These are the corporation's objectives: to protect and build up the capital fund and to assure the stockholders a reasonable income over and above realized profits from the purchase and sale of securities. The corporation is authorized to issue senior securities and borrow money, but it has never made use of these privileges. The greater part of its funds has always been invested in marketable securities. The Lehman Corporation was organized with a paid-in capital of $100 million represented by 1 million shares. The stock was offered to the public at $104 per share. Except for repurchases by the corporation, there was no change in the capital stock until 1937, when the shares were split three for one.

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