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Pricing Supplement Dated February 26, 1998 Rule 424(b)(3)
File No. 33-61957
(To Prospectus dated October 19, 1995 and
Prospectus Supplement dated January 22, 1998)
THE BANK OF NEW YORK COMPANY, INC.
Subordinated Retail Medium-Term Notes
(U.S. $ Fixed Rate)
_________________________________________________________________
Trade Date: February 26, 1998 Original Issue Date: March 24, 1998
Principal Amount: $601,498,000 (Face Amount at Maturity)
Net Proceeds to Issuer: $68,000,000
Issue Price: 100% Agent's Capacity:
Selling Agent's x Principal Basis Agency Basis
Commission/Discount: .270%
Interest Rate: 7.40% per annum Interest Payment Dates: At
Maturity Date: March 24, 2028 Maturity
_________________________________________________________________
Form: x Book Entry
Certificated
Redemption:
The Notes cannot be redeemed prior to maturity
x The Notes may be redeemed prior to maturity on March 24, 2008 and
semi-annually thereafter on 5
New York business days notice
Initial Redemption Date: March 24, 2008
Initial Redemption Percentage: Dollar Price Percentage of the Notional Amount
as per the attached Redemption Schedule.
Annual Redemption Percentage Reduction: N/A
Repayment:
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x The Notes cannot be repaid prior to maturity
The Notes can be repaid prior to maturity at the option of the holder of the
Notes
Optional Repayment Date: N/A
Optional Repayment Price: N/A
Discount Note: Yes x No
The covenant defeasance provisions of the Indenture described under "Description
of Debt Securities -- Defeasance and Covenant Defeasance" in the Prospectus
will apply to the Notes.
(continued on next page)
Paine Webber Incorporated
(continued from previous page)
The Notes described herein are being purchased by Paine Webber Incorporated
(the "Agent"), as principal, on the terms and conditions described in the
Prospectus Supplement under the caption "Plan of Distribution of Retail Medium
Term Notes". The Notes will be sold to the public at varying prices relating
to prevailing market prices at the time of resale as determined by the Agent.
The net proceeds to the Company will be $68,000,000.
Redemption Schedule
CALL DATE DOLLAR PRICE INTEREST MATURING BOND PAYOUT
24-Mar-08 $ 23.38028197 $ 72,631,928.44 $ 140,631,928.44
24-Sep-08 $ 24.24535240 $ 77,835,309.78 $ 145,835,309.78
24-Mar-09 $ 25.14243044 $ 83,231,216.25 $ 151,231,216.25
24-Sep-09 $ 26.07270036 $ 88,826,771.21 $ 156,826,771.21
24-Mar-10 $ 27.03739028 $ 94,629,361.79 $ 162,629,361.79
24-Sep-10 $ 28.03777372 $ 100,646,648.17 $ 168,646,648.17
24-Mar-11 $ 29.07517134 $ 106,886,574.11 $ 174,886,574.11
24-Sep-11 $ 30.15095286 $ 113,357,377.35 $ 181,357,377.35
24-Mar-12 $ 31.26653793 $ 120,067,600.32 $ 188,067,600.32
24-Sep-12 $ 32.42339984 $ 127,026,101.57 $ 195,026,101.57
24-Mar-13 $ 33.62306563 $ 134,242,067.30 $ 202,242,067.30
24-Sep-13 $ 34.86711906 $ 141,725,023.80 $ 209,725,023.80
24-Mar-14 $ 36.15720246 $ 149,484,849.65 $ 217,484,849.65
24-Sep-14 $ 37.49501896 $ 157,531,789.14 $ 225,531,789.14
24-Mar-15 $ 38.88233466 $ 165,876,465.33 $ 233,876,465.33
24-Sep-15 $ 40.32098104 $ 174,529,894.54 $ 242,529,894.54
24-Mar-16 $ 41.81285734 $ 183,503,500.64 $ 251,503,500.64
24-Sep-16 $ 43.35993306 $ 192,809,130.16 $ 260,809,130.16
24-Mar-17 $ 44.96425058 $ 202,459,067.95 $ 270,459,067.95
24-Sep-17 $ 46.62792785 $ 212,466,053.46 $ 280,466,053.46
24-Mar-18 $ 48.35316118 $ 222,843,297.43 $ 290,843,297.43
24-Sep-18 $ 50.14222815 $ 233,604,499.48 $ 301,604,499.48
24-Mar-19 $ 51.99749059 $ 244,763,865.95 $ 312,763,865.95
24-Sep-19 $ 53.92139774 $ 256,336,128.98 $ 324,336,128.98
24-Mar-20 $ 55.91648946 $ 268,336,565.77 $ 336,336,565.77
24-Sep-20 $ 57.98539957 $ 280,781,018.71 $ 348,781,018.71
24-Mar-21 $ 60.13085935 $ 293,685,916.37 $ 361,685,916.37
24-Sep-21 $ 62.35570115 $ 307,068,295.30 $ 375,068,295.30
24-Mar-22 $ 64.66286209 $ 320,945,822.21 $ 388,945,822.21
24-Sep-22 $ 67.05538799 $ 335,336,817.65 $ 403,336,817.65
24-Mar-23 $ 69.53643734 $ 350,260,279.87 $ 418,260,279.87
24-Sep-23 $ 72.10928553 $ 365,735,910.28 $ 433,735,910.28
24-Mar-24 $ 74.77732909 $ 381,784,138.93 $ 449,784,138.93
24-Sep-24 $ 77.54409027 $ 398,426,152.09 $ 466,426,152.09
24-Mar-25 $ 80.41322161 $ 415,683,919.72 $ 483,683,919.72
24-Sep-25 $ 83.38851081 $ 433,580,224.75 $ 501,580,224.75
24-Mar-26 $ 86.47388571 $ 452,138,693.07 $ 520,138,693.07
24-Sep-26 $ 89.67341948 $ 471,383,824.70 $ 539,383,824.70
24-Mar-27- $ 92.99133600 $ 491,341,026.21 $ 559,341,026.21
24-Sep-27 $ 96.43201543 $ 512,036,644.17 $ 580,036,644.17
24Mar-28 $ 100.00000000 $ 533,498,000.00 $ 601,498,000.00
