BEAR STEARNS COMPANIES INC
424B3, 1996-07-11
SECURITY BROKERS, DEALERS & FLOTATION COMPANIES
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     PRICING SUPPLEMENT NO. 21                               Rule 424(b)(3)
     DATED: July 10, 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
 $25,000,000                  [x]                 [x]

 Original Issue Date:         Fixed Rate Notes    Certificated Notes
 07/15/96                     [_]                 [_]

 Maturity Date: 07/15/97

 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

 [x]  Federal Funds Rate               Interest Reset Date(s): *

 [_]  Treasury Rate                    Interest Reset Period: Daily

 [_]  LIBOR Reuters                    Interest Payment Date(s): **

 [_]  LIBOR Telerate

 [_]  Prime Rate

 [_]  CMT Rate

 Initial Interest Rate: ***            Interest Payment Period: Quarterly

 Index Maturity:  N/A

 Spread (plus or minus): +.19%

                         
- -------------------------
*    Daily on each Business Day.

**   10/15/96, 01/15/97, 04/15/97 and 07/15/97.

***  The Federal Funds Rate as of July 12, 1996 plus 19 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.

     NYFS04...:\25\22625\0122\1773\FFF6056W.40A



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