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Pricing Supplement Dated September 24, 1998 Rule 424(b)(3)
(To Prospectus dated October 19, 1995 and File No. 33-61957
Prospectus Supplement dated April 2, 1998)
THE BANK OF NEW YORK COMPANY, INC.
Subordinated Medium-Term Notes Series C
(U.S. $ Fixed Rate)
_________________________________________________________________
Trade Date:September 24, 1998 Original Issue Date: October 26, 1998
Principal Amount: $10,000,000 Net Proceeds to Issuer: $10,000,000
Issue Price: 100% Agent's Capacity:
Selling Agent's x Principal Basis Agency Basis
Commission/Discount: 0.00%
Interest Rate: 6.20% per annum Interest Payment Dates:
Maturity Date: October 26, 2018 Semiannually,on the 26th of
April and October, commencing
April 26, 1999.
_________________________________________________________________
Form: x Book Entry
Certificated
Redemption:
The Notes cannot be redeemed prior to maturity
x The Notes may be redeemed prior to maturity on
October 26, 2001 and semi-annually thereafter on 15
calendar days notice.
Initial Redemption Date: October 26, 2001
Initial Redemption Percentage: 100%
Annual Redemption Percentage Reduction: N/A
Repayment:
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. The Notes
described herein are being purchased by Bear Stearns (the
"Agent"), as principal, on the terms and conditions described in the
Prospectus Supplement under the caption "Plan of Distribution." 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 $10,000,000.
Bear Stearns
