PRICING SUPPLEMENT NO. 108 Rule 424(b)(3)
DATED: January 12, 1998 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: Floating Rate Notes Book Entry Notes
$10,000,000 [x] [x]
Original Issue Date: Fixed Rate Notes Certificated Notes
January 13, 1998 [_] [_]
Maturity Date:
January 13, 1999
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
[x] Federal Funds Rate Interest Reset Date(s): *
[_] Treasury Rate Interest Reset Period: Daily
[_] LIBOR Reuters Interest Payment Date(s): **
[_] LIBOR Telerate
[_] Prime Rate Interest Payment Period: Quarterly
[_] CMT Rate
Initial Interest Rate: ***
Index Maturity: N/A
Spread (plus or minus): +0.12%
- -------------------------------------
<PAGE>
* Daily on each business day.
** 4/13/98, 7/13/98, 10/13/98, and 1/13/99.
*** The Federal Funds Rate as of January 12, 1998, plus 12 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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