Pricing Supplement No.16  Dated December 28, 1993     Rule 424(b)(2)
(To Prospectus dated April 27, 1993 and             File No. 33-57104
Prospectus Supplement dated April 30, 1993)

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
	Proceeds to Company: 100.00% ($5,000,000.00)
	Agent:MERRILL LYNCH 

	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:	December 28, 1993
	Stated Maturity:	   	December 28, 1998
	
	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:  4.25
 Interest Reset Period: Yearly
	Interest Reset Dates:
	Interest Determination Dates: 4.24%  12/24/93 & 6/24/94; 
			5.75%  12/26/94 & 6/26/95;  7.25%  12/26/95 & 6/26/96;	     
  10% - 6 mth Libor (Bond)  12/26/96 & 6/26/97
  10.375 - 6 mth Libor (Bond) 12/25/97 & 6/25/98.

	Interest Payment Dates:   06/28/94,  12/28/94,  06/28/95,  12/28/95,
			06/28/96,  12/30/96,  06/30/97.  12/29/97,  06/29/98,
			12/28/98.   


	Index Maturity:	Yearly	 
	Spread (+/-):
 Spread Multiplier:
 Maximum Interest Rate:	N/A
	Minimum Interest Rate:	N/A
	
	Optional Redemption  :   Yes[  ]       No  [  ]
	     Redemption Dates
	        and Prices: