---

`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 15, 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     Jan 14, 1998  Jan 7, 1998 Jan 15, 1997 Jan 14, 1998

Reserve Bank Credit  (1,2)                                  468,372    -   8,621    +  28,807      472,341
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      430,981    +       7    +  39,338      431,714
    Held under repurchase agreements                          3,433    -   6,395    -   7,014        5,465
  Federal agency obligations			        		      		     		   
    Bought outright                                             685            0    -   1,394          685
    Held under repurchase agreements                            826    -     697    -   1,516        2,216
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                            22    -     330    -       4           20
    Seasonal credit                                              20    -       3    +       3           20
    Extended credit                                               0            0            0            0
   Float                                                        783    -   1,299    -      62         -152
   Other F.R. assets                                         31,622    +      95    -     544       32,373
Gold stock                                                   11,046    -       1    -       2       11,046
Special drawing rights certificate account                    9,200            0    -     518        9,200
Treasury currency outstanding                                25,672    +      14    +     664       25,672
        Total factors supplying reserve funds               514,290    -   8,608    +  28,951      518,258
						        		      		     		   
Currency in circulation*                                    475,281    -   5,476    +  31,379      473,998
Treasury cash holdings*                                         228    +       3    -      18          229
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,253    +     223    -     258        4,644
  Foreign                                                       177    -      67    -       5          157
  Service-related balances and adjustments (4)                7,011    +     217    -     194        7,011
  Other                                                         252    -     544    -      63          337
Other F.R. liabilities and capital                           16,240    +     604    +   1,745       15,971
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             504,443    -   5,040    +  32,585      502,347

Reserve balances with F.R. Banks  (5)                         9,847    -   3,568    -   3,633       15,911
						       		      		     		    
On   January 14, 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 602,290 million, a change of 
 +$ 2,094 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,032 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 15,735 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 15,298 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 15,298 million was with foreign official and international 
   accounts.  Includes $ 265 million securities loaned--fully secured U.S. government securities.
3  Includes $ 1650 million of inflation-indexed securities valued at the original face amount and 
   $ 23 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,598 million and adjustments of $ 413 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
                                                           Jan 14, 1998      Jan 7, 1998     Jan 15, 1997
                ASSETS
Gold certificate account                                        11,046        -       2        -       2
Special drawing rights certificate account                       9,200                0        -     518
Coin                                                               476        +      28        -     141
					      
Loans                                                               40        +      14        -     105
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  685                0        -   1,370
  Held under repurchase agreements (1)                           2,216        +   1,469        -     694
U.S. government securities		      
  Bought outright--Bills                                       198,101        +   1,675        +   8,377
                   Notes (2)                                   174,206                0        +  23,890
                   Bonds                                        59,407                0        +  10,068
    Total bought outright (3)                                  431,714        +   1,675        +  42,335
  Held under repurchase agreements (1)                           5,465        +   1,190        -   9,183
     Total U.S. government securities                          437,179        +   2,865        +  33,152
       Total loans and securities                              440,119        +   4,348        +  30,983
					      
Items in process of collection                      (399)        7,684        -   4,878        +     364
Bank premises                                                    1,274        +       3        +      39
Other assets (4)                                                31,096        +   1,028        +      65
                TOTAL ASSETS                        (399)      500,895        +     528        +  30,789
					      
                LIABILITIES
Federal Reserve notes                                          449,031        -   4,716        +  30,107
Deposits		 		     
  Depository institutions                                       24,148        +   6,516        +   1,682
  U.S. Treasury--general account                                 4,644        -     936        -   2,878
  Foreign--official accounts                                       157        -       2        -      15
    Other                                                          337        +     138        -      14
      Total deposits                                            29,286        +   5,716        -   1,225
Deferred availability cash items                    (399)        6,606        -     708        +     368
Other liabilities and accrued dividends (5)                      4,775        +     194        -      39
                TOTAL LIABILITIES                   (399)      489,698        +     485        +  29,210
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,473        +      33        +     795
Surplus                                                          5,220                0        +     725
Other capital accounts                                             503        +      10        +      59

*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 $ 1650 million of inflation-indexed securities valued at the original face amount and 
   $ 23 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 15,298 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 265 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 $ 135 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,   January 14, 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         22          0     Within 15 days          14,953   -   4,302      2,216   +   1,469
16 to 90 days          18          0     16 to 90 days           99,878   +   1,192         90   +      30
Over 90 days            0          0     91 days to 1 year      138,105   +   5,975        162   -      30
                                         Over 1 to 5 years       95,028           0        153           0
                                         Over 5 to 10 years      40,907           0        255           0
                                         Over 10 years           48,308           0         25           0
    Total              40          0         Total              437,179   +   2,865      2,901   +   1,469

1  Includes $ 1650 million of inflation-indexed securities valued at the original face amount and 
   $ 23 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   January 14, 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                      11,046        624      3,933        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                                             476         24         20         51         28         66         48         57         19         20         36         43         63
				       
Loans                                             40          0          0          0          0          0          0         13          6          0         12          0          9
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                685         42        221         23         47         65         46         73         27         10         20         25         86
  Held under repurchase agreements(1)          2,216          0      2,216          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     198,101     12,077     64,076      6,623     13,703     18,849     13,219     21,130      7,890      2,759      5,657      7,194     24,924
                   Notes (2)                 174,206     10,620     56,347      5,824     12,050     16,575     11,625     18,582      6,938      2,426      4,974      6,326     21,918
                   Bonds                      59,407      3,622     19,215      1,986      4,109      5,652      3,964      6,337      2,366        827      1,696      2,157      7,474
     Total bought outright(3)                431,714     26,318    139,638     14,433     29,862     41,076     28,809     46,049     17,195      6,012     12,327     15,678     54,317
  Held under repurchase agreements(1)          5,465          0      5,465          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             437,179     26,318    145,103     14,433     29,862     41,076     28,809     46,049     17,195      6,012     12,327     15,678     54,317
       Total loans and securities            440,119     26,360    147,541     14,455     29,909     41,141     28,854     46,135     17,228      6,022     12,359     15,703     54,411
				       
Items in process of collection                 8,083        463        832        222        268        557        997        708        245        671        285        502      2,333
Bank premises                                  1,274         94        156         51        134        126         78        108         31        132         55        150        159
Other assets(4)                               31,096      1,353      9,629      1,422      1,894      2,408      2,394      3,362        892        595        998      1,400      4,749
Interdistrict settlement account                   0     -4,091    +32,764     -2,065     -3,073     -9,525     -1,091     -8,242     -1,713     -1,188       +394     +3,111     -5,282
          TOTAL ASSETS                       501,293     25,358    198,076     14,767     30,404     36,531     32,605     44,097     17,444      6,523     14,659     21,735     59,095

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 $ 1650 million of inflation-indexed securities valued at the original face amount and 
   $ 23 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 15,298 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 265 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 $ 135 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   January 14, 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                        449,031     22,442    180,942     13,054     28,107     31,803     28,517     39,221     16,010      4,785     13,046     19,108     51,996
Deposits			      	      
  Depository institutions                     24,148      1,629      7,780        692      1,008      1,972      2,194      2,564        745        684        780      1,531      2,569
  U.S. Treasury--general account               4,644          0      4,644          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     157          5         46          9          9         10         13         17          4          3          5          8         28
  Other                                          337          1        116          1          4         70          2        137          1          1          2          1          2
    Total deposits                            29,286      1,635     12,585        701      1,022      2,051      2,209      2,719        749        688        787      1,541      2,599
Deferred credit items                          7,005        443        766        219        220        533        804        570        235        561        382        322      1,949
Other liabilities and accrued	      	      
  dividends (1)                                4,775        293      1,450        188        321        444        341        506        204         99        171        193        566
    TOTAL LIABILITIES                        490,097     24,813    195,743     14,161     29,670     34,832     31,872     43,015     17,198      6,134     14,386     21,163     57,110
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,473        262      1,108        317        356        833        360        527        115        194        134        284        982
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           503         29        170         16         43         48         34         52          9          6         21         18         59
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             501,293     25,358    198,076     14,767     30,404     36,531     32,605     44,097     17,444      6,523     14,659     21,735     59,095
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       548,053     27,884    210,688     16,604     31,836     39,126     37,759     46,849     18,459      6,582     15,195     25,724     71,348
  Less--Held by F.R. Banks                    99,022      5,442     29,746      3,550      3,729      7,323      9,242      7,628      2,449      1,796      2,150      6,617     19,351
  F.R. notes, net                            449,031     22,442    180,942     13,054     28,107     31,803     28,517     39,221     16,010      4,785     13,046     19,108     51,996
Collateral held against F.R. notes    	      
   Gold certificate account                   11,046
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          428,786
     Total collateral                        449,031

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.`

---