

                CAPITAL ACCOUNTS
 Capital paid in                                                         4,600      -        2      +      616
 Surplus                                                                 4,496               0      +      529
 Other capital accounts                                                    393      +      393      -       73
 ----------------------------------------------------------------------------------------------------------------
 * 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 Net of $    13,292 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes
   $         0 million securities loaned--fully secured by U.S. government securities.
 3 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account
   at Chicago of $        79 million in Treasury bills maturing within 90 days.
 4 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, JANUARY 8, 1997
 Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in
 accordance with maximum maturity of the agreements.
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------
                                                                         U.S. government       Federal agency
                                                                           securities           obligations
                                                                     --------------------------------------------
                       Loans    Acceptances                                        Weekly               Weekly
                                                                       Holdings    changes   Holdings   changes
 ----------------------------------------------------------------------------------------------------------------
 Within 15 days              42          0  Within 15 days                23,316 -    4,530      2,371 +      309
 16 days to 90 days          10          0  16 days to 90 days            89,639 +      603        797 +      255
 Over 90 days                 0          0  91 days to 1 year            117,925 -    4,855        240 +        8
                                            Over 1 year to 5 years        95,608          0        520          0
                                            Over 5 years to 10 years      33,782          0        457          0
                                            Over 10 years                 41,826          0         25          0
                     ---------- ----------                            ---------- ---------- ---------- ----------
   Total                     51          0    Total                      402,096 -    8,782      4,409 +      572
 ----------------------------------------------------------------------------------------------------------------
 Components may not add to totals due to rounding.
1

 H.4.1 (b)

 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 8, 1997
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |   Total   | Boston | New York|  Phila. | Cleve.| Rich. |Atlanta| Chicago |S.Louis| Minneap.|KansasC| Dallas|San Fran.
                                    -----------------------------------------------------------------------------------------------------------------------
           ASSETS
 Gold certificate account                 11,048      661     4,049       423     624     919     769     1,140     474       168     321     433     1,067
 Special drawing rights certif. acct.      9,718      636     3,385       396     543     835     745       979     419       144     280     399       957
 Coin                                        587       12        20        43      24     114      79        70      31        19      53      50        71

 Loans                                        51        3         0         0       0       0       0         8      23         0      10       0         7
 Acceptances                                   0        0         0         0       0       0       0         0       0         0       0       0         0
 Federal agency obligations
   Bought outright                         2,225      131       827        86     131     184     148       241     104        34      70      80       188
   Held under repurchase agreements 1      2,184        0     2,184         0       0       0       0         0       0         0       0       0         0
 U.S. government securities
   Bought outright--Bills                192,060   11,301    71,426     7,433  11,288  15,926  12,817    20,814   8,997     2,897   6,016   6,877    16,267
                    Notes                150,922    8,880    56,127     5,841   8,870  12,515  10,072    16,356   7,070     2,276   4,727   5,404    12,783
                    Bonds                 49,339    2,903    18,349     1,910   2,900   4,091   3,293     5,347   2,311       744   1,545   1,767     4,179
                                    -----------------------------------------------------------------------------------------------------------------------
     Total bought outright 2             392,321   23,084   145,902    15,184  23,059  32,533  26,182    42,517  18,379     5,917  12,289  14,048    33,228
   Held under repurchase agreements 1      9,775        0     9,775         0       0       0       0         0       0         0       0       0         0
                                    -----------------------------------------------------------------------------------------------------------------------
       Total U.S. govt. securities       402,096   23,084   155,677    15,184  23,059  32,533  26,182    42,517  18,379     5,917  12,289  14,048    33,228
                                    -----------------------------------------------------------------------------------------------------------------------
         Total loans and securities      406,556   23,217   158,689    15,270  23,190  32,717  26,330    42,766  18,506     5,950  12,368  14,128    33,424

 Items in process of collection            7,888      509     1,025       320     258     701     986       732     331       523     594     520     1,388
 Bank premises                             1,236       95       150        50     108     128      80       110      31       114      56     155       160
 Other assets 3                           30,874    1,383    10,547     1,295   1,806   2,353   2,545     3,370     903       637   1,042   1,554     3,439
 Interdistrict settlement account              0     +713   -24,287    -2,642  +4,989  +4,247    -532      -335  -2,835      -858    -958    +572   +21,925
                                    -----------------------------------------------------------------------------------------------------------------------
           TOTAL ASSETS                  467,907   27,227   153,579    15,155  31,542  42,016  31,003    48,832  17,860     6,696  13,756  17,811    62,432
                                    -----------------------------------------------------------------------------------------------------------------------
 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 Net of $    13,292 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $         0 million
   securities loaned--fully secured by U.S. government securities.
 3 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of
   $        79 million in Treasury bills maturing within 90 days.

 Components may not add to totals due to rounding.
1

 H.4.1 (c)

 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 8, 1997
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------  
                                    |   Total   | Boston | New York|  Phila. | Cleve.| Rich. |Atlanta| Chicago |S.Louis| Minneap.|KansasC| Dallas|San Fran.
                                    -----------------------------------------------------------------------------------------------------------------------
        LIABILITIES
 Federal Reserve notes                   422,511   25,048   140,142    13,423  29,618  38,180  26,711    44,351  16,588     5,432  12,172  15,088    55,758
 Deposits
   Depository institutions                19,325    1,110     3,556       755     821   2,222   2,251     2,267     582       408     639   1,689     3,024
   U.S. Treasury--general account          5,062        0     5,062         0       0       0       0         0       0         0       0       0         0
   Foreign--official accounts                169        6        64         7       9      11      14        17       4         4       5       9        20
   Other                                     236        1       115         2       4      16      12        81       0         1       2       2         1
                                    -----------------------------------------------------------------------------------------------------------------------
     Total deposits                       24,792    1,117     8,796       764     835   2,248   2,277     2,365     586       413     646   1,700     3,045
 Deferred credit items                     6,651      434       850       220     231     566     836       539     230       539     416     326     1,465
 Other liabilities and accrued
   dividends 1                             4,465      264     1,559       192     256     362     314       473     212        97     169     177       389
                                    -----------------------------------------------------------------------------------------------------------------------
     TOTAL LIABILITIES                   458,419   26,863   151,347    14,599  30,940  41,356  30,137    47,728  17,615     6,481  13,405  17,291    60,656

        CAPITAL ACCOUNTS
 Capital paid in                           4,600      172     1,051       273     293     318     425       537     114       107     172     257       880
 Surplus                                   4,496      168     1,023       268     286     310     415       524     112       104     171     250       865
 Other capital accounts                      393       24       157        14      23      31      26        42      18         5       9      13        30
                                    -----------------------------------------------------------------------------------------------------------------------
       ACCOUNTS                          467,907   27,227   153,579    15,155  31,542  42,016  31,003    48,832  17,860     6,696  13,756  17,811    62,432

 ----------------------------------------------------------------------------------------------------------------------------------------------------------
 FEDERAL RESERVE AGENTS' ACCOUNTS

 F.R. notes outstanding                  524,851   30,272   183,211    16,091  32,775  45,100  34,198    51,357  19,402     6,995  14,063  20,851    70,535
   Less--Held by F.R. Banks              102,340    5,224    43,069     2,669   3,157   6,920   7,487     7,006   2,814     1,564   1,890   5,763    14,777
                                    -----------------------------------------------------------------------------------------------------------------------
   F.R. notes, net                       422,511   25,048   140,142    13,423  29,618  38,180  26,711    44,351  16,588     5,432  12,172  15,088    55,758
 Collateral held against F.R. notes
   Gold certificate account               11,048
   Special drawing rights
     certificate account                   9,718
   Other eligible assets                       0
   U.S. govt. and agency securities      401,745
                                     ------------
     Total collateral                    422,511
                                    -----------------------------------------------------------------------------------------------------------------------
 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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