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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
                                                                                              June 18, 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     Jun 17, 1998 Jun 10, 1998 Jun 18, 1997 Jun 17, 1998

Reserve Bank Credit  (1,2)                                  477,649    +   5,048    +  30,162      482,628
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      442,202    +   1,668    +  35,007      442,164
    Held under repurchase agreements                          2,060    +   2,060    -   4,271        6,678
  Federal agency obligations			        		      		     		   
    Bought outright                                             551            0    -     946          551
    Held under repurchase agreements                            814    +     814    +     155        1,237
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                            71    -      41    +      61           33
    Seasonal credit                                             157    +      25    -      64          166
    Extended credit                                               0            0            0            0
   Float                                                        930    +     127    -     348          285
   Other F.R. assets                                         30,864    +     395    +     567       31,514
Gold stock                                                   11,048            0    -       2       11,048
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,942    +      14    +     632       25,942
        Total factors supplying reserve funds               523,838    +   5,062    +  30,792      528,817
						        		      		     		   
Currency in circulation*                                    481,743    +     178    +  29,929      482,474
Treasury cash holdings*                                         207    -      17    -     137          204
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    6,982    +   1,951    +     151        8,273
  Foreign                                                       159    -       3    -      12          176
  Service-related balances and adjustments (4)                6,761    +     172    -     385        6,761
  Other                                                         337    +       1    -      36          326
Other F.R. liabilities and capital                           16,913    +     204    +   1,715       16,709
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             513,101    +   2,485    +  31,223      514,923

Reserve balances with F.R. Banks  (5)                        10,737    +   2,577    -     431       13,894
						       		      		     		    
On      June 17, 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 595,350 million, a change of 
 -$ 7,817 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,003 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,003 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 16,042 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,042 million was with foreign official and international 
   accounts.  Includes $ 289 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 
   $ 35 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,448 million and adjustments of $ 312 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
                                                           Jun 17, 1998     Jun 10, 1998     Jun 18, 1997
                ASSETS
Gold certificate account                                        11,048                0        -       2
Special drawing rights certificate account                       9,200                0                0
Coin                                                               407        +      10        -     103
					      
Loans                                                              199        -     671        -      77
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  551                0        -     946
  Held under repurchase agreements (1)                           1,237        +   1,237        +     271
U.S. government securities		      
  Bought outright--Bills                                       199,657        +   2,923        +   4,542
                   Notes (2)                                   180,592        +       1        +  21,172
                   Bonds (3)                                    61,914                0        +   8,998
    Total bought outright (4)                                  442,164        +   2,924        +  34,712
  Held under repurchase agreements (1)                           6,678        +   6,678        -   2,533
     Total U.S. government securities                          448,842        +   9,602        +  32,179
       Total loans and securities                              450,829        +  10,168        +  31,428
					      
Items in process of collection                      (535)        8,361        +   1,437        +   1,179
Bank premises                                                    1,293        +       1        +      45
Other assets (5)                                                30,185        +     905        +     660
                TOTAL ASSETS                        (535)      511,324        +  12,521        +  33,207
					      
                LIABILITIES
Federal Reserve notes                                          457,144        -     230        +  29,130
Deposits		 		     
  Depository institutions                                       21,793        +   8,933        +   2,483
  U.S. Treasury--general account                                 8,273        +   3,186        -     777
  Foreign--official accounts                                       176        +      24        +       9
    Other                                                          326        -      20        -      45
      Total deposits                                            30,568        +  12,123        +   1,670
Deferred availability cash items                    (535)        6,903        +     575        +     638
Other liabilities and accrued dividends (6)                      4,802        -      19        -      56
                TOTAL LIABILITIES                   (535)      499,417        +  12,449        +  31,382
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,786        -       2        +     895
Surplus                                                          5,220                0        +     725
Other capital accounts                                             900        +      74        +     205

*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 
   $ 33 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 
   $ 2 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 16,042 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 289 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 $ 152 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,      June 17, 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        187          0     Within 15 days          18,465   +  10,809      1,262   +   1,262
16 to 90 days          12          0     16 to 90 days           94,535   -   1,399         98   +      23
Over 90 days            0          0     91 days to 1 year      144,264   +     190        100   -      48
                                         Over 1 to 5 years       97,785           0        103           0
                                         Over 5 to 10 years      43,015   +       1        200           0
                                         Over 10 years           50,778           0         25           0
    Total             199          0         Total              448,842   +   9,602      1,788   +   1,237

1  Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and 
   $ 35 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      June 17, 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                                             407         15         22         21         25         43         56         54         22         18         36         41         55
				       
Loans                                            199          0          0          0          0          0          8         60         21         62         25          3         20
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)          1,237          0      1,237          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     199,657     10,874     74,001      5,805     12,976     15,728     12,145     19,167      7,016      2,193      5,539      9,078     25,134
                   Notes (2)                 180,592      9,835     66,935      5,250     11,737     14,226     10,986     17,337      6,346      1,984      5,010      8,211     22,734
                   Bonds (3)                  61,914      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)                442,164     24,081    163,884     12,855     28,737     34,831     26,897     42,449     15,538      4,858     12,266     20,105     55,663
  Held under repurchase agreements(1)          6,678          0      6,678          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             448,842     24,081    170,562     12,855     28,737     34,831     26,897     42,449     15,538      4,858     12,266     20,105     55,663
       Total loans and securities            450,829     24,111    172,003     12,872     28,773     34,875     26,939     42,561     15,578      4,925     12,306     20,132     55,753
				       
Items in process of collection                 8,896        971      1,084        359        539        525        827        633        323        661        531        560      1,883
Bank premises                                  1,293         94        158         50        149        126         83        108         31        131         54        149        160
Other assets(5)                               30,185      1,424      9,309      1,293      1,804      3,618      1,811      2,830        786        767        708      1,395      4,442
Interdistrict settlement account                   0     -2,074    +11,668       -487     -1,543     -2,436        +70     -1,453       -585       +560     +1,628     +2,893     -8,240
          TOTAL ASSETS                       511,859     25,653    201,653     14,712     30,964     38,349     31,105     46,630     16,854      7,313     15,799     26,068     56,758

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 
   $ 33 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 
   $ 2 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 16,042 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 289 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 $ 152 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      June 17, 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                        457,144     22,425    183,751     12,881     28,373     32,483     27,391     41,574     15,350      5,477     14,094     23,200     50,143
Deposits			      	      
  Depository institutions                     21,793      1,944      4,615        889      1,114      2,717      1,689      2,774        774        781        730      1,642      2,125
  U.S. Treasury--general account               8,273          0      8,273          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     176          7         61          8          9         22          9         14          3          5          3          7         26
  Other                                          326          1         67          1          4         62          1        153          0          0          1         33          2
    Total deposits                            30,568      1,952     13,016        897      1,127      2,801      1,700      2,940        778        786        735      1,682      2,153
Deferred credit items                          7,438        463        784        207        370        595        758        558        288        578        530        431      1,876
Other liabilities and accrued	      	      
  dividends (1)                                4,802        266      1,636        172        303        398        321        462        183         91        164        226        579
    TOTAL LIABILITIES                        499,952     25,106    199,187     14,156     30,174     36,278     30,170     45,535     16,599      6,933     15,523     25,539     54,751
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,786        264      1,163        267        385      1,033        464        537        122        191        135        235        991
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           900         29        247         16         69        221        134         57         12          1         22         23         71
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             511,859     25,653    201,653     14,712     30,964     38,349     31,105     46,630     16,854      7,313     15,799     26,068     56,758
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       567,083     26,376    229,765     15,396     31,410     39,595     35,793     50,368     17,559      7,145     16,295     29,267     68,113
  Less--Held by F.R. Banks                   109,940      3,950     46,014      2,515      3,037      7,111      8,402      8,794      2,209      1,668      2,201      6,067     17,970
  F.R. notes, net                            457,144     22,425    183,751     12,881     28,373     32,483     27,391     41,574     15,350      5,477     14,094     23,200     50,143
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          436,896
     Total collateral                        457,144

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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