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PRICING SUPPLEMENT NO. 1 Rule 424(b)(3)
DATED: January 22, 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
$75,000,000 [x] [x]
Original Issue Date: Fixed Rate Notes Certificated Notes
1/24/97 [_] [_]
Maturity Date: 1/26/98
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:
[_] Commercial Paper Rate Minimum Interest Rate:
[_] Federal Funds Rate Interest Reset Date(s): *
[_] Treasury Rate Interest Reset Period: Quarterly
[_] LIBOR Reuters Interest Payment Date(s): **
[x] LIBOR Telerate
[_] Prime Rate
[_] CMT Rate
Initial Interest Rate: 5.51250% Interest Payment Period: Quarterly
Index Maturity: Three Months
Spread (plus or minus): -0.05%
- -------------------------
* 04/24/97, 07/24/97 and 10/24/97.
** 04/24/97, 07/24/97, 10/24/97 and 1/26/98.
The distribution of Notes will conform to the requirements set forth in
Rule 2720 of the NASD Conduct Rules
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