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PRICING SUPPLEMENT NO. 38 Rule 424(b)(3)
DATED: November 2, 1995 File No. 33-60065
(To Prospectus dated July 28, 1995
and Prospectus Supplement dated July 28, 1995)
$2,399,571,350
THE BEAR STEARNS COMPANIES INC.
MEDIUM-TERM NOTES, SERIES B
WITH MINIMUM MATURITY OF NINE MONTHS FROM DATE OF ISSUE
Principal Amount: Floating Rate Notes Book Entry Notes
$8,000,000 [x] [x]
Original Issue Date: Fixed Rate Notes Certificated Notes
11/07/95 [_] [_]
Maturity Date: 11/07/96
Option to Extend Maturity: No [x]
Yes [_] Final Maturity Date:
Optional Optional
Redemption Repayment Repayment
Redeemable On Price(s) Date(s) Price(s)
------------- -------- ------- --------
N/A N/A N/A N/A
Applicable Only to Fixed Rate Notes:
-----------------------------------
Interest Rate:
Applicable Only to Floating Rate Notes:
--------------------------------------
Interest Rate Basis: Maximum Interest Rate: N/A
[_] Commercial Paper Rate Minimum Interest Rate: N/A
[_] Federal Funds Rate Interest Reset Date(s): *
[_] Treasury Rate Interest Reset Period: Daily
[_] LIBOR Interest Payment Date(s): **
[x] Prime Rate
[_] CMT Rate
Initial Interest Rate: *** Interest Payment Period: Quarterly
Index Maturity: N/A
Spread (plus or minus): -2.84%
- -------------------------
* Daily on each Business Day.
** 02/07/96, 05/07/96, 08/07/96 and 11/07/96.
*** The Prime Rate as of November 7, 1995 minus 284 basis points.
The distribution of Notes will conform to the requirements set forth in the
applicable sections of Schedule E to the By-laws of the National
Association of Securities Dealers, Inc.
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