Rule 424(b)(2)
                                        Registration No. 33-65674
                                        NASD File No: 930707011

PRICING SUPPLEMENT NO. 71
Dated September 27, 1994 to Prospectus
Supplement dated August 8, 1994
and Prospectus dated August 8, 1994

                         LEHMAN BROTHERS HOLDINGS INC.   
          Medium-Term Notes, Series E
                 (Fixed Rate)

Due from Nine Months to 30 Years from Date of Issue 
Interest Payable each February 15 and August 15 and at Maturity
              

Pricing to Public:  100%

Agent's Commission: .15% 

Original Issue Date: 10/6/94

Interest Rate Per Annum:  6.32% 
  
Maturity Date:  10/2/95


The aggregate principal amount of this offering is $5,000,000 and
relates only to Pricing Supplement No. 71.  Medium-Term Notes,
Series E may be issued by the Company in an aggregate principal
amount of up to $3,000,000,000 and, to date, including this
offering, an aggregate of $2,546,100,000 Medium-Term Notes, Series E
has been issued and $2,496,100,000 are outstanding.

The Agent has purchased the Notes as principal in this transaction
and may resell any of such Notes to another broker/dealer (acting as
principal for the purposes of resale) at a discount and the discount
allowed to such broker/dealer will not exceed the discount received
by the Agent in such transaction.