Chemical New York Corp., the nation’s sixth-largest...

Chemical New York Corp., the nation’s sixth-largest bank holding company, posted a 4.9% rise in fourth-quarter net income. Chemical said gains in investment banking revenue and in interest and non-interest income were offset by higher non-interest expenses and an increased provision for loan losses. Chemical also said it had an $11.2-million after-tax gain gain from applying the reduced tax rate under the tax law approved last year, which took effect Jan. 1, to its leveraged lease portfolio. For the full year, Chemical’s profit increased by $12.2 million over the 1985 year.