Title of Each Class of Securities Offered
  
Maximum Aggregate Offering Price
  
Amount of Registration Fee(1)
  
Medium-Term Notes, Series B
  
$
25,000,000
  
$
767.50
  
 
______________
(1) Calculated in accordance with Rule 457(r) of the Securities Act of 1933, as amended. The filing fee of $767.50 is being paid in connection with the registration of these IncomeNotes.

THE BEAR STEARNS COMPANIES INC.
IncomeNotesSM
With Maturities of Nine Months or More from Date of Issue

Registration No. 333-136666
Filed Pursuant to Rule 424(b)(3)
Pricing Supplement No. 1
(To Prospectus dated August 16, 2006
and Prospectus Supplement dated May 10, 2007)
Trade Date: May 9, 2007
Issue Date: May 23, 2007
The date of this Pricing Supplement is May 10, 2007

CUSIP#
Interest Rate
Maturity Date
Price to Public
Discounts & Commissions
Reallowance
Dealer
Interest
Payment Frequency
07387EHT7
6.00%
05/15/2037
100.00%
2.9500%
0.200%
97.0500%
Semi Annually

First Interest Payment Date
First Interest Payment Amount
Survivor's Option
Subject to Redemption
Date and Terms of Redemption
Aggregate Principal Amount
Net Proceeds
11/15/2007
$28.67
No
Yes
Commencing on 5/15/2012 and monthly thereafter until Maturity, the Notes may be called at par at the option of the Company on ten calendar days’ notice.
$25,000,000
$24,262,500
 
***
The distribution of IncomeNotes will conform to the requirements set forth in Rule 2720 of the NASD Conduct Rules.