GLATFELTER P H CO
SC 13G, 1995-02-09
PAPER MILLS
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<PAGE>
 
                                        ----------------------------
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           UNITED STATES                ----------------------------
 SECURITIES AND EXCHANGE COMMISSION      OMB Number: 3235-0145
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                                        ----------------------------



                                 SCHEDULE 13G


                   Under the Securities Exchange Act of 1934
                              (Amendment No. 12)*

                           P. H. GLATFELTER COMPANY
      -------------------------------------------------------------------
                               (Name of Issuer)

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



                                  377316 10 4
                             ---------------------
                                (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 1 of 6 pages
<PAGE>
 
- ---------------------------                          ---------------------------
CUSIP NO.   377316 10 4              13 G             Page  2  of   6  Pages
- ---------------------------                          ---------------------------
================================================================================
   1   NAME OF REPORTING PERSON
       S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 
            Philip H. Glatfelter III    S.S. # ###-##-####
- --------------------------------------------------------------------------------
   2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 
                                    (a)  [_]

                                    (b)  [X]
- --------------------------------------------------------------------------------
   3   SEC USE ONLY

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

================================================================================
                5  SOLE VOTING POWER
     
                      None
   NUMBER OF   -----------------------------------------------------------------
    SHARES      6  SHARED VOTING POWER   
 BENEFICIALLY     
   OWNED BY           6,239,880** 
     EACH      -----------------------------------------------------------------
   REPORTING    7  SOLE DISPOSITIVE POWER
    PERSON    
     WITH             None
               -----------------------------------------------------------------
                8  SHARED DISPOSITIVE POWER
 
                      6,239,880**
================================================================================
   9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
            10,316,376**
- --------------------------------------------------------------------------------
   10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
 
                                     [X]
- --------------------------------------------------------------------------------
   11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
 
            23.5%
- --------------------------------------------------------------------------------
   12  TYPE OF REPORTING PERSON*
 
            IN
================================================================================

                      *SEE INSTRUCTION BEFORE FILLING OUT!
**See Item 4 below.
<PAGE>
 
                                  SCHEDULE 13G



Item 1.

            (a)    Name of Issuer:

                   P. H. Glatfelter Company
                   --------------------------------------------------

            (b)    Address of Issuer's Principal Executive Offices:

                   228 South Main Street
                   Spring Grove, PA  17362
                   --------------------------------------------------
 

Item 2.

            (a)    Name of Person Filing:

                   Philip H. Glatfelter III
                   --------------------------------------------------
 

            (b)    Address of Principal Business Office or, if none, 
                   Residence:

                   228 South Main Street
                   Spring Grove, PA  17362
                   --------------------------------------------------
 

            (c)    Citizenship:

                   United States
                   --------------------------------------------------


            (d)    Title of Class of Securities:

                   Common Stock
                   --------------------------------------------------


            (e)    CUSIP Number:

                   377316 10 4
                   --------------------------------------------------
 

                               Page 3 of 6 pages
<PAGE>
 
Item 3.     If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b),
            check whether the person filing is a:
                                                                               
            Not Applicable                                                     
                                                                               
Item 4.     Ownership.                                                         
                                                                               
            Amount Beneficially Owned:                                         
                                                                               
            10,316,376*                                                        
            --------------------------------------------------                 
                                                                               
            * Mr. Glatfelter has the right to acquire 5,967,772 of the shares   
            included in this number, of which 1,891,276 are also included      
            below in the number of shares as to which he exercises shared      
            voting and dispositive power.  Mr. Glatfelter disclaims            
            beneficial ownership of 139,080 shares owned by his wife, which    
            are not included in this number.  All shares beneficially owned    
            by Mr. Glatfelter are subject to the P.H. Glatfelter Family        
            Shareholders' Voting Trust dated July 1, 1993, however, Mr.        
            Glatfelter may withdraw any or all of such shares from the Voting   
            Trust subject to certain conditions.  Shares beneficially owned    
            by other Glatfelter family members are also subject to the Voting   
            Trust.                                                             
                                                                               
                                                                               
            Percent of Class:                                                  
                                                                               
            --------------------------------------------------
                                                                               
            Number of shares as to which such person has:                      
                                                                               
              (i)  sole power to vote or to direct the                         
                   vote:  None                                                 
                          ------------------------------------                 
             (ii)  shared power to vote or to direct                           
                   the vote: 6,239,880                                         
                            ----------------------------------                 
                                                                               
            (iii)  sole power to dispose or to direct the                      
                   disposition of: None                                        
                                   ----------------------------                
             (iv)  shared power to dispose or to direct the                    
                   disposition of: 6,239,880                                   
                                  ----------------------------                 
                                                                               
Item 5.     Ownership of Five Percent or Less of a Class:                      
                                                                               
            Not Applicable                                                     
            --------------------------------------------------                 
                                                                               

                               Page 4 of 6 pages
<PAGE>
 
Item 6.     Ownership of More than Five Percent on Behalf of Another Person:   
                                                                               
            The beneficiaries of the trusts of which Philip H. Glatfelter III   
            is co-trustee collectively have the right to receive dividends     
            from more than 5% of the outstanding shares of Common Stock of 
            P. H. Glatfelter Company.
                                                                               
                                                                               
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 Applicable                                                     
            --------------------------------------------------                 
                                                                               
                                                                               
Item 9.     Notice of Dissolution of Group:                                    
                                                                               
            Not Applicable                                                     
            --------------------------------------------------                 
                                                                               
                                                                               
Item 10.    Certification:                                                     
                                                                               
            Not Applicable                                                      


                               Page 5 of 6 pages
<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.


February 14, 1994                             /s/ PHILIP H. GLATFELTER III
Date                                     ---------------------------------------
                                                        Signature


                                                PHILIP H. GLATFELTER III
                                         ---------------------------------------
                                                        Name/Title



                               Page 6 of 6 pages


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