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PRICING SUPPLEMENT NO. 34 Rule 424(b)(3)
DATED: March 24, 1997 File No. 333-17985
(To Prospectus dated January 22, 1997
and Prospectus Supplement dated January 22, 1997)
$5,434,620,162
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
3/27/97 [_] [_]
Maturity Date: 3/27/98
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 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): +.15%
- -------------------------
* For the purpose of this Note, "Federal Funds Rate" means, with respect
to any Interest Determination Date, the Federal Funds Open Rate which
appears on Telerate Page 5 (or such other page as may replace such
Telerate Page 5 for the purpose of displaying the Federal Funds Open
Rate) or, if no such rate is available on the Calculation Date
pertaining to such Interest Determination Date, the Federal Funds Rate
will be the rate on such Interest Determination Date as published in
H.15(519) under the heading "Federal Funds (Effective)." If neither
of such rates is published by 3:00 P.M., New York City time, on the
Calculation Date pertaining to such Interest Determination Date, the
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Federal Funds Rate for such Interest Determination Date will be
calculated by the Calculation Agent and will be the
arithmetic mean of the rates for the last transaction in overnight
Federal Funds arranged by three leading brokers of federal funds
transactions in the City of New York selected by the Calculation Agent
as of 11:00 A.M., New York City time, on such Interest Determination
Date; provided, however, that if the brokers selected as aforesaid by
the Calculation Agent are not quoting as mentioned in this sentence,
the rate of interest in effect for the applicable period will be the
rate of interest in effect on such Interest Determination Date.
** Daily on each Business Day.
*** On the 27th of each June, September, December and March, commencing
June 27, 1997.
**** The Federal Funds Rate as of March 27, 1997 plus 15 basis points.
The Interest Determination Date with respect to this Note shall be the same
day as each Interest Reset Date.
The distribution of Notes will conform to the requirements set forth in
Rule 2720 of the NASD Conduct Rules.
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