SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C.  20549
                                
                    - - - - - - - - - - - - -
                                
                            FORM 8-K
                         CURRENT REPORT
                                
                     - - - - - - - - - - - -
 PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT
                             OF 1934
                 Date of Report (July 27, 1998):

                    Commission file number   1-6686

              THE INTERPUBLIC GROUP OF COMPANIES, INC.
      (Exact name of registrant as specified in its charter)

                  Delaware                         13-1024020
       (State or other jurisdiction of       (I.R.S. Employer
          incorporation or organization)      Identification No.)


       1271 Avenue of the Americas, New York, New York   10020
      (Address of principal executive offices)      (Zip Code)


                           (212) 399-8000
         (Registrant's telephone number, including area code)













ITEM 5 OTHER EVENTS

5.1  Attached hereto as exhibit 99 and incorporated by reference
     herein is financial information for The Interpublic Group of
     Companies, Inc. for the quarter ended June 30, 1998, as presented
     in the press release of July 27, 1998.



ITEM 7 FINANCIAL STATEMENTS, PRO FORMA INFORMATION AND EXHIBITS
     (c) Exhibits

     99. Financial information for The Interpublic Group of
     Companies, Inc. for the quarter ended June 30, 1998.



SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.

            THE INTERPUBLIC GROUP OF COMPANIES, INC.





Date: July 27, 1998     By:/s/ NICHOLAS J. CAMERA
                               NICHOLAS J. CAMERA
                               VICE PRESIDENT, GENERAL COUNSEL
                               AND SECRETARY



                                            FOR IMMEDIATE RELEASE

INTERPUBLIC GROUP REPORTS
RESULTS FOR SECOND QUARTER 1998

New  York,  July  27, 1998 (NYSE:IPG) -- Philip  H.  Geier,  Jr.,
Chairman of the Board and Chief Executive Officer, reported  that
The  Interpublic Group of Companies, Inc. had net income for  the
second  quarter of 1998 of $116.4 million, an increase  of  24.8%
over  the restated net income for the second quarter of  1997  of
$93.2  million.  The basic earnings per share increased 20.5%  to
$.88  from $.73 for the comparable restated period of 1997. On  a
diluted basis, earnings per share for the second quarter of  1998
was $.84, an increase of 20% over the restated second quarter  of
1997.

Gross  income for the second quarter of 1998 was $972.4  million,
an  increase  of  17.8% over 1997. Gross income  for  the  United
States   operations   increased   21.4%.   Gross   income    from
international  operations  increased  14.5%.  Gross  income  from
international operations would have increased 23.4%,  except  for
strengthening of the U.S. dollar against major currencies.

Net  income for the first six months of 1998 was $152.2  million,
an  increase of 24.1% over the restated net income for 1997.  The
basic  earnings per share increased 18.6% to $1.15 from $.97  for
the  comparable  restated period of 1997.  On  a  diluted  basis,
earnings per share was $1.11 versus $.93 in 1997, an increase of
19.4%.

Gross income for the first six months of 1998 was $1,748 million,
an  increase of 16.2% from the restated six months of 1997. Gross
income  from  United  States operations  increased  20.4%.  Gross
income  from  international  operations  increased  12.1%.  Gross
income  from international operations would have increased 21.4%,
except  for  the strengthening of the U.S. dollar  against  major
currencies.

As   more   fully   disclosed  in  the   Company's   supplemental
consolidated  financial  statements, Interpublic  acquired  three
companies in April 1998, which were accounted for as poolings  of
interests.   All  prior  period figures  have  been  restated  to
incorporate  the  aggregate  effect  of  the  April  1998  pooled
companies in addition to all prior pooled entities.

Interpublic's  agency  systems gained  record  net  new  business
during  the second quarter of 1998 of approximately $294  million
compared with the second quarter of 1997 net new business gain of
$236 million, an increase of 24%. During the first six months  of
1998  net new business gains were recorded of approximately  $817
million compared with $709 million during the first six months of
1997, an increase of 15%.

Continuing  cost  containment efforts kept costs  at  appropriate
levels.   Mr. Geier noted that the Company's financial  condition
continues  to  be excellent, with a strong balance  sheet  and  a
solid  cash  position.  He also noted, as in previous years,  the
results for the first six months do not necessarily indicate  the
results for the full year.

The  Interpublic  Group  of Companies  is  comprised  of  McCann-
Erickson  WorldGroup,  Ammirati Puris  Lintas,  The  Lowe  Group,
DraftWorldwide,    Western    International     Media,     Allied
Communications Group, Octagon and other related companies.

The shares of The Interpublic Group of Companies, Inc. are listed
on  the  New  York  Stock Exchange (IPG); more information  about
Interpublic   is  available  on  the  company's   Web   site   at
www.interpublic.com.

Contact: Eugene P. Beard                    Thomas J. Volpe
         212/399-8053                       212/399-8056

  THE INTERPUBLIC GROUP OF COMPANIES, INC. AND ITS SUBSIDIARIES
                CONSOLIDATED SUMMARY OF EARNINGS
         SECOND QUARTER REPORT 1998 AND 1997 (UNAUDITED)
          (Dollars in Thousands Except Per Share Data)

                                                      %
                        Second Quarter             Favorable
                         1998        1997        (Unfavorable)
Gross Income:
  United States      $    479,849   $     395,246     21.4
   International          492,514         430,112     14.5
Total Gross Income   $    972,363   $     825,358
17.8
Costs and Expenses   $    751,522   $     649,291    (15.7)
Interest Expense     $     12,672   $      11,306    (12.1)
Income Before Provision
  for Income Taxes   $    208,169   $     164,761     26.3
Provision for
  Income Taxes       $     86,871   $      66,428    (30.8)
Net Equity
  Interests (a)      $     (4,945)  $      (5,113)       -
Net Income           $    116,353   $      93,220     24.8

Per Share Data:
  Basic EPS          $        .88   $         .73     20.5
  Diluted EPS        $        .84   $         .70     20.0
  Dividend per
   share-Interpublic $        .15   $         .13     15.4

Weighted Average Shares:
   Basic              132,925,736     127,161,514
   Diluted            141,684,852     136,044,790
                    
                    %
                    Six Months Ended June 30        Favorable
                       1998             1997      (Unfavorable)
Gross Income:
   United States     $   889,098   $     738,509      20.4
   International         858,565         766,146      12.1
Total Gross Income   $ 1,747,663   $   1,504,655      16.2

Costs and Expenses   $ 1,452,088   $   1,264,165     (14.9)
Interest Expense     $    23,609   $      22,004      (7.3)
Income Before Provision
  for Income Taxes   $   271,966   $     218,486      24.5
Provision for
  Income Taxes       $   112,639   $      88,018     (28.0)
Net Equity
  Interests (a)      $    (7,134)  $      (7,817)        -
Net Income           $   152,193   $     122,651      24.1

Per Share Data:
  Basic EPS          $     1.15    $         .97     18.6
  Diluted EPS        $     1.11    $         .93     19.4
  Dividend per
   share-Interpublic $      .28    $         .24     16.7

Weighted Average Shares:
   Basic            132,659,926      126,948,010
   Diluted          137,892,204      135,615,360

Note: All prior period figures have been restated to incorporate
the aggregate effect of the April 1998 pooled companies in
addition to all prior pooled entities.

(a)  Net equity interests is the equity in income of
     unconsolidated affiliates less income attributable to
     minority interests of consolidated subsidiaries.