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Byline: Marilyn Alva and Steve Watkins
Investor's Business Daily
If there were class divisions in the once staid world of banking, they almost will certainly be diluted when midmarket Chase Manhattan Corp. buys upper-crustJ.P. Morgan & Co. Inc.
The $34 billion stock deal, announced Wednesday, is set to close early next year. Chase will issue 3.7 shares of its stock for each J.P. Morgan share.
The move combines the nation's third-largest bank holding company, Chase, with the fifth-
largest investment banking firm, Morgan. Morgan is also the country's fifth-biggest bank holding company.
"This is a story about growth. It's…