Mellon Bank Corp.'s shares surged 5.74%, to $70.25, on Friday speculation that the company would be bought by Chase Manhattan Corp. or U.S. Bancorp.

Mellon, Chase, and U.S. Bancorp declined to comment. Chase's shares rose 93.75 cents, to $70.375, while U.S. Bancorp's share dipped 6.25 cents, to $41.50.

Speculation regarding Mellon Bank had died down after the company rejected an unwelcome bid from Bank of New York.

On Friday, Mellon's price also got a lift because Standard & Poor' increased the weighting of Mellon in its index, market experts said.

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