Shares of CoreStates Financial Corp. fell Wednesday as investors concluded that a sale of the Philadelphia bank has become less likely any time soon.

On Tuesday night CoreStates said it had again rejected an offer from Mellon Bank Corp. said to be worth $88 per share. CoreStates stock dropped $2.9375, to $77.625, despite a statement by the chairman and chief executive officer, Terrance A. Larsen, that a merger has not been ruled out. (See story on page 1.)

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