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Pricing Supplement Dated August 18, 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: August 18, 1998 Original Issue Date: September 8, 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: 6.50% per annum Interest Payment Dates:
Maturity Date: September 8, 2013 Semiannually,on the 8th of
September and March, commencing
March 8, 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
September 8, 2001 and semi-annually thereafter on 30
calendar days notice.
Initial Redemption Date: September 8, 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 Morgan Stanley & Co.
Incorporated (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.
Morgan Stanley & Co. Incorporated
