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PRICING SUPPLEMENT NO. 54 Rule 424(b)(3)
DATED: May 2, 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
May 7, 1997 [_] [_]
Maturity Date:
May 7, 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: ***
Index Maturity: One Month
Spread (plus or minus): -0.02%
-------------------------
* 6/9/97, 7/7/97, 8/7/97, 9/8/97, 10/7/97, 11/7/97, 12/8/97,
1/7/98, 2/9/98, 3/9/98 and 4/7/98.
** 6/9/97, 7/7/97, 8/7/97, 9/8/97, 10/7/97, 11/7/97, 12/8/97,
1/7/98, 2/9/98, 3/9/98, 4/7/98 and 5/7/98.
*** One month LIBOR as of May 5, 1997, minus 2 basis points.
The distribution of Notes will conform to the requirements set forth
in Rule 2720 of the NASD Conduct Rules.
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