Rule 424(b)(2)         	         
	Registration Nos. 333-38227
	NASD File No. 961029005
                                  Cusip No:  52517PLY5			
	          	
PRICING SUPPLEMENT NO. 278
Trade Date: December 12, 1997, to Prospectus
Supplement dated December 3, 1997
and Prospectus dated December 3, 1997

	   LEHMAN BROTHERS HOLDINGS INC.
	Medium-Term Notes, Series E
	(Floating Rate)
       Due from Nine Months to 30 years from Date of Issue

Price to Public: 100%   Initial Interest Rate: 3 month Libor
Commission: .05%                            Telerate pg 3750
	           posted on 12/15/97
Interest Rate Basis:	                 	  
( ) Treasury Rate	 Settlement Date: 12/17/97  
(X) LIBOR (3 month)	 Maturity Date:   01/13/99
( ) Commercial Paper Rate	 Maximum Interest Rate:______% 
( ) Federal Funds Effective Rate	 Minimum Interest Rate:______%
( ) Prime Rate 	 Spread Multiplier:__________%
( ) Other 	 Spread (+ -) +.01%

Index Maturity: Quarterly

Interest Payment Period:	 Quarterly

Interest Reset Period:	Quarterly

Interest Reset Dates:	Same as interest payment dates.

Interest Determination Dates: Two NY/London business days prior 
to interest reset dates.      
                      
Interest Payment Dates:  3/13, 6/13, 9/13, 12/13, and at 
maturity, subject to modified following business day convention.

The aggregate principal amount of this offering is $116,000,000 
and relates only to Pricing Supplement No. 278. Medium-Term 
Notes, Series E may be issued by the company in aggregate 
principal amount of up to $11,278,325,000 and, to date, including 
this offering, an aggregate of $10,269,325,000 Medium-Term Notes, 
Series E has been issued and $6,293,090,000 are outstanding.







								Lehman Brothers Holdings



								By:					
		            	             Name: Nigel Walker
				      		  Title: Assistant Treasurer