NEW YORK - U.S. Trust Corp. of New York announced that Sept. 2 will be the effective date for the sale of its securities processing business to Chase Manhattan Corp.

The closing date of transaction, as expected, will be Sept. 1, U.S. Trust said. That meant Aug. 18 was the first day of the 10-day trading period for calculating the amount of stock to be paid to U.S. Trust shareholders; the calculation is to be based on the daily average high and low prices of Chase common stock.

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