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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
                                                                                               May 21, 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     May 20, 1998 May 13, 1998 May 21, 1997 May 20, 1998

Reserve Bank Credit  (1,2)                                  474,000    +   4,875    +  31,726      478,383
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      441,514    +   6,914    +  35,607      442,820
    Held under repurchase agreements                            421    +     421    -   4,422        2,945
  Federal agency obligations			        		      		     		   
    Bought outright                                             551            0    -   1,420          551
    Held under repurchase agreements                            150    +     150    -     249        1,050
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                             6    -     148    -      19           25
    Seasonal credit                                              97    +      24    -      86          110
    Extended credit                                               0            0            0            0
   Float                                                        748    -     342    +     353          556
   Other F.R. assets                                         30,514    -   2,145    +   1,962       30,327
Gold stock                                                   11,048            0    -       3       11,048
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,886    +      14    +     622       25,886
        Total factors supplying reserve funds               520,134    +   4,889    +  32,346      524,517
						        		      		     		   
Currency in circulation*                                    478,490    +      54    +  30,175      479,942
Treasury cash holdings*                                         247    -       1    -      76          238
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,428    -     628    +     252        4,697
  Foreign                                                       167    +       1    +       2          174
  Service-related balances and adjustments (4)                6,784    +     137    -     329        6,784
  Other                                                         368    -       9    +       8          371
Other F.R. liabilities and capital                           16,463    -     228    +   1,417       16,251
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             507,946    -     674    +  31,448      508,457

Reserve balances with F.R. Banks  (5)                        12,187    +   5,563    +     898       16,059
						       		      		     		    
On       May 20, 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 608,700 million, a change of 
 +$ 1,838 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,687 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 15,925 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 15,382 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 15,382 million was with foreign official and international 
   accounts.  Includes $ 213 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 
   $ 30 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,446 million and adjustments of $ 338 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
                                                           May 20, 1998     May 13, 1998     May 21, 1997
                ASSETS
Gold certificate account                                        11,048                0        -       3
Special drawing rights certificate account                       9,200                0                0
Coin                                                               434        -      15        -     132
					      
Loans                                                              135        +      45        -      78
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  551                0        -   1,420
  Held under repurchase agreements (1)                           1,050        +   1,050        -     503
U.S. government securities		      
  Bought outright--Bills                                       200,318        +   5,175        +   4,917
                   Notes (2)                                   180,589        +       1        +  22,819
                   Bonds (3)                                    61,914                0        +   8,998
    Total bought outright (4)                                  442,820        +   5,176        +  36,733
  Held under repurchase agreements (1)                           2,945        +   2,945        -   5,123
     Total U.S. government securities                          445,765        +   8,121        +  31,610
       Total loans and securities                              447,500        +   9,216        +  29,609
					      
Items in process of collection                      (398)        7,187        +     439        +     996
Bank premises                                                    1,288        +       1        +      45
Other assets (5)                                                28,925        -   2,454        +   1,214
                TOTAL ASSETS                        (398)      505,582        +   7,187        +  31,729
					      
                LIABILITIES
Federal Reserve notes                                          454,728        +     618        +  29,455
Deposits		 		     
  Depository institutions                                       22,726        +   6,605        +     622
  U.S. Treasury--general account                                 4,697        -     431        -     610
  Foreign--official accounts                                       174        +      19        +      11
    Other                                                          371        -       2        +       1
      Total deposits                                            27,968        +   6,192        +      25
Deferred availability cash items                    (398)        6,635        +     294        +     825
Other liabilities and accrued dividends (6)                      4,715        -      56        -     129
                TOTAL LIABILITIES                   (398)      494,046        +   7,047        +  30,176
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,658        +      94        +     842
Surplus                                                          5,220                0        +     725
Other capital accounts                                             658        +      45        -      14

*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 
   $ 29 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 
   $ 1 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 15,382 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 213 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 $ 183 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,       May 20, 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        123          0     Within 15 days          17,747   +   4,434      1,050   +   1,050
16 to 90 days          12          0     16 to 90 days           91,940   +   4,080         50           0
Over 90 days            0          0     91 days to 1 year      145,420   -     878        125           0
                                         Over 1 to 5 years       96,868   -   1,905        126           0
                                         Over 5 to 10 years      43,013   +   2,389        225           0
                                         Over 10 years           50,777           0         25           0
    Total             135          0         Total              445,765   +   8,121      1,601   +   1,050

1  Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and 
   $ 30 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       May 20, 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                                             434         22         25         33         26         48         48         58         20         20         41         36         57
				       
Loans                                            135          0          0          0          0          0          5         53         17         31         19          0         11
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)          1,050          0      1,050          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     200,318     10,910     74,246      5,824     13,019     15,780     12,185     19,231      7,039      2,201      5,557      9,108     25,217
                   Notes (2)                 180,589      9,835     66,933      5,250     11,737     14,226     10,985     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)                442,820     24,117    164,127     12,874     28,780     34,883     26,937     42,512     15,561      4,865     12,284     20,134     55,745
  Held under repurchase agreements(1)          2,945          0      2,945          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             445,765     24,117    167,072     12,874     28,780     34,883     26,937     42,512     15,561      4,865     12,284     20,134     55,745
       Total loans and securities            447,500     24,147    168,326     12,890     28,816     34,926     26,975     42,618     15,598      4,901     12,318     20,159     55,825
				       
Items in process of collection                 7,586        427        757        392        379        576        772        719        350        644        370        375      1,824
Bank premises                                  1,288         93        157         50        145        126         82        108         31        132         54        150        160
Other assets(5)                               28,925      1,390      8,432      1,211      1,762      3,593      1,773      2,804        762        766        693      1,365      4,373
Interdistrict settlement account                   0     -1,584     +9,101       -352       -508     -2,863       -282       -189       -679       +618     +1,683     +2,906     -7,851
          TOTAL ASSETS                       505,981     25,607    194,209     14,830     31,836     38,006     30,688     48,016     16,780      7,331     15,695     25,888     57,096

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 
   $ 29 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 
   $ 1 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 15,382 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 213 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 $ 183 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       May 20, 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                        454,728     22,552    180,469     12,861     28,605     32,917     26,891     42,052     15,380      5,413     14,013     23,338     50,238
Deposits			      	      
  Depository institutions                     22,726      1,886      4,177      1,010      1,767      2,176      1,868      3,638        700        844        817      1,415      2,428
  U.S. Treasury--general account               4,697          0      4,697          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     174          7         59          8          9         22          9         14          3          5          3          7         26
  Other                                          371          1        101          0          3         77          1        185          0          0          2          1          1
    Total deposits                            27,968      1,894      9,034      1,018      1,779      2,275      1,878      3,837        703        849        822      1,423      2,455
Deferred credit items                          7,034        405        681        224        362        523        759        592        272        599        421        374      1,823
Other liabilities and accrued	      	      
  dividends (1)                                4,715        263      1,565        171        302        394        327        457        183         89        164        225        575
    TOTAL LIABILITIES                        494,445     25,113    191,749     14,274     31,048     36,109     29,855     46,939     16,538      6,950     15,419     25,360     55,091
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,658        214      1,161        267        385        981        457        527        116        191        135        234        990
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           658         27        244         16         68         98         36         48          5          2         22         23         70
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             505,981     25,607    194,209     14,830     31,836     38,006     30,688     48,016     16,780      7,331     15,695     25,888     57,096
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       564,878     26,690    226,188     15,460     31,810     39,901     35,496     50,894     17,681      7,061     16,280     29,008     68,411
  Less--Held by F.R. Banks                   110,149      4,138     45,719      2,599      3,205      6,984      8,604      8,842      2,301      1,648      2,267      5,670     18,172
  F.R. notes, net                            454,728     22,552    180,469     12,861     28,605     32,917     26,891     42,052     15,380      5,413     14,013     23,338     50,238
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          434,480
     Total collateral                        454,728

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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