Issues have been sought where good management built up assets by reinvestment of earnings in exploration and discovery. The management has believed that a closed-end company, such as The Lehman Corporation, which has no senior securities outstanding, can use some of its funds properly for long-term investment in development situations. In 1954, 1958, and 1959, additional shares were issued in exchange for assets of six personal holding companies. In addition to being listed on the New York and Pacific Coast Stock Exchanges, the stock is traded on the Geneva Stock Exchange in Switzerland. In recent years, the stock has generally commanded a premium. The discount at the end of 1955, however, was as high as 12 per cent; yet in the very next year, the discount was succeeded by a premium of 14 per cent.

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