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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
(Amendment No. )
Gray Communications Systems, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
389190 20 8
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(CUSIP Number)
----
Check the following box if a fee is being paid with this
statement [X]. (A fee is not required only if the filing
person: (1) has a previous statement on file reporting
beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership
of five percent or less of such class.) (See Rule 13d-7.)
*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).
(Continued on following page(s))
Page 1 of 6 Pages
CUSIP No. 389190 20 8 13G Page 2 of 6 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Citicorp 13-2614988
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a)_______
(b)_______
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
None
SHARES
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6 SHARED VOTING POWER
BENEFICALLY
None
OWNED BY
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7 SOLE DISPOSITIVE POWER
EACH
None
REPORTING
-----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
PERSON
None
WITH
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None, except through its wholly-owned subsidiary, Citibank, N.A.
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
See Line 9, above
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
HC
- --------------------------------------------------------------------------------
* SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 389190 20 8 13G Page 3 of 6 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CIITIBANK, N.A. 13-5266470
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a)_______
(b)_______
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
212,405
SHARES
-----------------------------------------------------------
6 SHARED VOTING POWER
BENEFICALLY
None
OWNED BY
-----------------------------------------------------------
7 SOLE DISPOSITIVE POWER
EACH
212,405
REPORTING
-----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
PERSON
None
WITH
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
212,405
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.20%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
CO
- --------------------------------------------------------------------------------
* SEE INSTRUCTION BEFORE FILLING OUT!
* Formerly known as Citicorp Investments, Inc.
Page 4 of 6 Pages
SCHEDULE 13G
Item 1(a) Name of Issuer: Gray Communications Systems, Inc.
Item 1(b) Address of Issuer's Principal 126 North Washington St.
Albany, NY 31701
Item 2(a) Names of Persons: Citicorp and its wholly-owned
subsidiary, Citibank, N.A.
Item 2(b) Address of Principal
Business Office:
Citicorp
Citibank, N.A.
399 Park Avenue
New York, N.Y. 10043
Item 2(c) Citizenship: Citicorp: Delaware;
Citibank, N.A.: A national banking
association.
Item 2(d) Title of Class of Securities: Common Stock
Item 2(e) CUSIP Number: 389190 20 8
Item 3 The persons filing this Schedule pursuant to either Rule 13d-1(b) or
Rule 13d-2(b) are:
Citicorp: (g) Parent Holding Company, in
accordance with ss.240.13d-1 (b) (ii)
(G).
Citibank, N.A.: (b) Bank as defined in ss.3 (a)(6) of
the Act;
Page 5 of 6 Pages
Item 4 Ownership
(a) Total Amount Beneficially Owned: 212,405
(b) Percent of Class: 6.20%
(c) Total Number of Shares as to which such persons have:
(i) sole power to vote or to direct the vote
212,405
(ii) shared power to vote or to direct
None
(iii) sole power to dispose or to direct
the disposition of
212,405
(iv) shared power to dispose or to
direct the disposition of
None
Item 5 Ownership of Five Percent or Less of a Class:
[x] Not applicable.
[_] This statement is being filed to report the fact that as of
December 31, 1996, the reporting persons had ceased to be the
beneficial owners of more than five percent of the securities
described.
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
None
Item 7 Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company:
See Items 2(a) and 3.
Item 8 Identification and Classification of Members of the Group:
Not applicable.
Item 9 Notice of Dissolution of Group:
Not applicable.
Page 6 of 6 Pages
ITEM 10 CERTIFICATION: By signing below I certify that, to the best of my
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
purposes or effect. SIGNATURE: After reasonable inquiry and to the
best of my knowledge and belief, I certify that the information set
forth in this statement is true, complete and correct. NOTE:
Signatures below are for Citicorp and Citibank, N.A., and those
subsidiaries holding the issue, indicated by check below. All data
shown is as of December 31, 1996.
FEBRUARY 14, 1997 CITICORP
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DATE
By /s/Patricia K. Perlman
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Patricia K. Perlman
Assistant Secretary, Citicorp
CITIBANK, N.A.
By /s/Patricia K. Perlman
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Patricia K. Perlman
Vice President, Citibank N.A.
CITIBANK, N.A.
By /s/Denise Welsh
-----------------------------------
Denise Welsh
Vice President
Chief-of-Staff, PBG/CGAM
Citibank N.A.
Copies to:
Corporate Secretary