Pricing Supplement Dated May 7, 1999 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 7, 1999 Original Issue Date: May 28, 1999
Principal Amount: $25,000,000 Net Proceeds to Issuer: $24,375,000
Issue Price: 97.50% Agent's Capacity:
Selling Agent's x Principal Basis Agency Basis
Commission/Discount: 2.50%
Interest Rate: 6.72% per annum Interest Payment Dates:
Maturity Date: May 28, 2019 Monthly on the 28th
Commencing June 28, 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
May 28, 2003 and on any November 28 or May 28
thereafter with 30 calendar days notice.
Initial Redemption Date: May 28, 2003
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 Merrill Lynch & Co.
(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 $24,375,000.
Merrill Lynch & Co.
