UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13 G
Under the Securities Exchange Act of 1943
Amendment No. ____
FEDERAL AGRICULTURAL MORTGAGE CORPORATION
Name of Issuer
____________COMMON__________
Title of Class of Securities
_________31314830_______
CUSIP Number
Check the following box if a fee is being paid with the
statement [ ]. (A fee is not required only if the filing
person: (1) has a previous statement on file reporting
beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership
of five percent or less of such class.)
(See Rule 13d-7).
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect
to the subject class of securities, and for any subsequent
amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section
18 of the Securities Exchange Act of 1934 ("Act") or
otherwise subject to the liabilities of that Section of the
Act but shall be subject to all other provisions of the Act
(however, see the Notes).
1. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gofen and Glossberg, L.L.C.
Tax I.D. No. 36-4143109
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* [a]
[ ]
[ ]
[ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF 5. SOLE VOTING POWER
SHARES 150,172
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 150,172
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 150,172
PERSON 8. SHARED DISPOSITIVE POWER
WITH 150,172
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
150,172
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)EXCLUDES
CERTAIN SHARES*
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
12. TYPE OF REPORTING PERSON*
IA
Item 1(a) Name of Issuer: Federal
Agricultural Mortgage
Corporation
Item 1(b) Address: 919 18th St. NW,
Ste. 200
Washington, DC
20006
Item 2(a) Name of Person Filing: Gofen and
Glossberg, L.L.C.
Item 2(b) Address: Gofen and Glossberg,
L.L.C.
455 Cityfront Plaza,
Ste. 3000
Chicago, IL 60611
Item 2(c) Citizenship: Delaware
Item 2(d) Title of Class of Securities: Common
Item 2(e) CUSIP Number: 31314830
Item 3 If this statement is filed pursuant
to Rules 13d-1(b), or 13d-2(b),
check whether the person filing is a: (e)
Investment advisor
registered under 203 of the
Investment Advisor Act of 1940
Item 4(a) Amount Beneficially Owned: 150,172
Item 4(b) Percent of Class: 5.6%
Item 4(c) Number of Shares as to which
such person has:
(i) sole power to vote:
150,172
(ii) shared power to vote: 150,172
(iii) sole power to dispose:
150,172
(iv) shared power to dispose:
150,172
Item 5 Ownership of Five Percent or Less N/A
of a Class:
Item 6 Ownership of More than Five Percent
N/A
on Behalf of Another Person:
Item 7 Identification and Classification of
N/A
the Subsidiary which Acquired the
Security Being Reported on the
Parent Holding Company:
Item 8 Identification and Classification of
N/A
Members of the Group:
Item 9 Notice of Dissolution of Group:
N/A
Item 10 Certification:
By signing below, I certify that, to the best of
my knowledge and belief, the securities referred
to above were acquired in the ordinary course of
business and were not acquired for the purpose of
and do not have the effect of changing or
influencing the control of the issuer of such
securities and were not acquired in connection
with or as a participant in any transaction having
such purposes of effect.
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the
information set forth in this statement is true,
complete and correct.
Date: February 11, 1998
Signature:_______________________________
Name/Title: William H. Gofen, President
c:/ww/reich/gofen/13g 1998
