EXHIBIT 4(b)(15)

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS
MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.



REGISTERED                                      $[  ]

No. FL-01                                       CUSIP # [ ]

                         THE BEAR STEARNS COMPANIES INC.

                           MEDIUM-TERM NOTE, SERIES B

            STRATEGIC UPSIDE MARKET MITIGATING INDEX TERM SECURITIES,

                 LINKED TO THE DOW JONES INDUSTRIAL AVERAGE(SM)

                                 DUE MAY 5, 2010


Interest Rate: *

Original Issue Date:    November 5, 2004         Redeemable On and After: N/A

Maturity Date:          May 5, 2010              Optional Repayment Date(s): N/A

Minimum
Denominations:          $1,000, increased in multiples of $1,000

* The Company will not make any periodic payments of interest or any other
payments on the Notes until Maturity. At Maturity, the Company will pay the Cash
Settlement Value (as defined below).


<PAGE>


            THE BEAR STEARNS COMPANIES INC., a Delaware corporation (the
"Company"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the Cash Settlement Value on the maturity date shown above
(the "Maturity Date").

            Payment of the Cash Settlement Value shall be made at the office or
agency of the Trustee (as defined below) maintained for that purpose in the
Borough of Manhattan, The City of New York, in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debt.

            The Cash Settlement Value due at Maturity will be paid at Maturity
in immediately available funds against presentation of this Note at the office
or agency of the Trustee maintained for that purpose in the Borough of
Manhattan, The City of New York.

            REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET
FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH ON THE FACE HEREOF.

            This Note shall be governed by and construed in accordance with the
laws of the State of New York.

            This Note is one of the series of Medium-Term Notes, Series B, of
the Company.

            Unless the certificate of authentication hereon has been executed by
JPMorgan Chase Bank (formerly, The Chase Manhattan Bank), the Trustee under the
Indenture, or its successor thereunder by the manual signature of one of its
authorized signatories, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.


                                      -2-
<PAGE>


            IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed under its corporate seal.

Dated:


                                       THE BEAR STEARNS COMPANIES INC.


                                       By:
                                          --------------------------------------
                                            Executive Vice President and
                                            Chief Financial Officer



ATTEST:

-------------------------
Secretary

[Corporate Seal]


                          CERTIFICATE OF AUTHENTICATION

            This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture.


                                       JPMORGAN CHASE BANK, as Trustee


                                       By:
                                          --------------------------------------
                                          Authorized Signature


                                      -3-
<PAGE>


                                [Reverse of Note]

                         THE BEAR STEARNS COMPANIES INC.

                           MEDIUM-TERM NOTE, SERIES B

            STRATEGIC UPSIDE MARKET MITIGATING INDEX TERM SECURITIES,

                 LINKED TO THE DOW JONES INDUSTRIAL AVERAGE(SM)

                                 DUE MAY 5, 2010


            This Note is one of a duly authorized issue of debentures, notes or
other evidences of indebtedness (hereinafter called the "Securities") of the
Company of the series hereinafter specified, all such Securities issued and to
be issued under the Indenture dated as of May 31, 1991, as amended (herein
called the "Indenture") between the Company and JPMorgan Chase Bank (formerly,
The Chase Manhattan Bank), as trustee (herein called the "Trustee," which term
includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and limitations of rights thereunder of the Company, the
Trustee and the Holders of the Securities, and the terms upon which the
Securities are, and are to be, authenticated and delivered. As provided in the
Indenture, Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest, if any, at different rates, may be subject
to different redemption provisions, if any, may be subject to different
repayment provisions, if any, may be subject to different sinking, purchase or
analogous funds, if any, may be subject to different covenants and Events of
Default and may otherwise vary as in the Indenture provided or permitted. This
Note is one of the series of the Securities designated as Medium-Term Notes,
Series B (the "Notes"). The Notes of this series may be issued at various times
with different maturity dates, redemption dates and different principal
repayment provisions, may bear interest at different rates and may otherwise
vary, all as provided in the Indenture.

Certain Definitions

Dow Jones Industrial
Average:..................... means the Dow Jones Industrial Average(SM) (ticker
                              "DJI") (the "Index"), as published by Dow Jones &
                              Company, Inc ("Dow Jones"). The Index is
                              maintained and reviewed by the editors of The Wall
                              Street Journal.

Calculation Agent:........... means Bear, Stearns & Co. Inc.

Index Business Day:.......... means a day, as determined by the Calculation
                              Agent, on which the New York Stock Exchange (the
                              "NYSE"), the American Stock Exchange (the "AMEX"),
                              The Nasdaq Stock Market (the "Nasdaq"), the
                              Chicago Mercantile Exchange and the Chicago Board
                              Options Exchange are open for trading (or would
                              have been open for trading, but


                                      -4-
<PAGE>


                              for the occurrence of a Market Disruption Event
                              (as defined below)) and the Index or any successor
                              index is calculated and published. The Calculation
                              Agent may, in its sole discretion, add to or
                              delete from the definition of "Index Business Day"
                              any major US exchange or market which commences or
                              ceases to serve as a primary exchange or market
                              upon which a stock underlying the Index trades, or
                              as an exchange upon which a futures contract, an
                              option contract, or an option on a futures
                              contract relating to the Index trades.

Index Closing Level:......... means, the closing value of the Index on each
                              Index Business Day.

Barrier Index Level:......... equals 6,517.86, sixty-five percent (65%) of the
                              Initial Index Level.

Initial Index Level:......... equals 10,027.47, the closing value of the Index
                              on October 29, 2004, the date the Notes were
                              priced for initial sale to the public.

Final Index Level:........... will be determined by the Calculation Agent and
                              means the closing value of the Index on April 29,
                              2010, the "Calculation Date," or, if that day is
                              not an Index Business Day, on the next Index
                              Business Day.

Maturity Date:............... means, May 5, 2010.


Cash Settlement Value

            At Maturity, the Company shall pay the "Cash Settlement Value," an
amount in cash depending on the relation of the Final Index Level to the Initial
Index Level and whether the Index Closing Level ever equals or falls below the
Barrier Index Level:

                  (i) If the Index Closing Level: (A) never equals or never
                  falls below the Barrier Index Level, or (B) ever equals or
                  ever falls below the Barrier Index Level and on the Maturity
                  Date the Final Index Level is greater than or equals the
                  Initial Index Level, the Cash Settlement Value per each $1,000
                  aggregate principal amount of Notes will equal:

    ----------------------------------------------------------------------------
                                                   Final Index Level
       $1,000 + $1,000 x [ 115% x Greater of (0%,  -----------------  - 100%)]
                                                  Initial Index Level

    ----------------------------------------------------------------------------


                                      -5-
<PAGE>

                  (ii) If the Index Closing Level ever equals or falls below the
                  Barrier Index Level and on the Maturity Date the Final Index
                  Level is less than the Initial Index Level, the Cash
                  Settlement Value per each $1,000 aggregate principal amount of
                  Notes will equal:


                 -------------------------------
                           Final Index Level
                 $1,000 x (-----------------)
                          Initial Index Level
                 -------------------------------


Discontinuance of the Index

            If Dow Jones discontinues publication of the Index and Dow Jones or
another entity publishes a successor or substitute index that the Calculation
Agent determines, in its sole discretion, to be comparable to the discontinued
Index (the new index being referred to as a "successor index"), then the Index
Closing Levels will be determined by reference to the successor index at the
close of trading on the NYSE, the AMEX, the Nasdaq or the relevant exchange or
market for the successor index on the date that the Index Closing Level is to be
determined. Upon any selection by the Calculation Agent of a successor index,
the Calculation Agent will cause notice to be furnished to the Company and the
Trustee, who will provide notice of the selection of the successor index to the
Holders of the Notes.

            If Dow Jones discontinues publication of the Index prior to, and
such discontinuance is continuing on, the date that the Index Closing Level is
to be determined and the Calculation Agent determines that no successor index is
available at such time, then, on such date, the Calculation Agent will calculate
the appropriate closing levels. The Index Closing Level will be computed by the
Calculation Agent in accordance with the formula for and method of calculating
the Index last in effect prior to such discontinuance, using the closing level
(or, if trading in the relevant securities has been materially suspended or
materially limited, its good faith estimate of the closing level that would have
prevailed but for such suspension or limitation) at the close of the principal
trading session on such date of each security most recently comprising the Index
on the primary organized US exchange or trading system on which such securities
trade. "Closing level" means, with respect to any security on any date, the last
reported sales price regular way on such date or, in case no such reported sale
takes place on such date, the average of the reported closing bid and asked
price regular way on such date, in


                                      -6-
<PAGE>


either case or the primary organized US exchange or trading system on which such
security is then listed or admitted to trading.

            If a successor index is selected, or the Calculation Agent
calculates a value as a substitute for the Index as described above, that
successor index or its closing level will be used as a substitute for the Index
for all purposes, including for purposes of determining whether an Index
Business Day or Market Disruption Event has occurred or exists.

Adjustments to the Index

            If at any time the method of calculating the Index or a successor
index, or the Index Closing Level thereof, is changed in a material respect, or
if the Index or a successor index is in any other way modified so that such
index does not, in the opinion of the Calculation Agent, fairly represent the
level of the Index or such successor index had such changes or modifications not
been made, then, from and after such time, the Calculation Agent will, at the
close of business in New York City on the date that the Index Closing Level is
to be determined, make such calculations and adjustments as, in its good faith
judgment, may be necessary in order to arrive at a level of a stock index
comparable to the Index or such successor index, as the case may be, as if such
changes or modifications had not been made. The Calculation Agent will calculate
the Index Closing Level with reference to the Index or such successor index, as
adjusted. If the method of calculating the Index or a successor index is
modified so that the level of such index is a fraction of what it would have
been if it had not been modified (for example, due to a split in such index),
then the Calculation Agent will adjust such index in order to arrive at a level
of the Index or such successor index as if it had not been modified (for
example, as if such split had not occurred).


Market Disruption Events

            If there is a market disruption event (a "Market Disruption Event")
on the Calculation Date, the Calculation Date will be the first succeeding Index
Business Day on which there is no Market Disruption Event, unless there is a
Market Disruption Event on each of the four Index Business Days following the
original date that, but for the Market Disruption Event, would have been the
Calculation Date. In that case, the fourth Index Business Day will be deemed to
be the Calculation Date, notwithstanding the Market Disruption Event and the
Calculation Agent will determine the level of the Index on that fourth Index
Business Day in accordance with the formula for and method of calculating the
Index in effect prior to the Market Disruption Event using the exchange traded
price of each security in the Index (or, if trading in any such security has
been materially suspended or materially limited, the Calculation Agent's good
faith estimate of the exchange traded price that would have prevailed but for
such suspension or limitation) as of that fourth Index Business Day.

            A Market Disruption Event means either of the following events, as
determined by the Calculation Agent, in its sole discretion:

   o  the suspension of or material limitation on trading for more than two
      hours of trading, or during the one-half hour period preceding the close
      of trading on the applicable exchange in 20% or more of the stocks which
      then comprise the Index, or any successor index (without taking into
      account any extended or after-hours trading session); or


                                      -7-
<PAGE>


   o  the suspension of or material limitation on trading, in each case, for
      more than two hours of trading, or during the one-half hour period
      preceding the close of trading, on the applicable exchange, whether by
      reason of movements in price otherwise exceeding levels permitted by the
      relevant exchange or otherwise, in option contracts or futures contracts
      related to the Index, or any successor index, which are traded on any
      major US exchange.

            For the purpose of the above definition:

   a) a limitation on the hours in a trading day and/or number of days of
      trading will not constitute a Market Disruption Event if it results from
      an announced change in the regular business hours of the relevant
      exchange, and

   b) for the purpose of clause (a) above, any limitations on trading during
      significant market fluctuations under NYSE Rule 80A, or any applicable
      rule or regulation enacted or promulgated by the NYSE or any other self
      regulatory organization or the Securities and Exchange Commission of
      similar scope as determined by the Calculation Agent, will be considered
      "material."

Redemption; Defeasance

            The Notes are not subject to redemption before Maturity, and are not
subject to defeasance.

Events of Default and Acceleration

            If an Event of Default with respect to any Notes has occurred and is
continuing, then the amount payable to the beneficial owner of a Note, upon any
acceleration permitted by the Notes will be equal to the Cash Settlement Value
as though the date of early repayment were the Maturity Date of the Notes,
adjusted by an amount equal to any losses, expenses and costs to the Company of
unwinding any underlying or related hedging or funding arrangements, all as
determined by the Calculation Agent in its sole and absolute discretion.

Same-Day Settlement and Payment

            Payment of the Cash Settlement Value will be made in immediately
available funds, so long as the Notes are maintained in book-entry form.

Calculation Agent

            All determinations made by the Calculation Agent will be at the sole
discretion of the Calculation Agent and will, in the absence of manifest error,
be conclusive for all purposes and binding on the Company and Holders of the
Notes.

General

            If so specified on the face of this Note, this Note may be redeemed
by the Company on and after the date so indicated on the face hereof. If no such
date is set forth on the face hereof, this Note may not be redeemed prior to
Maturity. On and after such date, if any, from which this Note may be redeemed,
this Note may be redeemed in whole or in part in increments of $1,000, at the
option of the Company, at a redemption price equal to 100% of the principal
amount to be redeemed, together with interest thereon payable to the Redemption
Date,


                                      -8-
<PAGE>


on notice given, unless otherwise specified on the face hereof, not more than 60
nor less than 30 days prior to the Redemption Date. If less than all the
Outstanding Notes having such terms as specified by the Company are to be
redeemed, the particular Notes to be redeemed shall be selected by the Trustee
not more than 60 days prior to the Redemption Date from the Outstanding Notes
having such terms as specified by the Company not previously called for
redemption, by such method as the Trustee shall deem fair and appropriate. The
notice of such redemption shall specify which Notes are to be redeemed. In the
event of redemption of this Note, in part only, a new Note or Notes in
authorized denominations for the unredeemed portion hereof shall be issued in
the name of the Holder hereof upon the surrender hereof.

            If so specified on the face of this Note, this Note will be subject
to repayment at the option of the Holder hereof on the Optional Repayment
Date(s). If no Optional Repayment Date is set forth on the face hereof, this
Note may not be repaid at the option of the Holder prior to Maturity. On and
after the Optional Repayment Date, if any, from which this Note may be repaid at
the option of the Holder, this Note shall be repayable in whole or in part in
increments of $1,000 at a repayment price equal to 100% of the principal amount
to be repaid, together with interest thereon payable to the Optional Repayment
Date. For this Note to be repaid in whole or in part at the option of the Holder
hereof, the Trustee must receive not less than 30 nor more than 60 days prior to
the Optional Repayment Date (i) this Note with the form entitled "Option to
Elect Repayment," which appears below, duly completed or (ii) a telegram, telex,
facsimile transmission or a letter from a member of a national securities
exchange or the National Association of Securities Dealers, Inc. or a commercial
bank or trust company in the United States of America setting forth the name of
the Holder of this Note, the principal amount of this Note, the certificate
number of this Note or a description of this Note's tenor or terms, the
principal amount of this Note to be repaid, a statement that the option to elect
repayment is being exercised thereby and a guarantee that this Note with the
form entitled "Option to Elect Repayment," which appears below, duly completed,
will be received by the Trustee no later than five Business Days after the date
of such telegram, telex, facsimile transmission or letter and this Note and such
form duly completed are received by the Trustee by such fifth Business Day.
Exercise of the repayment option shall be irrevocable.

            If any Event of Default with respect to the Notes shall occur and be
continuing, the Trustee or the Holders of not less than 25% in principal amount
of the Outstanding Notes may declare the principal of all the Notes due and
payable in the manner and with the effect provided in the Indenture.

            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of 66-2/3% in aggregate principal amount of the
Securities at the time Outstanding of each series affected thereby. The
Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all Securities of each series,
to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note shall be conclusive and binding
upon such Holder and upon future Holders of this Note and of any Note issued
upon the registration of


                                      -9-
<PAGE>


transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note.

            Holders of Securities may not enforce their rights pursuant to the
Indenture or the Securities except as provided in the Indenture. No reference
herein to the Indenture and no provision of this Note or the Indenture shall
alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the Cash Settlement Value with respect to this Note at the
time, place, and rate, and in the coin or currency, herein prescribed.

            As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note may be registered on the Security
Register of the Company, upon surrender of this Note for registration of
transfer at the office or agency of the Company in the Borough of Manhattan, The
City of New York, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company, and this Note duly executed by,
the Holder hereof or by his attorney duly authorized in writing and thereupon
one or more new Notes, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

            The Notes are issuable only in registered form without coupons in
denominations of $1,000 or any amount in excess thereof which is an integral
multiple of $1,000. As provided in the Indenture and subject to certain
limitations therein set forth, this Note is exchangeable for a like aggregate
principal amount of Notes of different authorized denomination as requested by
the Holder surrendering the same.

            No service charge will be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

            Prior to the due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice of the contrary.

            The Cash Settlement Value payable with respect to this Note shall in
no event be higher than the maximum rate, if any, permitted by applicable law.

            All capitalized terms used in this Note and not otherwise defined
herein shall have the meanings assigned to them in the Indenture.


                                      -10-
<PAGE>


                      ------------------------------------

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM           -           as tenants in common

TEN ENT           -           as tenants by the entireties

JT TEN            -           as joint tenants with right of survivorship  and
                              not as tenants in common

UNIF GIFT MIN ACT -           ___________________  Custodian  __________________
                                     (Cust)                         (Minor)
                                       Under Uniform Gifts to Minors Act


                              __________________________________________________
                                                    (State)


Additional abbreviations may also be used though not in the above list.

                      ------------------------------------

                            OPTION TO ELECT REPAYMENT

            The undersigned hereby irrevocably request(s) and instruct(s) the
Company to repay this Note (or portion thereof specified below) pursuant to its
terms on ____________, 20___ (the "Optional Repayment Date") at a price equal to
the principal amount thereof, together with interest to the Optional Repayment
Date, to the undersigned at

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
        (Please print or typewrite name and address of the undersigned.)

            For this Note to be repaid the Trustee must receive at 4 New York
Plaza, New York, New York 10004, Attention: Debt Operations - 13th Floor, or at
such other place or places of which the Company shall from time to time notify
the Holder of this Note, not more than 60 days nor less than 30 days prior to
the Optional Repayment Date, this Note with this "Option to Elect Repayment"
form duly completed.


                                      -11-
<PAGE>


            If less than the entire principal amount of this Note is to be
repaid, specify the portion thereof (which shall be increments of $1,000) which
the Holder elects to have repaid: $_________________; and specify the
denomination or denominations (which, unless a different minimum denomination is
set forth on the face hereof, shall be $25,000 or an integral multiple of $1,000
in excess of $25,000) of the Notes to be issued to the Holder for the portion of
this Note not being repaid (in the absence of any such specification, one such
Note will be issued for the portion not being repaid): $________________.

Date:_________________                       ________________________________
                                             Note:  The signature to this
                                             Option to Elect Repayment must
                                             correspond with the same as
                                             written upon the face of this
                                             Note in every particular without
                                             alteration or enlargement.

                      ------------------------------------


                                   ASSIGNMENT


                       FOR VALUE RECEIVED, the undersigned
                 hereby sell(s), assign(s) and transfer(s) unto

--------------------------------------------------------------------------------
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF
ASSIGNEE

--------------------------------------------------------------------------------
the within Note and all rights thereunder, hereby irrevocably constituting
and appointing

--------------------------------------------------------------------------------

_____________________________________________________________________ Attorney
to transfer said Note on the books of the Company, with full power of
substitution in the premises.

Dated:
      -----------------------              -------------------------------------

------------------------------------
        (Signature Guarantee)


                                      -12-