PRICING SUPPLEMENT NO. 38 Rule 424 (b)(3)
DATED: September 25, 1997 File No. 333-31277
(To Prospectus dated August 13, 1997
and Prospectus Supplement dated August 13, 1997
$5,180,520,162
THE BEAR STEARNS COMPANIES INC.
MEDIUM-TERM NOTES, SERIES B
WITH MINIMUM MATURITY OF NINE MONTHS FROM DATE OF ISSUE
Principal Amount: $10,000,000 Floating Rate Notes [_] Book Entry Notes [x]
Original Issue Date: 10/24/97 Fixed Rate Notes [x] Certificated Notes [_]
Maturity Date: 10/24/2017
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: 7.30%
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 October 24, 1998 and on monthly dates thereafter, the Notes
may be called, in whole but not in part, at the option of the Company
on eight days' calendar notice.
** Monthly on the 24th, commencing November 24, 1997.
The distribution of Notes will conform to the requirements set forth in Rule
2720 of the NASD Conduct Rules.
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