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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
                                                                                                August 7,  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      Aug 6, 1997    Jul 30, 1997    Aug 7, 1996   Aug 6, 1997

Reserve Bank Credit  (1,2)                                     447,624   +         208   +    21,967   449,175
  U.S. government securities
    Bought outright-system account (3)                         408,573   -       1,250   +    26,126   411,153
    Held under repurchase agreements                             5,059   +       1,743   -     1,750     3,751
  Federal agency obligations
    Bought outright                                              1,069   -         141   -     1,268     1,045
    Held under repurchase agreements                               538   +         188   -       361       218
  Acceptances                                                        0               0             0         0
  Loans to depository institutions
    Adjustment credit                                              102   -         113   +        81        43
    Seasonal credit                                                376   -           2   +        92       371
    Extended credit                                                  0               0             0         0
   Float                                                           497   +         384   +        59      1124
   Other F.R. assets                                            31,409   -         603   -     1,012    31,470
Gold stock                                                      11,051   +           1   +         1    11,051
Special drawing rights certificate account                       9,200               0   -       518     9,200
Treasury currency outstanding                                   25,427   +          14   +       790    25,427
        Total factors supplying reserve funds                  493,302   +         223   +    22,240   494,853

Currency in circulation*                                       455,425   +         986   +    26,692   457,085
Treasury cash holdings*                                            310   -          11   +        47       305
Deposits,other than reserve balances,with F.R.Banks
  Treasury                                                       5,196   +         319   +       127     5,947
  Foreign                                                          189   +          17             0       187
  Service-related balances and adjustments (4)                   7,139   -         225   +       832     7,139
  Other                                                            350   +          35   +        38       349
Other F.R. liabilities and capital                              14,818   -         853   +       599    14,732
        Total factors, other than reserve balances,
        absorbing reserve funds                                483,427   +         268   +    28,334   485,744

Reserve balances with F.R. Banks  (5)                            9,875   -          45   -     6,094     9,109

On   August 6, 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 $ 631,975 million, a change of + $ 856 million for the week.  The total includes the face
value of U.S. Treasury strips and other zero coupon bonds.
1  Net of $ 15,817 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which
    a net of $ 15,817 million was with foreign official and international accounts.  Includes securities loaned--fully secured by U.S.
   government securities.
2 Net of $ 13,237 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of
   $ 13,237 million was with foreign official and international accounts.  Includes $ 199 million securities loaned--fully
   secured U.S. government securities.
3 Includes $ 1150 million of inflation-indexed securities valued at the original face amount and $ 8 million of compensation that adjusts for the effects of  
   inflation on the principal of such securities.
4 Consists of required clearing balances of $ 6,896 million and adjustments of $ 243 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
                                                         Aug 6, 1997    Jul 30, 1997     Aug 7, 1996
                                 ASSETS
Gold certificate account                                     11,051                 0      +         1
Special drawing rights certificate account                    9,200                 0      -       518
Coin                                                            480       +         2      -        52

Loans                                                           414       -     1,264      +       127
Acceptances                                                       0                 0                0
Federal agency obligations
  Bought outright                                             1,045       -       164      -     1,291
  Held under repurchase agreements (1)                          218       -       757      -       424
U.S. government securities
  Bought outright--Bills                                    196,367       +     2,160      +     9,669
                   Notes (2)                                160,524                 0      +    10,422
                   Bonds                                     54,261                 0      +     7,819
    Total bought outright (3)                               411,153       +     2,161      +    27,910
  Held under repurchase agreements (1)                        3,751       -     5,176      -     1,103
     Total U.S. government securities                       414,904       -     3,015      +    26,807
       Total loans and securities                           416,581       -     5,201      +    25,218

Items in process of collection              (457)             7,854       +     2,121      +       970
Bank premises                                                 1,260       +         2      +        67
Other assets (4)                                             30,240       -       833      -     1,101
              TOTAL ASSETS                  (457)           476,666       -     3,908      +    24,585

                             LIABILITIES
Federal Reserve notes                                       432,442       +     1,580      +    26,273
Deposits
  Depository institutions                                    16,395       -     6,589      -     5,092
  U.S. Treasury--general account                              5,947       +       794      +     1,252
  Foreign--official accounts                                    187       +        16      +        18
    Other                                                       349       +        33      +        43
      Total deposits                                         22,878       -     5,746      -     3,779
Deferred availability cash items            (457)             6,615       +     1,066      +       923
Other liabilities and accrued dividends (5)                   4,728       -       201      +       356
             TOTAL LIABILITIES              (457)           466,662       -     3,301      +    23,773

                               CAPITAL ACCOUNTS
Capital paid in                                               5,103       +        16      +       661
Surplus                                                       4,415       -        80      +       449
Other capital accounts                                          485       -       542      -       298


*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 $ 1150 million of inflation-indexed securities valued at the original face amount and  $ 8 million of compensation that adjusts for the effects of inflation
  on the principal of such securities.
3 Net of $ 13,237 million matched sale-purchase transactions outstanding at the end of the latest statement week.  Includes
   $ 199 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 $ 125 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, AUGUST 6, 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
               Loans  Acceptances                                 securities (1)           obligations
                                                                     Weekly                     Weekly
                                                          Holdings   changes          Holdings  changes
Within 15 day     130        0  Within 15 days              21,622  +          4,802      233  -            921
16 days to 90     285        0  16 days to 90 days          84,589  -          8,102      211  +             26
Over 90 days        0        0  91 days to 1 year          132,492  +          1,115      104  -             26
                                Over 1 year to 5 years      93,174  -            830      401                 0
                                Over 5 years to 10 years    39,016                 0      290                 0
                                Over 10 years               44,011                 0       25                 0
    Total         414        0       Total                 414,904  -          3,015     1263  -            921

1 Includes $ 1150 million of inflation-indexed securities valued at the original face amount and $ 8 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 AUGUST 6, 1997
Millions of dollars
                                                                                                                                                                   Kansas                   San
                                           Total      Boston      New York  Philadelphia Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis     City       Dallas    Francisco
         ASSETS
Gold certificate account                     11,051         624       3,938         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                                            480          14          16          54          24          76          59          60          21          19          37          44          57

Loans                                           414           0           0           0          40           0          13          57          84         164          40           5          10
Acceptances                                       0           0           0           0           0           0           0           0           0           0           0           0           0
Federal agency obligations
  Bought outright                             1,045          64         338          35          72          99          70         111          42          15          30          38         132
  Held under repurchase agreements(1)           218           0         218           0           0           0           0           0           0           0           0           0           0
U.S. government securities
  Bought outright--Bills                    196,367      11,971      63,515       6,565      13,583      18,684      13,104      20,945       7,821       2,735       5,607       7,131      24,706
                   Notes (2)                160,524       9,786      51,922       5,366      11,104      15,273      10,712      17,122       6,393       2,236       4,584       5,830      20,197
                   Bonds                     54,261       3,308      17,551       1,814       3,753       5,163       3,621       5,788       2,161         756       1,549       1,971       6,827
     Total bought outright(3)               411,153      25,065     132,988      13,745      28,440      39,120      27,436      43,855      16,376       5,726      11,740      14,932      51,730
  Held under repurchase agreements(1)         3,751           0       3,751           0           0           0           0           0           0           0           0           0           0
     Total U.S. govt. securities            414,904      25,065     136,739      13,745      28,440      39,120      27,436      43,855      16,376       5,726      11,740      14,932      51,730
       Total loans and securities           416,581      25,129     137,295      13,780      28,552      39,219      27,520      44,024      16,501       5,904      11,811      14,975      51,872

Items in process of collection                8,311         527       1,132         401         290         441       1,119         522         261         591         428         419       2,179
Bank premises                                 1,260          94         153          50         120         126          76         109          30         138          55         151         159
Other assets(4)                              30,240       1,316       9,055       1,408       1,860       2,428       2,364       3,298         869         577         992       1,386       4,687
Interdistrict settlement account                  0       -2037       20826       -2206        -574       -6045       -2449       -4138       -2829       -1757       -1908        2376         742
          TOTAL ASSETS                      477,123      26,196     175,617      14,119      31,515      38,002      30,013      45,845      15,593       5,742      11,948      20,176      62,356

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 $ 1150 million of inflation-indexed securities valued at the original face amount and $ 8 million of compensation that adjusts for the effects of inflation
  on the principal of such securities.
3 Net of $ 13,237 million matched sale-purchase transactions outstanding at the end of the latest statement week.  Includes $ 199 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
   $ 125 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 AUGUST 6, 1997
Millions of dollars
                                                                                                                                                                   Kansas                   San
                                           Total      Boston      New York  Philadelphia Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis     City       Dallas    Francisco
       LIABILITIES
Federal Reserve notes                       432,442      23,910     162,514      12,087      29,255      34,377      26,393      41,164      14,421       4,503      10,488      17,987      55,342  
Deposits
  Depository institutions                    16,395       1,115       2,482       1,031       1,012       1,136       1,808       2,466         508         286         623       1,118       2,810
  U.S. Treasury--general account              5,947           0       5,947           0           0           0           0           0           0           0           0           0           0
  Foreign--official accounts                    187           5          76           9           9          10          13          17           4           3           5           8          28
  Other                                         349           0         100           0           4         112           1         126           0           1           1           1           1
    Total deposits                           22,878       1,121       8,605       1,040       1,025       1,258       1,822       2,608         512         290         630       1,127       2,839
Deferred credit items                         7,072         517         932         257         242         565         758         565         237         502         365         367       1,766
Other liabilities and accrued
  dividends (1)                               4,728         289       1,426         186         318         438         337         505         201         101         170         191         567
    TOTAL LIABILITIES                       467,119      25,836     173,476      13,571      30,840      36,639      29,310      44,843      15,370       5,396      11,653      19,672      60,514

       CAPITAL ACCOUNTS
Capital paid in                               5,103         185       1,099         287         352         707         314         491         112         196         135         263         960
Surplus                                       4,415         168       1,023         261         286         310         389         511         112         104         160         227         865
Other capital accounts                          485           8          19           0          37         347           0           0           0          46           0          13          17
     TOTAL LIABILITIES AND CAPITAL
        ACCOUNTS                            477,123      26,196     175,617      14,119      31,515      38,002      30,013      45,845      15,593       5,742      11,948      20,176      62,356


FEDERAL RESERVE AGENTS' ACCOUNTS

F.R. notes outstanding                      542,206      29,843     205,699      15,637      32,943      40,564      34,870      49,839      16,816       6,120      12,309      24,115      73,451
  Less--Held by F.R. Banks                  109,764       5,933      43,185       3,550       3,688       6,187       8,477       8,675       2,395       1,617       1,821       6,128      18,109
  F.R. notes, net                           432,442      23,910     162,514      12,087      29,255      34,377      26,393      41,164      14,421       4,503      10,488      17,987      55,342
Collateral held against F.R. notes
   Gold certificate account                  11,051
   Special drawing rights
     certificate account                      9,200
   Other eligible assets                          0
   U.S. govt. and agency securities         412,191
     Total collateral                       432,442

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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