Pricing Supplement No.18  Dated January 25, 1994     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: $25,000,000
	Issue Price: 100%
	Commission or Discount: ($37,750.00)
	Proceeds to Company: 99.857% ($24,964,250.00)
	Agent:MORGAN STANLEY 

	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:	January 25, 1994
	Stated Maturity:	   	January 27, 1997
	
	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:  3.30
 Interest Reset Period: 3 month
	Interest Reset Dates:
	Interest Determination Dates:  01/21/94; 04/21/94; 07/21/94; 
		10/21/94; 01/23/95; 04/21/95; 07/21/95; 10/23/95; 01/23/96; 	     
  04/23/96; 07/23/96; 10/23/96.

	Interest Payment Dates: 04/25/94; 07/25/94; 10/25/94; 01/25/95;
		  	04/25/95; 07/25/95; 10/25/95; 01/25/96; 04/25/96; 07/25/96;
		  	10/25/96; 01/27/97.   


	Index Maturity:	3 month	 
	Spread (+/-):  +.05
 Spread Multiplier:
 Maximum Interest Rate:	N/A
	Minimum Interest Rate:	N/A
	
	Optional Redemption  :   Yes[  ]       No  [  ]
	     Redemption Dates
	        and Prices: