Chase Manhattan Corp. prices 9.6 million preferred shares of perpetual series L stock at a price of $25 each, lead underwriter Lehman Brothers said. The shares were priced to yield 8.32%.

The $240 million worth of series L stock is noncallable for five years and is subsequently callable at par. It is rated Baa3 by Moody's Investors Service and BBB-minus by Standard & Poor's Corp.

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