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PRICING SUPPLEMENT NO. 48 Rule 424(b)(3)
DATED: August 13, 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
$15,000,000 [x] [x]
Original Issue Date: Fixed Rate Notes Certificated Notes
08/16/96 [_] [_]
Maturity Date: 08/18/97
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): *
[_] Treasury Rate Interest Reset Period: Monthly
[_] LIBOR Reuters Interest Payment Date(s): **
[x] LIBOR Telerate
[_] Prime Rate Interest Payment Period: Monthly
[_] CMT Rate
Initial Interest Rate: ***
Index Maturity: One month
Spread (plus or minus): +0.03%
- -------------------------
* 09/18/96, 10/18/96, 11/18/96, 12/18/96, 01/20/97, 02/18/97, 03/18/97,
04/18/97, 05/19/97, 06/18/97 and 07/18/97.
** 09/18/96, 10/18/96, 11/18/96, 12/18/96, 01/20/97, 02/18/97, 03/18/97,
04/18/97, 05/19/97, 06/18/97, 07/18/97 and 08/18/97.
*** One month LIBOR as of August 14, 1996 plus 3 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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