PRICING SUPPLEMENT NO. 15                               Rule 424(b)(3)
     DATED: February 18, 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]

 Original Issue Date:         Fixed Rate Notes     Certificated Notes
 3/13/97                      [x]                  [_]

 Maturity Date: 3/13/2017

 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:  7.50%

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 March 13, 1998 and on the 13th of each month thereafter,
     the Notes may be called at 100% of the principal amount, in whole but
     not in part, at the option of the Company on eight days' notice. 

**   The 13th of each month, commencing 04/13/97.

The distribution of Notes will conform to the requirements set forth in
Rule 2720 of the NASD Conduct Rules.

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