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PRICING SUPPLEMENT NO. 23 Rule 424(b)(3)
DATED: July 11, 1996 File No. 333-03685
(To Prospectus dated May 23, 1996
and Prospectus Supplement dated May 23, 1996)
$4,954,795,162
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
$20,000,000 [x] [x]
Original Issue Date: Fixed Rate Notes Certificated Notes
07/16/96 [_] [_]
Maturity Date: 07/16/97
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): *
[x] Treasury Rate Interest Reset Period: Weekly
[_] LIBOR Reuters Interest Payment Date(s): **
[_] LIBOR Telerate
[_] Prime Rate
[_] CMT Rate
Initial Interest Rate: *** Interest Payment Period: Quarterly
Index Maturity: Three months
Spread (plus or minus): +.35%
- -------------------------
* On Tuesday of each week, or the day following the Treasury auction.
** 10/16/96, 01/16/97, 04/16/97 and 07/16/97.
*** Three month Treasury Rate as of July 15, 1996 plus 35 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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