FIRST CHICAGO CORP
SC 13G/A, 1995-02-13
NATIONAL COMMERCIAL BANKS
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<PAGE>
 
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON D.C. 20549


                                  SCHEDULE 13G

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                              (AMENDMENT NO. 4)*


                              JOSLYN CORPORATION
                              ------------------
                               (Name of Issuer)

                                 Common Stock
                                 ------------
                        (Title of Class of Securities)

                                  481070 10 0
                                  -----------
                                (CUSIP Number)


Check the following box if a fee is being paid with this statement / /.  (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).


<PAGE>

 
  CUSIP NO. 481070 10 0                   13G                Page 2 of 6 Pages
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 
                          
            The First National Bank of Chicago 36-0899825 
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [x]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
            

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
            United States

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF                284,974 shares
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                              -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING                 284,974 shares
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                              -0- 
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
            284,974 shares

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
 
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
            4.0%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
            BK

- ------------------------------------------------------------------------------
<PAGE>
 
  CUSIP No. 481070 10 0                   13G                Page 3 of 6 Pages
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 
                          
            First Chicago Corporation 36-2669970
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [x]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
            

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
            Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF                -0-
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                              -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING                 -0- 
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                              -0- 
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
            None except indirectly through one or more subsidiaries as reported 
            herein. See Item 4.

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
 
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 
11    
            -0-

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
            CO HC

- ------------------------------------------------------------------------------


<PAGE>
 
Item 1(a).   Name of Issuer:
             -------------- 

             Joslyn Corporation (the "Company")
   
Item 1(b).   Address of Issuer's Principal Executive Offices:
             ----------------------------------------------- 

             Two North Riverside Plaza
             Chicago, Illinois 60670

Item 2(a).   Name of Person Filing:
             --------------------- 

             First Chicago Corporation ("FCC") is filing this statement on
             behalf of itself and its wholly-owned subsidiary, The First
             National Bank of Chicago ("FNBC").  The agreement of FCC and 
             FNBC to file joint disclosure statements on Schedule 13G was 
             filed previously as Exhibit A hereto.

Item 2(b).   Address of Principal Business Office:
             ------------------------------------ 

             For FCC and FNBC:
             One First National Plaza
             Chicago, Illinois 60670

Item 2(c).   Citizenship:
             ----------- 

             FNBC is a national banking association organized under the laws of
             the United States.  FCC is a corporation organization under the
             laws of the State of Delaware

Item 2(d).   Title of Class of Securities:
             ---------------------------- 

             Common Stock (the "Common")

Item 2(e).   CUSIP Number
             ------------

             481070 10 0

Item 3.      Type of Person Filing:
             --------------------- 

             (b)  FNBC is a Bank as defined in Section 3(a)(6) of the Act.
             (g)  FCC is a Parent Holding Company, in accordance with
             Section 240.13d-1(b)(ii)(G).

Item 4.      Ownership:
             --------- 

             (a)-(b)  FNBC holds 284,974 shares solely in a fiduciary capacity,
             representing 4.0% of the Company's Common.  FCC may be deemed to
             be the beneficial owner of the shares held by FNBC and of 64,525
             shares of Common which are held in a fiduciary capacity by American
             National Bank and Trust Company of Chicago ("ANB"), solely by
             virtue of FCC's ownership of FNBC and ANB.  The shares which FCC
             may be deemed beneficially to own represent 4.6% of


<PAGE>
 
             the Company's Common. For purposes of Regulation 13D-G, FCC and
             FNBC may no longer be considered to be Reporting Persons.

             (c) ANB has sole voting power over 46,625 shares, sole dispositive
             power over 46,375 shares and shared dispositive power over 250
             shares. See also items 5 through 9 and item 11 of pages 2 and 3
             hereof.

Item 5.      Ownership of Five Percent or Less of a Class:
             -------------------------------------------- 

             If this statement is being filed to report the fact that as of the
             date hereof the Reporting Person has ceased to be the beneficial
             owner of more than 5 percent of the class of securities, check the
             following [X].

Item 6.      Ownership of More Than Five Percent on Behalf of Another Person:
             ----------------------------------------------------------------

             Not applicable.

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 Member of the Group:
             -------------------------------------------------------- 

             Not applicable.

Item 9.      Notice of Dissolution of Group:
             ------------------------------ 

             Not applicable.

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
             purpose or effect.

Disclaimer
- ----------

   First Chicago Corporation expressly declares that the filing of this
statement shall not be construed as an admission that First Chicago Corporation,
is, for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of
1934, the beneficial owner of any securities covered by this statement.
<PAGE>
 
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.

Date:  February 10, 1995

                        
                                           FIRST CHICAGO CORPORATION


                                                /s/ Maurice E. Moore
                                           By:  _______________________
                                                Maurice E. Moore
                                                Senior Vice President and
                                                Treasurer

<PAGE>
 


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