PRICING SUPPLEMENT NO. 59                                         Rule 424(b)(3)
DATED: July 17, 2001                                          File No. 333-52902
(To Prospectus dated January 11, 2001,
and Prospectus Supplement dated January 11, 2001)


                                 $9,015,893,162
                         THE BEAR STEARNS COMPANIES INC.
                           MEDIUM-TERM NOTES, SERIES B


Principal Amount: $25,000,000    Floating Rate Notes [x]  Book Entry Notes   [x]

Original Issue Date: 7/20/2001   Fixed Rate Notes [ ]     Certificated Notes [ ]

Maturity Date:  7/22/2002        CUSIP#: 073928US0

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

[x]  Federal Funds Rate                 Interest Reset Date(s):  Daily

[ ]  Treasury Rate                      Interest Reset Period:  Daily

[ ]  LIBOR Reuters                      Interest Payment Date(s):  *

[ ]  LIBOR Telerate

[ ]  Prime Rate

[ ]  CMT Rate

Initial Interest Rate: 3.8475%          Interest Payment Period: Quarterly

Index Maturity:  N/A

Spread (plus or minus):  + 0.16%

*    On the 22nd of October, January, April and at Maturity.

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