Exhibit 10(e)
                       MONEY MARKET NOTE

                                                  June 25, 1996
                                             New York, New York

     
          FOR VALUE RECEIVED, THE INTERPUBLIC GROUP OF COMPANIES,
INC., a Delaware corporation (the "Borrower"), hereby promises to
pay to the order of CHEMICAL BANK (the "Bank"), for the account
of its Domestic Lending Office, Money Market Rate Loans made by
the Bank to the Borrower pursuant to the Credit Agreement
referred to below upon such terms and conditions as may be agreed
upon pursuant to said Credit Agreement.  The Borrower promises to
pay interest on the unpaid principal amount of each such Loan on
the dates and at the rate or rates provided for in the Credit
Agreement.

          All such payments of principal and interest shall be
made in lawful money of the United States of America in Federal
or other immediately available funds at the office of the Bank
located at 270 Park Avenue, New York, NY 10020.

          All Money Market Loans made by the Bank, the respective
maturities thereof and all repayments of the principal thereof
shall be recorded by the Bank and, prior to any transfer hereof,
endorsed by the Bank on the schedule attached hereto, or on a
continuation of such schedule attached to and made a part hereof;
provided that the failure of the Bank to make any such
recordation or endorsement shall not affect the obligations of
the Borrower hereunder or under the Credit Agreement.

          This note is one of the Money Market Notes referred to
in the Credit Agreement dated as of June 25, 1996, between the
Borrower and the Bank (as the same may be amended from time to
time, the "Credit Agreement").  Terms defined in the Credit
Agreement are used herein with the same meanings.  Reference is
made to the Credit Agreement for provisions for the prepayment
hereof and the acceleration of the maturity hereof.

                         THE INTERPUBLIC GROUP OF COMPANIES, INC.

                              By: Alan M. Forster
                              Title: Vice Presient & Treasurer

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                    LOANS AND PAYMENTS OF PRINCIPAL


                              Amount of
          Amount    Type      Principal      Maturity  Notation
Date      of Loan   of Loan     Repaid       Date      Made By
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