SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
Under the Securities Exchange Act of 1934
(Amendment No.____________)*
Gray Communications Systems Inc.
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(Name of Issuer)
Class B Common Stock
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(Title of Class of Securities)
389190208
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(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ].
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*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
CUSIP No. 389190208_____ 13G Page 2_ of _4_ Pages
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1. NAME OF REPORTING PERSON(S)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)
Standish,Ayer & Wood, Inc. 04- 1863660
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ x ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
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NUMBER OF 5. SOLE VOTING POWER
SHARES 296,300
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 296,300
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8. SHARED DISPOSITIVE POWER
0
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
296,300
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.85%
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12. TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
13G Page __ of __ Pages
Item 1. (a) Name of Issuer:
Gray Communications Systems, Inc.
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(b) Address of Issuer's Principal Executive Offices:
126 North Washington St.PO Box 48 Albany,GA. 31702- 0048
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Item 2. (a) Name of Person Filing:
Standish,Ayer & Wood,Inc.
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(b) Address of Principal Business Office, or if None, Residence:
One Financial Center Boston,MA. 02111
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(c) Citizenship:
U.S. (a Massachusetts corporation)
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(d) Title of Class of Securities:
Class B Common Stock
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(e) CUSIP Number:
389190208
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Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is a:
(a) [ ] Broker or Dealer registered under Section 15 of the
Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act,
(e) [x ] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940,
(f) [ ] Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see Section
240.13d-1(b)(ii)(F); see Item 7,
(g) [ ] Parent Holding Company, in accordance with Section
240.13d-1(b)(1)(ii)(G); see Item 7,
(h) [ ] Group, in accordance with Section
240.13d-1(b)(1)(ii)(H).
<PAGE>
13-G Page _3_ of _4_ Pages
Item 4. Ownership.
If more than five percent of the class is owned, indicate:
(a) Amount beneficially owned: see page 2, No. 9
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(b) Percent of class: see page 2, No. 11
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(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote see page 2,no.5
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(ii) Shared power to vote or to direct the vote none
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(iii) Sole power to dispose or to direct the disposition of
See page 2, No. 7
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(iv) Shared power to dispose or to direct the disposition of
None
--------------------------------------------------, and
(d) Shares which there is a right to acquire:
----------------------.
Item 5. Ownership of Five Percent or Less of a Class.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
All securities reported upon this scedule are owned by advisory
clients of Standish,Ayer and Wood, Inc. no one of which to the
knowledge of Standish,Ayer & Wood, Inc., owns more than 5% of the
class.
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security Being Reported on By the Parent Holding Company.
Not Applicable
Item 8. Identification and Classification of Members of the Group.
Not Applicaple
Item 9. Notice of Dissolution of Group.
Not Applicaple
Item 10. Certification.
By signing below -I/we- certify that, to the best of my/our
knowledge and belief, the securities referred to above were acquired
in the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having such
purpose or effect.
<PAGE>
Signature.
After reasonable inquiry and to the best of my knowledge and
belief, -I/we- certify that the information set forth in this
statement is true, complete and correct.
Date:
February 5,1998
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(Signature)*
Beverly Banfield Associate Director
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(Name/Title)
* Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
(022597DTI)
