The bells of Old Bailey refer to St Sepulchre which is almost opposite the Bailey which was the site of Newgate Prison - A bell was tolled from this tower to accompany a prisoner who was being taken by cart to execution at Tyburn(Now the site of Marble Arch).

If you go back to the original verses which I can't fully remember - will look up - it refers to St Anns & other churches which are no longer in existence. Rumour has it that the verses follow the geographical sites of the churches on the way down the Thames. There is still argument as to whether the 'Great Bell of Bow' is in St Mary le Bow in Cheapside or Bow which is further to the East.