Business: That Mutual Feeling

Nearly 1,000 runners from Wall Street underwriters and dealers converged one morning last week at 1 William Street, home of Manhattan's old (108 years) Lehman Brothers. The runners turned over checks for $183,070,380, picked up 15,833,114 shares of Lehman's new One William Street Fund, Inc.—the largest initial financing ever made by an investment company. Then Lehman Senior Partner Robert Lehman turned a check for the total amount over to the Fund president, Dorsey Richardson. Lehman originally planned to sell only 3,000,000 shares. But demand proved so great that Lehman increased the offering to 16 million. The response amazed all Wall Street,...

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