Pricing Supplement No.42  Dated October 26,1994     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:	October 26, 1994
	Stated Maturity:	   	October 26, 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: 6.3875        
 
	Int.Determ.Dates :      10/24/94; 04/24/95; 10/24/95;		
     04/24/96; 10/24/96; 04/24/97;  Becomes Fixed 
    	Starting 10/27/97.  9.625%             

	Interest Payment Dates: 04/26/95; 10/26/95; 04/26/96;
 	10/28/96; 04/28/97; 10/27/97;  Fixed: Apr.26 Oct.26. 
     

	Index Maturity:	6 month              	 
	Spread (+/-):   +.45
 Spread Multiplier:
 Maximum Interest Rate:
	Minimum Interest Rate:	
 Callable Oct. 23, 1997 

	Optional Redemption  :   Yes[  ]       No  [  ]
	     Redemption Dates
	        and Prices: