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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 16, 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 15, 1998  Apr 8, 1998 Apr 16, 1997 Apr 15, 1998

Reserve Bank Credit  (1,2)                                  471,730    +   4,153    +  28,631      477,032
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      436,436    +   2,902    +  35,254      440,277
    Held under repurchase agreements                          1,899    +   1,031    -   6,344        3,095
  Federal agency obligations			        		      		     		   
    Bought outright                                             586    -      39    -   1,398          565
    Held under repurchase agreements                            787    +     366    +     102        1,958
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                            14    -     125    -      36            2
    Seasonal credit                                              31    +       1    -      44           37
    Extended credit                                               0            0            0            0
   Float                                                        371    -     496    +     140         -241
   Other F.R. assets                                         31,606    +     513    +     958       31,340
Gold stock                                                   11,048    -       1    -       3       11,048
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,816    +      14    +     614       25,816
        Total factors supplying reserve funds               517,794    +   4,166    +  29,242      523,096
						        		      		     		   
Currency in circulation*                                    477,195    +   1,603    +  30,568      478,416
Treasury cash holdings*                                         276    +      15    -      31          277
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    6,218    +   1,174    -   1,619        9,457
  Foreign                                                       183    +      13    +       7          163
  Service-related balances and adjustments (4)                6,636    -     271    -     385        6,636
  Other                                                         383    -      25    -      18          344
Other F.R. liabilities and capital                           16,223    +     360    +   1,191       16,107
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             507,115    +   2,869    +  29,714      511,400

Reserve balances with F.R. Banks  (5)                        10,680    +   1,296    -     472       11,696
						       		      		     		    
On     April 15, 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 611,049 million, a change of 
 -$ 6,164 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 17,589 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 17,589 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 16,039 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,039 million was with foreign official and international 
   accounts.  Includes $ 50 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 
   $ 25 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,515 million and adjustments of $ 121 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 15, 1998      Apr 8, 1998     Apr 16, 1997
                ASSETS
Gold certificate account                                        11,048        -       1        -       4
Special drawing rights certificate account                       9,200                0                0
Coin                                                               483        -      27        -     163
					      
Loans                                                               39        -     930        -     144
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  565        -      60        -   1,420
  Held under repurchase agreements (1)                           1,958        +     975        +   1,173
U.S. government securities		      
  Bought outright--Bills                                       199,660        +   4,457        +   4,495
                   Notes (2)                                   178,704        +     898        +  24,550
                   Bonds (3)                                    61,913        +     425        +  10,514
    Total bought outright (4)                                  440,277        +   5,780        +  39,559
  Held under repurchase agreements (1)                           3,095        +   1,070        -  10,417
     Total U.S. government securities                          443,372        +   6,850        +  29,142
       Total loans and securities                              445,934        +   6,835        +  28,751
					      
Items in process of collection                      (444)        7,629        -     854        -     261
Bank premises                                                    1,283                0        +      37
Other assets (5)                                                30,055        -      99        +     512
                TOTAL ASSETS                        (444)      505,633        +   5,855        +  28,872
					      
                LIABILITIES
Federal Reserve notes                                          453,360        +   1,128        +  30,601
Deposits		 		     
  Depository institutions                                       18,927        -     677        +   5,419
  U.S. Treasury--general account                                 9,457        +   5,075        -   8,427
  Foreign--official accounts                                       163        +       1        -      15
    Other                                                          344        -      54        -      21
      Total deposits                                            28,891        +   4,344        -   3,045
Deferred availability cash items                    (444)        7,275        +     259        +     206
Other liabilities and accrued dividends (6)                      4,794        +      33        -     265
                TOTAL LIABILITIES                   (444)      494,320        +   5,764        +  27,497
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,504        +      16        +     713
Surplus                                                          5,220        +       5        +     724
Other capital accounts                                             589        +      69        -      62

*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 
   $ 25 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 
   $ 0 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 16,039 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 50 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 $ 124 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,     April 15, 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         18          0     Within 15 days          16,267   +   6,215      1,972   +     929
16 to 90 days          21          0     16 to 90 days           91,991   -   4,958          0   -      14
Over 90 days            0          0     91 days to 1 year      146,582   +   4,659        175           0
                                         Over 1 to 5 years       97,135   +      40        126           0
                                         Over 5 to 10 years      40,621   +     495        225           0
                                         Over 10 years           50,776   +     400         25           0
    Total              39          0         Total              443,372   +   6,850      2,523   +     915

1  Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and 
   $ 25 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 15, 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                                             483         28         32         50         29         57         41         65         15         23         43         32         68
				       
Loans                                             39          3          0          2          0          0          5         14          4          8          2          0          0
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                565         31        209         16         37         44         34         54         20          6         16         26         71
  Held under repurchase agreements(1)          1,958          0      1,958          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     199,660     10,874     74,002      5,805     12,976     15,728     12,146     19,168      7,016      2,193      5,539      9,078     25,135
                   Notes (2)                 178,704      9,733     66,235      5,196     11,614     14,077     10,871     17,156      6,280      1,963      4,957      8,125     22,497
                   Bonds (3)                  61,913      3,372     22,947      1,800      4,024      4,877      3,766      5,944      2,176        680      1,718      2,815      7,794
     Total bought outright(4)                440,277     23,979    163,185     12,800     28,615     34,683     26,782     42,267     15,472      4,837     12,214     20,019     55,425
  Held under repurchase agreements(1)          3,095          0      3,095          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             443,372     23,979    166,280     12,800     28,615     34,683     26,782     42,267     15,472      4,837     12,214     20,019     55,425
       Total loans and securities            445,934     24,013    168,447     12,819     28,652     34,727     26,822     42,336     15,496      4,851     12,232     20,044     55,497
				       
Items in process of collection                 8,073        526        874        251        419        462        948        711        269        536        481        463      2,134
Bank premises                                  1,283         94        156         50        142        126         81        108         32        132         54        150        159
Other assets(5)                               30,055      1,457      8,959      1,237      1,842      3,651      1,840      2,854        808        770        727      1,414      4,495
Interdistrict settlement account                   0     -1,749     +8,236       -162       -233     -2,944       +735       -785       -435       +490     +1,247     +2,587     -6,988
          TOTAL ASSETS                       506,077     25,480    194,114     14,850     32,068     37,678     31,786     47,186     16,882      7,053     15,320     25,588     58,071

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 
   $ 25 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 
   $ 0 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 16,039 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 50 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 $ 124 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 15, 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                        453,360     22,635    177,766     12,752     29,140     33,231     27,787     42,436     15,464      5,399     13,729     23,088     49,934
Deposits			      	      
  Depository institutions                     18,927      1,560      1,983      1,029      1,377      1,679      2,094      2,467        720        625        687      1,261      3,447
  U.S. Treasury--general account               9,457          0      9,457          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     163          7         48          8          9         22          9         14          3          5          3          7         26
  Other                                          344          2        113          1          3         92          1        127          1          1          1          1          1
    Total deposits                            28,891      1,569     11,601      1,037      1,389      1,793      2,104      2,608        724        631        692      1,269      3,474
Deferred credit items                          7,719        518        757        243        462        527        831        597        266        554        461        413      2,091
Other liabilities and accrued	      	      
  dividends (1)                                4,794        264      1,634        174        308        389        320        464        185         91        165        227        574
    TOTAL LIABILITIES                        494,764     24,986    191,757     14,207     31,299     35,940     31,043     46,104     16,638      6,674     15,046     24,998     56,072
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,504        211      1,123        320        375        857        368        528        116        190        134        295        987
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        188        119        271        945
Other capital accounts                           589         30        179         50         59         63         37         52          6          0         21         25         67
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             506,077     25,480    194,114     14,850     32,068     37,678     31,786     47,186     16,882      7,053     15,320     25,588     58,071
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       557,413     26,963    217,996     15,590     32,150     39,883     35,991     50,947     17,629      6,813     15,851     28,374     69,227
  Less--Held by F.R. Banks                   104,053      4,328     40,230      2,838      3,010      6,652      8,204      8,510      2,165      1,414      2,122      5,285     19,293
  F.R. notes, net                            453,360     22,635    177,766     12,752     29,140     33,231     27,787     42,436     15,464      5,399     13,729     23,088     49,934
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          433,112
     Total collateral                        453,360

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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