FORM 4 
   
  (   )  Check this box if no longer 
         subject to Section 16.  Form 4 
         or Form 5 obligations may continue. 
         See Instruction 1(b). 
  
         U.S. SECURITIES AND EXCHANGE COMMISSION       _____________________ 
                 WASHINGTON, D.C.  20549              |   OMB APPROVAL      | 
       STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP   |_____________________| 
                                                      |OMB NUMBER: 3235-0287|
                                                      |EXPIRES:             | 
                                                      | SEPTEMBER 30, 1998  | 
       Filed pursuant to Section 16(a) of the         |ESTIMATED AVERAGE    | 
         Securities Exchange Act of 1934,             |BURDEN HOURS         | 
        Section 17(a) of the Public Utility           |PER RESPONSE 0.5     | 
          Holding Company Act of 1935                 |_____________________| 
       or Section 30(f) of the Investment 
              Company Act of 1940 
 ___________________________________________________________________________
  1. Name and Address of Reporting Person 
     Meyer, Edward H. 
     
 ___________________________________________________________________________
 2. Issuer Name and Ticker or Trading Symbol           
    Grey Advertising Inc. 
 ___________________________________________________________________________
 3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY) 
     
 ___________________________________________________________________________
 4. Statement for Month/Year                 
    February 1998 
 ___________________________________________________________________________
 5. If Amendment, Date of Original (Month/Year)                       
  
 ___________________________________________________________________________
 6. Relationship of reporting person to Issuer (Check all applicable) 
  (X) DIRECTOR 
  (X) 10% OWNER    
  (X) OFFICER (GIVE TITLE BELOW) 
  ( ) OTHER (SPECIFY TITLE BELOW) 
  
   Chairman of the Board and Chief Executive Officer       
  


 ___________________________________________________________________________
 7. Individual, or Joint/Group Filing (Check all applicable) 

  (X) Form filed by One Reporting Person 
  ( ) Form filed by More than One Reporting Person 
  
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 TABLE I 
 Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 
 ___________________________________________________________________________
 1. Title of Security (Instr. 3) 
      Common Stock 
 ___________________________________________________________________________
 2. Transaction Date (Month/Day/Year) 
      February 3, 1998 
 ___________________________________________________________________________
 3. Transaction Code (Instr. 8) 
       Z*
 ___________________________________________________________________________
 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 
      (D) 3,731 shares deposited into 1994 Voting Trust. 
 ___________________________________________________________________________
 5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4) 
      197,137 
 ___________________________________________________________________________
 6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4) 
      Indirect 
 ___________________________________________________________________________
 7. Nature of Indirect Beneficial Ownership (Instr. 4) 
      By Voting Trust 
 ___________________________________________________________________________
 Reminder:  Report on a separate line for each class of securities 
            beneficially owned directly or indirectly. 
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 TABLE II 
 Derivative Securities Acquired, Disposed of, or Beneficially Owned 
 (e.g., Puts, Calls, Warrants, Options, Convertible securities) 
 ___________________________________________________________________________
 1. Title of Derivative Security (Instr. 3) 
      Employee Stock Options 
 ___________________________________________________________________________
 2. Conversion or Exercise Price of Derivative Security 
      $332.50 per share 
 ___________________________________________________________________________
 3. Transaction Date (Month/Day/Year) 
      1/23/98 
 ___________________________________________________________________________
 4. Transaction Code (Instr. 8) 
      Column 1:  A and G**          Column 2:  V 
 ___________________________________________________________________________
 5. Number of Derivative Securities Acquired (A) or Disposed of (D) 
         (Instr. 3, 4, and 5) 
      Column 1:  30,000 (A)         Column 2:  15,000 (D) 
 ___________________________________________________________________________
 6. Date Exercisable and Expiration Date (Month/Day/Year) 
      Column 1:  **                 Column 2:  1/23/05 
 ___________________________________________________________________________
 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 
      Column 1:  Common Stock       Column 2:  30,000 shares 
 ___________________________________________________________________________
 8. Price of Derivative Securities (Instr. 5) 

 ___________________________________________________________________________
 9. Number of Derivative Securities Beneficially Owned at End of Month 
         (Instr. 4) 
         75,000 
 ___________________________________________________________________________
 10. Ownership Form of Derivative Security: Direct(D) or Indirect(I) 
         (Instr. 4) 
      D 
 ___________________________________________________________________________
 11. Nature of Indirect Beneficial Ownership (Instr. 4) 
  
 ___________________________________________________________________________
 EXPLANATION OF RESPONSES: 
 *    Represents deposit into 1994 Voting Trust by the reporting person of
      shares of common stock previously reported as indirectly owned through
      the company's Employee Stock Ownership Plan (the "ESOP").  The shares
      were distributed to the reporting person on 2/3/98 by the ESOP and
      deposited immediately thereafter into the 1994 Voting Trust. 
  
 **   Grant to reporting person on 1/23/98 to buy 30,000 shares of common
      stock under the Grey Advertising Inc. 1994 Stock Incentive Plan.  The
      options are exercisable as to one-third of the shares of common stock
      as of 1/23/98 (the "1998 Effective Date") and will become exercisable
      as to the remaining two-thirds in equal increments on the first and
      second anniversaries of the 1998 Effective Date, respectively.  The
      reporting person has assigned the right to exercise 15,000 of the
      options to a trust set up for the benefit of his spouse and children. 
      Excluding these 15,000 shares, the reporting person beneficially owned
      75,000 options as of 2/3/98, which includes options to buy 40,000
      shares of common stock granted in 1995 in a transaction reported to
      the SEC on Form 4 on 3/13/95 and 20,000 shares of common stock granted
      in 1996 in a transaction reported to the SEC on Form 5 on 2/11/97. 
  
  
                                                     
             /s/ Edward H. Meyer                         3/13/98     
    **  SIGNATURE OF REPORTING PERSON                     DATE          
  
 _____________________________ 
  
    **  INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL 
        CRIMINAL VIOLATIONS.  SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).