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Pricing Supplement Dated May 12, 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)
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Trade Date: May 12, 1998 Original Issue Date: May 22, 1998
Principal Amount: $15,000,000 Net Proceeds to Issuer: $14,681,250
Issue Price: 100% Agent's Capacity:
Selling Agent's x Principal Basis Agency Basis
Commission/Discount: 2.125%
Interest Rate: 6.57% per annum Interest Payment Dates: Monthly,
Maturity Date: May 22, 2013 on the 22nd of each month
commencing June 22, 1998.
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Form: x Book Entry
Certificated
Redemption:
The Notes cannot be redeemed prior to maturity
x The Notes may be redeemed prior to maturity on May 22, 2002
and semi-annually thereafter on 15 days notice
Initial Redemption Date: May 22, 2002
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 Paine Webber 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 a
Paine Webber Incorporated
