Rule 424(b)(2)
Registration No. 33-308319
NASD File No. 960722003
PRICING SUPPLEMENT NO. 2
Dated September 30, 1996 to Prospectus
Supplement dated September 25, 1996
and Prospectus dated September 25, 1996
LEHMAN BROTHERS INC.
Medium-Term Notes, Series A
(Fixed Rate)
Due from Nine Months to 30 Years from Date of Issue
Interest Payable each February 15, August 15 and at maturity
Pricing to Public: 100%
Agent's Commission: .35%
Original Issue Date: 10/3/96
Interest Rate Per Annum: 6.96%
Maturity Date: 10/4/99
The aggregate principal amount of this offering is $10,000,000 and
relates only to Pricing Supplement No. 2. Medium-Term Notes, Series
A may be issued by the Company in an aggregate principal amount of
up to $500,000,000 and, to date, including this offering, an
aggregate of $15,000,000 Medium-Term Notes, Series A has been issued
and $15,000,000 are outstanding.
