PRICING SUPPLEMENT NO. 48 Rule 424(b)(3)
DATED: January 14, 2005 File No. 333-109793
(To Prospectus dated November 17, 2003,
and Prospectus Supplement dated November 17, 2003)
$10,668,950,162
THE BEAR STEARNS COMPANIES INC.
Medium-Term Notes, Series B
Principal Amount: $50,000,000 Floating Rate Notes [x] Book Entry Notes [x]
Original Issue Date: 1/20/2005 Fixed Rate Notes [ ] Certificated Notes [ ]
Maturity Date: 1/15/2008 CUSIP#: 073928J61
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:
Interest Payment Dates:
Applicable Only to Floating Rate Notes:
--------------------------------------
Interest Rate Basis: Maximum Interest Rate: N/A
[ ] Commercial Paper Rate Minimum Interest Rate: N/A
[ ] Federal Funds Effective Rate
[ ] Federal Funds Open Rate Interest Reset Date(s): *
[ ] Treasury Rate Interest Reset Period: Monthly
[ ] LIBOR Reuters Interest Payment Date(s): **
[x] LIBOR Telerate
[ ] Prime Rate
[ ] CMT Rate
Initial Interest Rate: 2.60% Interest Payment Period: Monthly
Index Maturity: One Month
Spread (plus or minus): +0.10%
* On the 15th of each month prior to Maturity.
** On the 15th of each month, including the maturity date.
The distribution of Notes will conform to the requirements set forth in Rule
2720 of the NASD Conduct Rules.