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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
                                                                                           January 22, 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 21, 1998 Jan 14, 1998 Jan 22, 1997 Jan 21, 1998

Reserve Bank Credit  (1,2)                                  466,496    -   1,828    +  32,377      472,920
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      429,718    -   1,263    +  38,060      429,553
    Held under repurchase agreements                          1,920    -   1,513    -   3,740        6,271
  Federal agency obligations			        		      		     		   
    Bought outright                                             685            0    -   1,365          685
    Held under repurchase agreements                            403    -     423    -   1,405        1,356
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                           364    +     342    +     349          367
    Seasonal credit                                              16    -       5    -       1           15
    Extended credit                                               0            0            0            0
   Float                                                      1,818    +   1,086    +     451        2,472
   Other F.R. assets                                         31,574    -      52    +      28       32,202
Gold stock                                                   11,046            0    -       2       11,046
Special drawing rights certificate account                    9,200            0    -     518        9,200
Treasury currency outstanding                                25,686    +      14    +     665       25,686
        Total factors supplying reserve funds               512,428    -   1,814    +  32,522      518,852
						        		      		     		   
Currency in circulation*                                    472,591    -   2,690    +  30,894      472,422
Treasury cash holdings*                                         227    -       1    -      20          219
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    9,148    +   3,895    +   2,624       15,430
  Foreign                                                       161    -      16    -      53          161
  Service-related balances and adjustments (4)                7,380    +     369    -     191        7,380
  Other                                                         329    +      76    -      20          330
Other F.R. liabilities and capital                           16,127    -     114    +   1,678       15,929
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             505,963    +   1,520    +  34,912      511,871

Reserve balances with F.R. Banks  (5)                         6,465    -   3,334    -   2,390        6,981
						       		      		     		    
On   January 21, 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 603,293 million, a change of 
 +$ 1,003 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 16,066 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 16,066 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 16,231 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 16,231 million was with foreign official and international 
   accounts.  Includes $ 60 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 $ 6,727 million and adjustments of $ 653 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 21, 1998     Jan 14, 1998     Jan 22, 1997
                ASSETS
Gold certificate account                                        11,046                0        -       2
Special drawing rights certificate account                       9,200                0        -     518
Coin                                                               510        +      34        -     141
					      
Loans                                                              382        +     342        +     358
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  685                0        -   1,354
  Held under repurchase agreements (1)                           1,356        -     860        -     194
U.S. government securities		      
  Bought outright--Bills                                       196,418        -   1,683        +   4,200
                   Notes (2)                                   173,728        -     478        +  23,412
                   Bonds                                        59,407                0        +  10,068
    Total bought outright (3)                                  429,553        -   2,161        +  37,681
  Held under repurchase agreements (1)                           6,271        +     806        +   2,025
     Total U.S. government securities                          435,824        -   1,355        +  39,706
       Total loans and securities                              438,246        -   1,873        +  38,516
					      
Items in process of collection                      (602)       11,980        +   4,296        -     850
Bank premises                                                    1,275                0        +      39
Other assets (4)                                                30,963        -     133        +     573
                TOTAL ASSETS                        (602)      503,219        +   2,324        +  37,616
					      
                LIABILITIES
Federal Reserve notes                                          447,464        -   1,567        +  30,091
Deposits		 		     
  Depository institutions                                       13,923        -  10,225        -   1,398
  U.S. Treasury--general account                                15,430        +  10,786        +   6,851
  Foreign--official accounts                                       161        +       5        -       8
    Other                                                          330        -       7        -       8
      Total deposits                                            29,845        +     559        +   5,437
Deferred availability cash items                    (602)        9,980        +   3,374        +     470
Other liabilities and accrued dividends (5)                      4,718        -      57        +     127
                TOTAL LIABILITIES                   (602)      492,008        +   2,310        +  36,124
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,471        -       1        +     783
Surplus                                                          5,220                0        +     725
Other capital accounts                                             519        +      16        -      15

*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 $ 16,231 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 60 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 $ 143 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 21, 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        380          0     Within 15 days          20,312   +   5,359      1,356   -     860
16 to 90 days           1          0     16 to 90 days           93,324   -   6,554         90           0
Over 90 days            0          0     91 days to 1 year      138,437   +     333        162           0
                                         Over 1 to 5 years       94,136   -     892        153           0
                                         Over 5 to 10 years      41,306   +     400        255           0
                                         Over 10 years           48,308           0         25           0
    Total             382          0         Total              435,824   -   1,355      2,041   -     860

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   January 21, 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                                             510         26         21         55         30         68         54         65         20         21         36         46         68
				       
Loans                                            382          2          0          3          0          0          5          3          6          0         12          0        351
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)          1,356          0      1,356          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     196,418     11,974     63,532      6,566     13,586     18,689     13,107     20,951      7,823      2,735      5,609      7,133     24,713
                   Notes (2)                 173,728     10,591     56,192      5,808     12,017     16,530     11,593     18,531      6,919      2,419      4,961      6,309     21,858
                   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)                429,553     26,187    138,939     14,360     29,713     40,870     28,664     45,818     17,109      5,982     12,266     15,600     54,045
  Held under repurchase agreements(1)          6,271          0      6,271          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             435,824     26,187    145,210     14,360     29,713     40,870     28,664     45,818     17,109      5,982     12,266     15,600     54,045
       Total loans and securities            438,246     26,230    146,788     14,386     29,760     40,936     28,715     45,894     17,142      5,992     12,297     15,625     54,482
				       
Items in process of collection                12,582        667      1,684        471        631      1,029      1,064      1,034        306      1,125        796        633      3,142
Bank premises                                  1,275         94        156         51        134        126         79        108         31        132         55        150        159
Other assets(4)                               30,963      1,350      9,440      1,420      1,893      2,414      2,389      3,370        891        594        995      1,458      4,748
Interdistrict settlement account                   0     -4,367    +37,991     -2,378     -3,138    -10,653     -2,018     -7,926     -1,910     -1,736       -152     +2,828     -6,540
          TOTAL ASSETS                       503,821     25,153    203,215     14,637     30,553     35,676     31,607     44,514     17,222      6,398     14,560     21,566     58,719

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 $ 16,231 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 60 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 $ 143 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 21, 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                        447,464     22,613    180,589     12,760     28,262     31,809     28,017     39,378     15,897      4,774     12,892     19,420     51,056
Deposits			      	      
  Depository institutions                     13,923      1,106      1,908        706        791        863      1,337      2,558        521        321        597        855      2,361
  U.S. Treasury--general account              15,430          0     15,430          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     161          5         50          9          9         10         13         17          4          3          5          8         28
  Other                                          330          0        104          1          4         63          3        145          1          2          4          1          3
    Total deposits                            29,845      1,112     17,493        715        804        935      1,353      2,720        526        326        606        865      2,391
Deferred credit items                         10,582        596      1,333        356        443        801      1,172        841        356        811        623        522      2,730
Other liabilities and accrued	      	      
  dividends (1)                                4,718        288      1,469        185        311        437        332        496        198         98        166        187        550
    TOTAL LIABILITIES                        492,610     24,609    200,883     14,016     29,820     33,981     30,873     43,434     16,976      6,008     14,287     20,994     56,728
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,471        262      1,108        317        356        833        360        526        115        194        134        283        981
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           519         28        168         31         41         44         35         52          8          7         20         18         65
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             503,821     25,153    203,215     14,637     30,553     35,676     31,607     44,514     17,222      6,398     14,560     21,566     58,719
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       548,437     27,982    210,588     16,545     32,045     39,170     37,468     47,453     18,398      6,610     15,147     26,069     70,961
  Less--Held by F.R. Banks                   100,972      5,369     30,000      3,785      3,784      7,361      9,451      8,075      2,502      1,836      2,256      6,649     19,904
  F.R. notes, net                            447,464     22,613    180,589     12,760     28,262     31,809     28,017     39,378     15,897      4,774     12,892     19,420     51,056
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          427,219
     Total collateral                        447,464

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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