FORM 8-K

                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                CURRENT REPORT


PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)  November 17, 1994
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First Chicago Corporation
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


Delaware                          1-6052                       36-2669970
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(STATE OR OTHER JURISDICTION    (COMMISSION              (IRS EMPLOYER 
    OF INCORPORATION)           FILE NUMBER)            IDENTIFICATION NO.)  


One First National Plaza, Chicago, IL                             60670
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                       (ZIP CODE)


REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE  312-732-4000
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ITEM 5. OTHER EVENTS
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The Registrant hereby incorporates by reference the information contained in
Attachment A hereto in response to this Item 5.






Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by 
the undersigned hereunto duly authorized.



                                      First Chicago Corporation
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                                      (REGISTRANT)



Date: November 17, 1994               By:    /s/W.G. Jurgensen
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                                      Title: Executive Vice President

 

                                 ATTACHMENT A

     CHICAGO, November 17, 1994 -- First Chicago Corporation said today it
has incurred a loss of $7.2 million resulting from its purchase of $158
million of notes from one mutual fund and one cash portfolio for which The
First National Bank of Chicago serves as investment advisor, and commingled
trust funds for which the Bank serves as trustee. Approximately half of this
loss was recorded in the third quarter.

     As a result of these purchases, no losses were suffered by the commingled
trust funds, the mutual fund or the cash portfolio.

     In October, First Chicago initiated and completed a review of structured
note holdings in all funds and portfolios. The notes were purchased from the
First Prairie Money Market Fund, Government Series, and one cash portfolio,
both of which The First National Bank of Chicago serves as investment advisor,
and three commingled trust funds for which The First National Bank of Chicago
is trustee. Originally, $60 million of the structured notes had been owned by
two First Prairie money market funds prior to their transfer to the commingled
trust funds.

     First Chicago said it initiated discussions with the Securities and 
Exchange Commission, the Office of the Comptroller of the Currency and the
Federal Reserve Board concerning the circumstances surrounding these events.
The Securities and Exchange Commission has initiated an informal inquiry
regarding the First Prairie Mutual Funds, and First Chicago Corporation is
cooperating fully.

     The Corporation has also introduced a series of corrective measures,
including the termination of a portfolio manager.