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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
                                                                                             March 26, 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     Mar 25, 1998 Mar 18, 1998 Mar 26, 1997 Mar 25, 1998

Reserve Bank Credit  (1,2)                                  466,556    -   1,858    +  28,134      472,819
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      432,887    +     346    +  35,181      434,119
    Held under repurchase agreements                          1,113    -   1,103    -   5,669        5,735
  Federal agency obligations			        		      		     		   
    Bought outright                                             625            0    -   1,382          625
    Held under repurchase agreements                            174    -   1,303    -   1,059        1,045
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                            19    +      18    +       6            8
    Seasonal credit                                              26    +       6    -      15           30
    Extended credit                                               0            0            0            0
   Float                                                        510    -      77    +      57         -477
   Other F.R. assets                                         31,201    +     255    +   1,017       31,735
Gold stock                                                   11,049            0    -       1       11,049
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,774    +      14    +     616       25,774
        Total factors supplying reserve funds               512,579    -   1,844    +  28,750      518,842
						        		      		     		   
Currency in circulation*                                    473,754    -     307    +  30,397      474,518
Treasury cash holdings*                                         260    +       4    -      48          265
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,181    -   1,114    -     196        4,819
  Foreign                                                       164    -      12    -       4          159
  Service-related balances and adjustments (4)                7,016    +      36    -      53        7,016
  Other                                                         357    -      14    -      15          364
Other F.R. liabilities and capital                           16,089    -      89    +   1,426       15,914
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             502,821    -   1,496    +  31,507      503,055

Reserve balances with F.R. Banks  (5)                         9,758    -     348    -   2,757       15,787
						       		      		     		    
On     March 25, 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 611,157 million, a change of 
 -$ 2,085 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,452 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,241 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 15,954 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 15,954 million was with foreign official and international 
   accounts.  Includes $ 72 million securities loaned--fully secured U.S. government securities.
3  Includes $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 22 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,720 million and adjustments of $ 296 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
                                                           Mar 25, 1998     Mar 18, 1998     Mar 26, 1997
                ASSETS
Gold certificate account                                        11,049                0        -       1
Special drawing rights certificate account                       9,200                0                0
Coin                                                               538        +       2        -     139
					      
Loans                                                               38        +      12        -      23
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  625                0        -   1,370
  Held under repurchase agreements (1)                           1,045        -     175        -   1,426
U.S. government securities		      
  Bought outright--Bills                                       196,196        +     384        +   4,541
                   Notes (2)                                   176,435        +     271        +  21,909
                   Bonds                                        61,488        +     756        +  10,089
    Total bought outright (3)                                  434,119        +   1,411        +  36,539
  Held under repurchase agreements (1)                           5,735        +   2,734        -   5,213
     Total U.S. government securities                          439,854        +   4,145        +  31,326
       Total loans and securities                              441,561        +   3,982        +  28,507
					      
Items in process of collection                      (454)        6,490        -     702        +     471
Bank premises                                                    1,280                0        +      31
Other assets (4)                                                30,423        +     567        +   1,156
                TOTAL ASSETS                        (454)      500,541        +   3,848        +  30,024
					      
                LIABILITIES
Federal Reserve notes                                          449,546        -     207        +  29,381
Deposits		 		     
  Depository institutions                                       23,590        +   5,624        -   1,802
  U.S. Treasury--general account                                 4,819        -     925        +     399
  Foreign--official accounts                                       159        +       3        -       3
    Other                                                          364        +       8        +       2
      Total deposits                                            28,933        +   4,709        -   1,404
Deferred availability cash items                    (454)        6,148        -     689        +     648
Other liabilities and accrued dividends (5)                      4,693        +       1        +      20
                TOTAL LIABILITIES                   (454)      489,320        +   3,814        +  28,646
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,454        +      23        +     700
Surplus                                                          5,220                0        +     725
Other capital accounts                                             547        +      11        -      46

*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 $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 22 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 15,954 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 72 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 $ 194 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,     March 25, 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         38          0     Within 15 days          18,845   +   3,328      1,045   -     175
16 to 90 days           0          0     16 to 90 days           93,078   -     520         74           0
Over 90 days            0          0     91 days to 1 year      140,183   +     310        175           0
                                         Over 1 to 5 years       97,246           0        126           0
                                         Over 5 to 10 years      40,125   +     283        225           0
                                         Over 10 years           50,376   +     743         25           0
    Total              38          0         Total              439,854   +   4,145      1,670   -     175

1  Includes $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 22 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     March 25, 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                      11,049        624      3,936        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                                             538         31         29         61         33         68         42         69         15         24         45         40         80
				       
Loans                                             38          0          0          5          0          0          5         14          3          7          4          0          0
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                625         38        202         21         43         59         42         67         25          9         18         23         79
  Held under repurchase agreements(1)          1,045          0      1,045          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     196,196     11,961     63,460      6,559     13,571     18,667     13,092     20,927      7,814      2,732      5,602      7,125     24,685
                   Notes (2)                 176,435     10,756     57,068      5,898     12,204     16,787     11,774     18,819      7,027      2,457      5,038      6,407     22,198
                   Bonds                      61,488      3,748     19,888      2,056      4,253      5,850      4,103      6,559      2,449        856      1,756      2,233      7,736
     Total bought outright(3)                434,119     26,465    140,416     14,513     30,029     41,305     28,969     46,305     17,290      6,046     12,396     15,766     54,619
  Held under repurchase agreements(1)          5,735          0      5,735          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             439,854     26,465    146,151     14,513     30,029     41,305     28,969     46,305     17,290      6,046     12,396     15,766     54,619
       Total loans and securities            441,561     26,503    147,398     14,539     30,072     41,364     29,016     46,385     17,318      6,062     12,417     15,788     54,698
				       
Items in process of collection                 6,945        472        744        283        319        498        768        548        316        528        419        350      1,700
Bank premises                                  1,280         94        156         50        139        126         80        107         31        132         55        150        159
Other assets(4)                               30,423      1,535      8,570      1,300      1,893      3,869      1,913      3,055        857        816        741      1,331      4,543
Interdistrict settlement account                   0     -5,168    +26,927     -2,186     -2,212     -9,737     -1,094     -5,177     -2,534       -323     +1,041     +7,449     -6,985
          TOTAL ASSETS                       500,995     24,621    190,963     14,678     31,486     37,945     32,049     46,957     16,746      7,510     15,251     25,934     56,855

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 $ 2050 million of inflation-indexed securities valued at the original face amount and 
   $ 22 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
3  Net of $ 15,954 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 72 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 $ 194 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     March 25, 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                        449,546     22,260    175,522     12,562     28,962     32,958     28,202     41,889     15,399      5,304     13,580     23,231     49,677
Deposits			      	      
  Depository institutions                     23,590      1,192      5,907      1,060      1,129      2,215      2,012      2,771        682      1,198        807      1,609      3,009
  U.S. Treasury--general account               4,819          0      4,819          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     159          7         44          8          9         22          9         14          3          5          3          7         26
  Other                                          364          1        103          0          2         57          1        197          1          0          2          1          1
    Total deposits                            28,933      1,199     10,873      1,068      1,140      2,295      2,022      2,982        686      1,204        812      1,617      3,036
Deferred credit items                          6,602        382        766        226        338        538        757        520        221        521        414        328      1,591
Other liabilities and accrued	      	      
  dividends (1)                                4,693        283      1,458        183        310        431        333        488        197         99        167        188        556
    TOTAL LIABILITIES                        489,774     24,125    188,619     14,039     30,750     36,222     31,314     45,879     16,502      7,127     14,974     25,364     54,860
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,454        211      1,119        319        358        840        363        526        115        190        136        290        985
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           547         32        169         48         43         65         34         50          6          3         22          9         65
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             500,995     24,621    190,963     14,678     31,486     37,945     32,049     46,957     16,746      7,510     15,251     25,934     56,855
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       552,573     27,008    212,022     15,875     32,144     39,407     36,809     50,475     17,720      6,667     15,784     28,589     70,075
  Less--Held by F.R. Banks                   103,027      4,748     36,500      3,313      3,183      6,448      8,607      8,586      2,321      1,363      2,204      5,358     20,398
  F.R. notes, net                            449,546     22,260    175,522     12,562     28,962     32,958     28,202     41,889     15,399      5,304     13,580     23,231     49,677
Collateral held against F.R. notes    	      
   Gold certificate account                   11,049
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          429,297
     Total collateral                        449,546

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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