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
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1. Name and Address of Reporting Person
   Meyer, Edward H.
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2. Issuer Name and Ticker or Trading Symbol Grey Advertising Inc.

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3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)

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4. Statement for Month/Year
   April 1998
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5. If Amendment, Date of Original (Month/Year)
   April 29, 1998
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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
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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
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1. Title of Security (Instr. 3)
      Common Stock
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2. Transaction Date (Month/Day/Year) April 30, 1998

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3. Transaction Code (Instr. 8)
      S
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 
     (D) 800 shares at a price of $448.00 per share.

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5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
      196,537
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6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
      (D)
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7. Nature of Indirect Beneficial Ownership (Instr. 4)

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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)
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1. Title of Derivative Security (Instr. 3)

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2. Conversion or Exercise Price of Derivative Security

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3. Transaction Date (Month/Day/Year)

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4. Transaction Code (Instr. 8)

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

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

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

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8. Price of Derivative Securities (Instr. 5)

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

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

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

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EXPLANATION OF RESPONSES:


   /s/ Edward H. Meyer                               May 4, 1998
   -----------------------------------             ------------------
   **  SIGNATURE OF REPORTING PERSON                     DATE

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   **  INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
       CRIMINAL VIOLATIONS.  SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).