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                 
    April 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 

 =========================================================================== 
 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) 
      April 23, 1998 
 ___________________________________________________________________________
 3. Transaction Code (Instr. 8) 
      S 
 ___________________________________________________________________________
 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 
      (D) 1,200 shares at a price of $462.00 per share. 
 ___________________________________________________________________________
 5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4) 
      197,337 
 ___________________________________________________________________________
 6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4) 
      (D) 
 ___________________________________________________________________________
 7. Nature of Indirect Beneficial Ownership (Instr. 4) 
       
 ___________________________________________________________________________
 Reminder:  Report on a separate line for each class of securities 
            beneficially owned directly or indirectly. 
 ===========================================================================
 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) 

 ___________________________________________________________________________
 2. Conversion or Exercise Price of Derivative Security 

 ___________________________________________________________________________
 3. Transaction Date (Month/Day/Year) 

 ___________________________________________________________________________
 4. Transaction Code (Instr. 8) 

 ___________________________________________________________________________
 5. Number of Derivative Securities Acquired (A) or Disposed of (D) 
         (Instr. 3, 4, and 5) 

 ___________________________________________________________________________
 6. Date Exercisable and Expiration Date (Month/Day/Year) 

 ___________________________________________________________________________
 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 

 ___________________________________________________________________________
 8. Price of Derivative Securities (Instr. 5) 

 ___________________________________________________________________________
 9. Number of Derivative Securities Beneficially Owned at End of Month 
         (Instr. 4) 

 ___________________________________________________________________________
 10. Ownership Form of Derivative Security: Direct(D) or Indirect(I) 
         (Instr. 4) 

 ___________________________________________________________________________
 11. Nature of Indirect Beneficial Ownership (Instr. 4) 

 ___________________________________________________________________________



 EXPLANATION OF RESPONSES: 
  
        /s/ Edward H. Meyer                           April 29, 1998
    ------------------------------------              ---------------
    **  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).