Pricing Supplement No.38 Dated August 16,1994 Rule 424(b)(2)
(To Prospectus dated February 15, 1994 and File No. 33-57104
Prospectus Supplement dated February 15, 1994)
CHEMICAL BANKING CORPORATION
[X] Senior Medium -Term Notes, Series C Due From Nine
Months to Thirty Years from Date of Issue
[ ] Subordinated Medium Term Notes , Series A Due From
Nine Months to Thirty Years from Date of Issue
Principal Amount: $5,000,000
Issue Price: 100%
Commission or Discount: ($0.00)
Proceeds to Company: ($5,000,000.00)
Agent:CSI.
Agent's Capacity: [x] As agent [ ] As principal
If as principal
[ ] The Notes are being offered at varying prices to
prevailing market prices at the time of sale
[ ] The Notes are being offered at a fixed initial public
offering price equal to the Issue Price (as a
percentage of Principal Amount).
Original Issue Date: August 16, 1994
Stated Maturity: August 16, 2004
Form: [X] Book-entry [ ] Certificated
Currency: U.S. Dollars
[ ] Fixed Rate Note:
Interest Rate:
[X] Floating Rate Note: CD[ ] Commercial Paper Rate [ ]
Federal Fund Effective Rate [ ]
LIBOR Telerate [X] LIBOR Reuter [ ]
Treasury Rate [ ] Prime Rate [ ]
Initial Interest Rate:5.875
Int.Determ.Dates : 08/12/94; 02/14/95; 08/14/95; 02/14/96;
08/14/96; 02/14/97; 08/14/97; 02/13/98; 08/13/98; 02/12/99;
08/12/99; 02/14/00; 08/14/00; 02/14/01; 08/14/01; 02/15/02;
08/14/02; 02/14/03; 08/14/03; 02/13/04.
Interest Payment Dates: 02/16/95; 08/16/95; 02/16/96; 08/16/96;
02/18/97; 08/18/97; 02/17/98; 08/17/98; 02/16/99; 08/16/99;
02/16/00; 08/16/00; 02/16/01; 08/16/01; 02/19/02; 08/16/02;
02/18/03; 08/18/03; 02/17/04; 08/16/04.
Index Maturity: 6 month
Spread (+/-): +.50
Spread Multiplier:
Maximum Interest Rate:10.5 CAP
Minimum Interest Rate: N/A
CALLABLE 08/16/96 OR ANY COUPON DATE THEREAFTER
Optional Redemption : Yes[ ] No [ ]
Redemption Dates
and Prices:
