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Pricing Supplement Dated July 8, 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: July 8, 1998        Original Issue Date: July 30, 1998
Principal Amount: $25,000,000   Net Proceeds to Issuer: $25,000,000
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: Semiannually
Maturity Date: July 30, 2013     on the 30th of July and January,
				 commencing January 30, 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
			July 30, 2001 and semi-annually thereafter on 30
			days notice.                            

	Initial Redemption Date: July 30, 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 
$25,000,000.

		 Morgan Stanley & Co. Incorporated