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PRICING SUPPLEMENT NO. 32 Rule 424(b)(3)
DATED: March 14, 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] [x]
Original Issue Date: Fixed Rate Notes Certificated Notes
March 17, 1997 [_] [_]
Maturity Date:
March 17, 1998
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: Monthly
[_] LIBOR Reuters Interest Payment Date(s): **
[x] LIBOR Telerate
[_] Prime Rate Interest Payment Period: Monthly
[_] CMT Rate
Initial Interest Rate: 5.44875%
Index Maturity: One Month
Spread (plus or minus): -0.02%
--------------------------
* 4/17/97, 5/19/97, 6/17/97, 7/17/97, 8/18/97, 9/17/97, 10/17/97,
11/17/97, 12/17/97, 1/20/98 and 2/17/98.
** 4/17/97, 5/19/97, 6/17/97, 7/17/97, 8/18/97, 9/17/97, 10/17/97,
11/17/97, 12/17/97, 1/20/98, 2/17/98 and 3/17/98.
The distribution of Notes will conform to the requirements set forth
in Rule 2720 of the NASD Conduct Rules.
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