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PRICING SUPPLEMENT NO. 24 Rule 424(b)(3)
DATED: March 3, 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
$10,000,000 [_] [x]
Original Issue Date: Fixed Rate Notes Certificated Notes
3/24/97 [x] [_]
Maturity Date: 3/24/2017
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
Applicable Only to Fixed Rate Notes:
- -----------------------------------
Interest Rate: 8.00%
Interest Payment Dates: **
Applicable Only to Floating Rate Notes:
- --------------------------------------
Interest Rate Basis: Maximum Interest Rate:
[_] Commercial Paper Rate Minimum Interest Rate:
[_] Federal Funds Rate Interest Reset Date(s):
[_] Treasury Rate Interest Reset Period:
[_] LIBOR Reuters Interest Payment Date(s):
[_] LIBOR Telerate
[_] Prime Rate
[_] CMT Rate
Initial Interest Rate: Interest Payment Period:
Index Maturity:
Spread (plus or minus):
- -------------------------
* Commencing March 24, 1998 and on the 24th of each September and March
thereafter, the Notes may be called at 100% of the principal amount,
in whole but not in part, at the option of the Company on eight days'
notice.
** The 24th of each September and March, commencing 09/24/97.
The Agent has agreed to purchase the Notes at 100% of their principal
amount. The purchase price includes an amount related to a swap entered
into by the Company and an affiliate of the Agent. The Agent will resell
the Notes at prevailing market rates, which may be greater or less than the
purchase price therefor paid by the Agent.
The distribution of Notes will conform to the requirements set forth in
Rule 2720 of the NASD Conduct Rules.
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