Shares of Chase Manhattan Corp. slipped another notch Wednesday after George M. Salem of Prudential Securities Inc. cut his rating to "hold" from "buy" on concerns about higher interest rates.

"Everybody is waiting for the next shoe to drop on rates," the analyst said. "In investors' minds, money center banks are more vulnerable than regionals to the threatened rate rises," he said. "Chase seems to have greater vulnerability to rising rates than some other money centers."

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