CHASE MANHATTAN CORP
8-K, 1995-01-31
NATIONAL COMMERCIAL BANKS
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<PAGE 1>
============================================================

         SECURITIES AND EXCHANGE COMMISSION
              Washington, DC  20549

                  FORM 8-K

               CURRENT REPORT

        PURSUANT TO SECTION 13 OR 15(d) OF
        THE SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported)
              January 26, 1995


        THE CHASE MANHATTAN CORPORATION

(Exact name of registrant as specified in its charter)

Delaware          1-5945              13-2633613

(State or other  (Commission File    (IRS Employer
jurisdiction of      Number)        Identification No.)
 incorporation)


  1 Chase Manhattan Plaza,                         10081
    New York, New York            
(Address of principal executive offices)    (Zip Code)


                   (212) 552-2222

(Registrant's telephone number, including area code)

               Not Applicable
(Former name or former address, if changed
           since last report)

============================================================
<PAGE>
<PAGE> 2
Item 5.    Other Events

      On January 26, 1995, The Chase Manhattan Corporation
(the "Company") entered into an underwriting agreement
covering the issue and sale of $100,000,000 aggregate
principal amount of 9.05% Subordinated Notes Due 2002.  Said
Notes were registered under the Securities Act of 1933
pursuant to the Company's shelf registration statement
(Registration Statement No. 33-55295).

Item 7.    Financial Statements, Pro Forma Financial           
Information and Exhibits

     (c)   Exhibits

  1.1      Underwriting Agreement, dated January 26, 1995,          
           among the Company, Smith Barney Inc. and CS First
           Boston Corporation.  

  4.32     Form of global 9.05% Subordinated Note Due 2002.

  4.33     Form of definitive 9.05% Subordinated Note Due           
           2002.


Pursuant to the requirements of the Securities Exchange Act 
of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.

                       THE CHASE MANHATTAN CORPORATION              
                         (Registrant)
                           By:   /s/ Deborah L. Duncan        
                            Deborah L. Duncan                       
                           Executive Vice President and                     
                              Treasurer

January 27, 1995
<PAGE> 3

                            EXHIBIT INDEX 
Exhibit        Document 
1.1   Underwriting Agreement, dated January 26,                     
      1995, among the Company, Smith Barney Inc. and                
      CS First Boston Corporation.

4.32  Form of global 9.05% Subordinated Note Due 2002.

4.33  Form of definitive 9.05% Subordinated Note Due           
           2002.
  



















27397

<PAGE> 1
                     UNDERWRITING AGREEMENT




                                                 January 26, 1995



THE CHASE MANHATTAN CORPORATION
1 Chase Manhattan Plaza
New York, New York  10081

Dear Sirs:

          The undersigned (being herein called the "Underwriters")
understand that The Chase Manhattan Corporation, a Delaware
corporation (the "Company"), proposes to issue and sell
$100,000,000 aggregate principal amount of its 9.05% Subordinated
Notes Due 2002 constituting a series of Subordinated Debt
Securities (the "Offered Securities").  The Offered Securities will
be issued under the Amended and Restated Indenture, dated as of
September 1, 1993, between the Company and Chemical Bank, as
Trustee.  The terms of the Offered Securities are set forth in the
Company's Registration Statement on Form S-3 (File No. 33-55295) 
and the Basic Prospectus dated November 23, 1994 (as defined in the
Standard Provisions hereinafter referred to), as supplemented by a
Prospectus Supplement dated January 26, 1995.

          All the provisions (including defined terms) contained 
in the document entitled "The Chase Manhattan Corporation
Senior/Subordinated Debt Securities and Warrants Underwriting
Agreement Standard Provisions (November 1994)" (the "Standard
Provisions") attached hereto are incorporated by reference herein
in their entirety and shall be deemed to be part of this Agreement
to the same extent as if such provisions had been set forth in full
herein.  

          The Delivery Date referred to in Paragraph 4 of the
Standard Provisions shall be 10:00 A.M., New York City time, on
February 2, 1995.  Subject to the terms and conditions set forth or
incorporated by reference herein, the Company hereby agrees to sell
and the Underwriters agree to purchase, severally and not jointly,
the respective principal amounts of Offered Securities set forth 
opposite their names in Exhibit A hereto at a purchase price of
99.60% of their principal amount.
<PAGE> 2

          In accordance with Clause (e) of Paragraph 6 of the
Standard Provisions, the Underwriters hereby confirm that the
following statements with respect to the public offering of the
Offered Securities are correct and were furnished to the Company by
or on behalf of the Underwriters for use in the Registration
Statement and the Prospectus: 

          (i)   The first sentence of the second to last paragraph
     of text on the cover page of the Prospectus Supplement,
     concerning the terms of the offering by the Underwriters;

          (ii)  The first paragraph on page S-2 of the Prospectus
     Supplement, concerning stabilization and over-allotment by the
     Underwriters;

          (iii) The third paragraph of text under the caption
     "Underwriting" in the Prospectus Supplement, concerning the 
     terms of the Offering by the Underwriters; and

          (iv)  The second sentence of the fifth paragraph of text
     under the caption "Underwriting" in the Prospectus Supplement,
     concerning the Underwriters' intention to make a market in the
     securities.              
     
          The Underwriters will offer the Offered Securities for 
sale upon the terms and conditions set forth in the Prospectus.
                                                                 
          The Underwriters will pay for the Offered Securities at
the time and place and in the manner set forth in the Standard
Provisions.
<PAGE> 3

          Please confirm your agreement by having an authorized
officer sign a copy of this Agreement in the space set forth below
and returning a signed copy to us.

                              Very truly yours,


                              SMITH BARNEY INC.
                              CS FIRST BOSTON CORPORATION
                              
                              
                         
                              By: SMITH BARNEY INC.
                                        


                              By: /s/ Simon Hewett               
                              Name: Simon Hewett  
                              Title: Managing Director  

Accepted:

THE CHASE MANHATTAN CORPORATION



By:  /s/ Deborah L. Duncan            
    Name:  Deborah L. Duncan
    Title: Executive Vice President
            and Treasurer 

<PAGE> 4

                            Exhibit A



                                                 Principal Amount
                                                    of Offered   
Name                                                Securities   


Smith Barney Inc.                                 $75,000,000
CS First Boston Corporation                        25,000,000    


                                                 ____________
Total                                            $100,000,000 


















27390

<PAGE> 1
IF THIS NOTE IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY (THE "DEPOSITORY") (55 WATER STREET, NEW YORK,
NEW YORK) OR ITS NOMINEE, THIS NOTE MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE
DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE
DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE
DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR 
A NOMINEE OF SUCH DEPOSITORY UNLESS AND UNTIL THIS NOTE IS
EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM. 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TO THE ISSUER OR ITS AGENT 
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, 
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS NOTE IS NOT A DEPOSIT AND IS NOT INSURED BY A FEDERAL
AGENCY.

                                        CUSIP: 161610 CH1   
REGISTERED                              REGISTERED
No. R-1                                 $100,000,000

               THE CHASE MANHATTAN CORPORATION
               9.05% SUBORDINATED NOTE DUE 2002

ORIGINAL ISSUE DATE: INTEREST RATE:  STATED MATURITY DATE:
February 2, 1995       9.05%            February 1, 2002

     The Chase Manhattan Corporation, a Delaware corporation
(hereinafter called the "Company", which term includes any
successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to 
CEDE & CO., or registered assigns, the principal sum of One 
Hundred Million Dollars on February 1, 2002, and to pay
interest on said principal sum semi-annually on February 1
and August 1 in each year, commencing on August 1, 1995, at 
the rate of 9.05% per annum, from February 2, 1995 or from
the most recent Interest Payment Date to which interest has 
been paid or duly provided for, or, if the date hereof is an
Interest Payment Date to which interest has been paid or
duly provided for, then from the date hereof, until payment 
of said principal sum has been made or duly provided for. 
The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided
in said Indenture, be paid to the Person in whose name this 
9.05% Subordinated Note Due 2002 (or one or more Predecessor
Securities as defined in said Indenture) (the "Note") is
<PAGE> 2
registered at the close of business on the January 15 or
July 15, as the case may be, immediately preceding such
Interest Payment Date ("Regular Record Date").  Any such
interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular 
Record Date and may be paid to the Person in whose name this
Note (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the
Trustee (as defined below), notice whereof shall be given to
Holders of Notes (as defined below) not less than 10 days
prior to such Special Record Date, or may be paid at any
time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes
may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in said Indenture. 
Interest payable at maturity will be payable to the Person
to whom principal is payable.  Payment of the principal of
and interest on this Note will be made in immediately
available funds at the office or agency of the Company
maintained for such purpose in The City of New York, in such
coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and
private debts.  Payment of interest may, at the option of
the Company, be made by check mailed to the registered
address of the Person entitled thereto.

     This Note is one of a duly authorized series of
Securities (as defined below) of the Company designated as
the 9.05% Subordinated Notes Due 2002 (herein called the
"Notes") limited in aggregate principal amount to
$100,000,000, issued and to be issued under an Amended and
Restated Indenture dated as of September 1, 1993 (herein
called the "Indenture"), between the Company and Chemical
Bank, as Trustee (herein called the "Trustee", which term
includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of
the Notes and of the terms upon which the Notes are, and are
to be, authenticated and delivered.  The Indenture provides 
for the issuance of subordinated debt securities (the
"Securities") of the Company in one or more series.

     The Notes may not be redeemed before February 1, 1997. 
 On February 1, 1997 and on any Interest Payment Date
thereafter, the Notes may be redeemed, as a whole or from
time to time in part, at the option of the Company, on not
less than 30 nor more than 60 days' prior notice given as
provided in the Indenture, at a redemption price equal to
100% of the principal amount of the Notes to be redeemed
plus interest accrued and unpaid to the date of redemption
(provided that interest installments whose Stated Maturity 

<PAGE> 3
is on or prior to the date of redemption will be payable to 
the Holders of the Notes of record at the close of business 
on the relevant Regular Record Date).  In the event of
redemption of this Note in part only, a new Note or Notes
for the unredeemed portion hereof shall be issued in the
name of the Holder hereof upon the cancellation hereof.

     The indebtedness of the Company evidenced by the Notes,
including the principal thereof and interest thereon, is, to
the extent and in the manner set forth in the Indenture,
subordinate and junior in right of payment to the Company's 
obligations to holders of Senior Indebtedness of the Company
(as defined in the Indenture), and each Holder of Notes, by 
the acceptance thereof, agrees to and shall be bound by such
provisions of the Indenture.

     If an Event of Default (defined in the Indenture as
certain events involving the bankruptcy, insolvency or
reorganization of the Company) shall occur and be
continuing, the principal of all of the Notes may be
declared due and payable in the manner and with the effect
provided in the Indenture.  There is no right of
acceleration of the payment of principal of the Notes upon a
default in the payment of interest on the Notes or in the
performance of any covenant of the Company in the Indenture 
or in the Notes.

     The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights 
of the Holders of Securities under the Indenture at any time
by the Company and the Trustee with the consent of the
Holders of not less than 66 2/3% in principal amount of the 
Outstanding Securities of each series affected.  The
Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Outstanding
Securities of any series, on behalf of the Holders of all
the Securities of such series, to waive, with respect to the
Securities of such series, compliance by the Company with
certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences.  Any
such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future 
Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange herefor or in
lieu hereof, whether or not notation of such consent or
waiver is made upon this Note.

     No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and
unconditional, to pay the principal of and interest on this 
Note at the times, place and rates, and in the coin or
currency, herein prescribed.

<PAGE> 4
     As provided in the Indenture, and subject to certain
limitations therein set forth, this Note is transferable on 
the Security Register of the Company, upon surrender of this
Note for registration of transfer at the office or agency of
the Company in The City of New York, duly endorsed by, or
accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly 
executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes, 
of any authorized denominations and of like tenor and of a
like aggregate principal amount, will be issued to the
designated transferee or transferees.

     The Notes are issuable only in registered form without 
coupons in denominations of $1,000 and any integral multiple
thereof.  As provided in the Indenture, and subject to
certain limitations therein set forth, Notes are
exchangeable for a like aggregate principal amount of Notes 
of any authorized denominations and of like tenor, as
requested by the Holder surrendering the same.

     No service charge shall be made for any such
registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

     Prior to due presentment of this Note for registration 
of transfer, the Company, the Trustee and any agent of the
Company or of the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither
the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

     Unless otherwise defined in this Note, all terms used
in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

     This Note shall be construed in accordance with and
governed by the laws of the State of New York.

     Unless the Certificate of Authentication hereon has
been executed by or on behalf of the  Trustee or its
authenticating agent under the Indenture by the manual
signature of one of its authorized officers, this Note shall
not be entitled to any benefit under the Indenture or be
valid or obligatory for any purpose.
<PAGE> 5

     IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed, manually or in facsimile,
under its corporate seal.


                         THE CHASE MANHATTAN CORPORATION


       Seal              By: ____________________________
                                Deborah L. Duncan
                                Executive Vice President and
                                   Treasurer                
                                      

                         By: ____________________________
                                Arjun K. Mathrani 
                                Executive Vice President and
                                Chief Financial Officer
                              

TRUSTEE'S CERTIFICATE OF AUTHENTICATION:
This is one of the Securities of the series
designated therein referred to in the
within-mentioned Indenture.

Chemical Bank, as Trustee  OR      Chemical Bank, as Trustee

                          By: The Chase Manhattan Bank, N.A.
                                      Authenticating Agent

By:  _____________________    By: _________________________
     Authorized Officer              Authorized Signatory


<PAGE> 6


                        ABBREVIATIONS



          The following abbreviations, when used in the
inscription on this instrument, shall be construed as though
they were written out in full according to applicable laws
or regulations.

          TEN COM--as tenants in common

          UNIF GIFT MIN ACT-- ...........Custodian
................
                                     (Custodian)    (Minor)

               Under Uniform Gifts to Minors Act

               .................................

                         (State)

          TEN ENT--as tenants by the entireties
          JT TEN-- as joint tenants with right of
survivorship
                   and not as tenants in common

Additional abbreviations may also be used though not in the
                        above list.














<PAGE> 7



     __________________________


     FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto

Please Insert Social Security or Other
     Identifying Number of Assignee:

___________________________________

____________________________________________________________

     PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS
     INCLUDING ZIP CODE OF ASSIGNEE:


____________________________________________________________

____________________________________________________________

____________________________________________________________

the within Note and all rights thereunder, hereby
irrevocably constituting and appointing 
_______________________________________________________
attorney to transfer said Note on the books of the Company, 
with full power of substitution in the premises.


Dated: ______________________                               
                         _________________________________
                                     Signature Guaranteed:

                                   
__________________________

                                   
__________________________

          NOTICE:  The signature to this assignment must
correspond with the name as written upon the within
instrument in every particular, without alteration or
enlargement, or any change whatever.




27440-1

<PAGE> 1

THIS NOTE IS NOT A DEPOSIT AND IS NOT INSURED BY A FEDERAL
AGENCY.
 

                                                   CUSIP:
REGISTERED                                         REGISTERED
No. R-                                             $

            THE CHASE MANHATTAN CORPORATION
            9.05% SUBORDINATED NOTE DUE 2002


      

      The Chase Manhattan Corporation, a Delaware corporation
(hereinafter called the "Company", which term includes any
successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay
to____________ or registered assigns, the principal sum of
_________________ Dollars on February 1, 2002, and to pay
interest on said principal sum semi-annually on February 1
and August 1 in each year, commencing on August 1, 1995, at 
the rate of 9.05% per annum, from February 2, 1995 or from
the most recent Interest Payment Date to which interest has 
been paid or duly provided for, or, if the date hereof is an
Interest Payment Date to which interest has been paid or
duly provided for, then from the date hereof, until payment 
of said principal sum has been made or duly provided for. 
The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided
in said Indenture, be paid to the Person in whose name this 
9.05% Subordinated Note Due 2002 (or one or more Predecessor
Securities, as defined in said Indenture) is registered at
the close of business on the January 15 or July 15, as the
case may be, immediately preceding such Interest Payment
Date ("Regular Record Date").  Any such interest not so
punctually paid or duly provided for will forthwith cease to
be payable to the Holder on such Regular Record Date and may
be paid to the Person in whose name this Note (or one or
more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee (as defined
below), notice whereof shall be given to Holders of Notes
(as defined below) not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any 
securities exchange on which the Notes may be listed, and
upon such notice as may be required by such exchange, all as
more fully provided in said Indenture.  Interest payable at 
maturity will be payable to the Person to whom principal is 
payable.  Payment of the principal of and interest on this
Note will be made at the office or agency of the Company
maintained for such purpose in The City of New York, in such


<PAGE> 2
coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and
private debts.  Payment of interest may, at the option of
the Company, be made by check mailed to the registered
address of the Person entitled thereto.

      This Note is one of a duly authorized series of
Securities (as defined below) of the Company designated as
the 9.05% Subordinated Notes Due 2002 (herein called the
"Notes") limited in aggregate principal amount to
$100,000,000, issued and to be issued under an Amended and
Restated Indenture dated as of September 1, 1993 (herein
called the "Indenture"), between the Company and Chemical
Bank, as Trustee (herein called the "Trustee", which term
includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of
the Notes and of the terms upon which the Notes are, and are
to be, authenticated and delivered.  The Indenture provides 
for the issuance of subordinated debt securities (the
"Securities") of the Company in one or more series.

      The Notes may not be redeemed before February 1, 1997. 
On February 1, 1997 and on any Interest Payment Date
thereafter, the Notes may be redeemed, as a whole or from
time to time in part, at the option of the Company, on not
less than 30 nor more than 60 days' prior notice given as
provided in the Indenture, at a redemption price equal to
100% of the principal amount of the Notes to be redeemed
plus interest accrued and unpaid to the date of redemption
(provided that interest installments whose Stated Maturity
is on or prior to the date of redemption will be payable to 
the Holders of the Notes of record at the close of business 
on the relevant Regular Record Date).  In the event of
redemption of this Note in part only, a new Note or Notes
for the unredeemed portion hereof shall be issued in the
name of the Holder hereof upon the cancellation hereof.

      The indebtedness of the Company evidenced by the Notes,
including the principal thereof and interest thereon, is, to
the extent and in the manner set forth in the Indenture,
subordinate and junior in right of payment to the Company's 
obligations to holders of Senior Indebtedness of the Company
(as defined in the Indenture), and each Holder of Notes, by 
the acceptance thereof, agrees to and shall be bound by such
provisions of the Indenture.

      If an Event of Default (defined in the Indenture as
certain events involving the bankruptcy, insolvency or
reorganization of the Company) shall occur and be
continuing, the principal of all the Notes may be declared
due and payable in the manner and with the effect provided 

<PAGE> 2
in the Indenture.  There is no right of acceleration of the 
payment of principal of the Notes upon a default in the
payment of interest on the Notes or in the performance of
any covenant of the Company in the Indenture or in the
Notes.

      The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights 
of the Holders of Securities under the Indenture at any time
by the Company and the Trustee with the consent of the
Holders of not less than 66 2/3% in principal amount of the 
Outstanding Securities of each series affected.  The
Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Outstanding
Securities of any series, on behalf of the Holders of all
the Securities of such series, to waive, with respect to the
Securities of such series, compliance by the Company with
certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences.  Any
such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future 
Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange herefor or in
lieu hereof, whether or not notation of such consent or
waiver is made upon this Note.

      No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and
unconditional, to pay the principal of and interest on this 
Note at the times, place and rates, and in the coin or
currency, herein prescribed.

      As provided in the Indenture, and subject to certain
limitations therein set forth, this Note is transferable on 
the Security Register of the Company, upon surrender of this
Note for registration of transfer at the office or agency of
the Company in The City of New York, duly endorsed by, or
accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly 
executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes, 
of any authorized denominations and of like tenor and of a
like aggregate principal amount, will be issued to the
designated transferee or transferees.

      The Notes are issuable only in registered form without 
coupons in denominations of $1,000 and any integral multiple
thereof.  As provided in the Indenture, and subject to
certain limitations therein set forth, Notes are
exchangeable for a like aggregate principal amount of Notes 
of any authorized denominations and of like tenor, as
requested by the Holder surrendering the same.

<PAGE> 4
      No service charge shall be made for any such
registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

      Prior to due presentment of this Note for registration 
of transfer, the Company, the Trustee and any agent of the
Company or of the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither
the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

      Unless otherwise defined in this Note, all terms used
in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

      This Note shall be construed in accordance with and
governed by the laws of the State of New York.

      Unless the Certificate of Authentication hereon has
been executed by or on behalf of the Trustee or its
authenticating agent under the Indenture by the manual
signature of one of its authorized officers, this Note shall
not be entitled to any benefit under the Indenture or be
valid or obligatory for any purpose.
<PAGE> 5

      IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed, manually or in facsimile,
under its corporate seal. 

                            THE CHASE MANHATTAN
                                  CORPORATION


                            By: ____________________________
           Seal                   Name:
                                  Title:                        


                            By: ____________________________
                                  Name:
                                  Title:

Dated:                                     


TRUSTEE'S CERTIFICATE OF AUTHENTICATION:
This is one of the Securities of the series
designated therein referred to in the
within-mentioned Indenture.

Chemical Bank, as Trustee  OR     Chemical Bank, as Trustee

                            By:  The Chase Manhattan Bank, N.A.
                                        as Authenticating Agent

By:  _____________________        By: _________________________
     Authorized Officer               Authorized Signatory





<PAGE> 6



                       ABBREVIATIONS



      The following abbreviations, when used in the
inscription on this instrument, shall be construed as though
they were written out in full according to applicable laws
or regulations.

      TEN COM--as tenants in common

      UNIF GIFT MIN ACT-- ...........Custodian
................
                              (Custodian)          (Minor)

           Under Uniform Gifts to Minors Act

           .................................

                     (State)

      TEN ENT--as tenants by the entireties
      JT TEN-- as joint tenants with right of survivorship
not as tenants in common

Additional abbreviations may also be used though not in the 
above list.













<PAGE>
<PAGE> 7


      __________________________


      FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto

Please Insert Social Security or Other
     Identifying Number of Assignee:

___________________________________

____________________________________________________________

      PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS
      INCLUDING ZIP CODE OF ASSIGNEE:


____________________________________________________________

____________________________________________________________

____________________________________________________________

the within Note and all rights thereunder, hereby
irrevocably constituting and appointing 
_______________________________________________________
attorney to transfer said Note on the books of the Company, 
with full power of substitution in the premises.


Dated: ______________________    ___________________________
                                          Signature Guaranteed:

                                     ___________________________

                                    ___________________________
                                     NOTICE:  The signature to
this assignment must correspond with the name as written
upon the within instrument in every particular, without
alteration or enlargement, or any change whatever.


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