Pricing Supplement No. 31 Dated August 28, 1995 
Filed Pursuant to: Rule 424 (b)(3)
File No.: 33-65904
(To Prospectus dated November 4, 1993 and   
Prospectus Supplement dated July 29, 1994)


                           FIRST CHICAGO CORPORATION
                          MEDIUM-TERM NOTES, SERIES F



Date of Issue: August 30, 1995   [_]Fixed Rate     [_]Commercial Paper Rate Note
                                 [X]Senior         [_]Federal Funds Rate Note
Maturity Date: August 30, 1996   [_]Subordinated   [X]LIBOR Note
                                                   [_]Prime Rate Note
                                                   [_]Treasury Rate Note


Principal Amount: $10,000,000.00

Issue Price (As a Percentage of Principal Amount): 100%

Interest Rate/Initial Interest Rate: Not Available

Interest Payment Dates: 30th day of February, May, August and November of 
                        each year

Interest Reset Dates: 30th day of February, May, August and November of 
                      each year

Index Maturity: 90 days

Spread: -3 basis points

Spread Multiplier: None

Minimum Interest Rate: None

Maximum Interest Rate: None

Interest Payment Period: August 30, 1995 to November 30, 1995 and quarterly 
                         thereafter, up to but excluding the interest payment 
                         date.

Interest Rate Reset Period: August 30, 1995 to November 30, 1995 and quarterly 
                            thereafter, up to but excluding the interest 
                            payment date.

Redemption Date(s) or Period: None

Optional Repayment Date(s): None

Calculation Agent (If Applicable): The First National Bank of Chicago


Additional Terms: