NORWEST CORP
SC 13G/A, 1994-07-08
NATIONAL COMMERCIAL BANKS
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<PAGE>
 
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                  SCHEDULE 13G

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934

                               (Amendment No. 4)
                                        
                           Westmoreland Coal Company
                                  -----------
                                (Name of Issuer)

                               Depositary Shares
                                 ------------
                         (Title of Class of Securities)

                                   960878 30 4
                                   -----------
                                 (CUSIP Number)



  Check the following 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 of such class.)  (See
  Rule 13d-7.)

  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).




                                       1

<PAGE>
 
CUSIP NO.  960878 30 4    13G 


1   NAME OF REPORTING PERSON
    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

          Norwest Corporation
          Tax Identification No.  41-0449260
 
 
- --------------------------------------------------------------------------------
2   CHECK THE APPROPRIATE LINE IF A MEMBER OF A GROUP*        (A)   ______
                                                              (B)   ______
 
- --------------------------------------------------------------------------------
3   SEC USE ONLY
 
 
- --------------------------------------------------------------------------------
 
4   CITIZENSHIP OR PLACE OF ORGANIZATION
 
            Delaware
- --------------------------------------------------------------------------------
  NUMBER OF     5   SOLE VOTING POWER
 
   SHARES                
                          0   
BENEFICIALLY        -----------------------------------------------------------
                    SHARED VOTING POWER
  OWNED BY      6
                          500   
    EACH            -----------------------------------------------------------
                7   SOLE DISPOSITIVE POWER
 REPORTING                         
                          0       
   PERSON       8   -----------------------------------------------------------
                    SHARED DISPOSITIVE POWER
    WITH                           
                          0     
- --------------------------------------------------------------------------------
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
            
            500  
- --------------------------------------------------------------------------------
10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [_]

- --------------------------------------------------------------------------------
11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
            LESS THAN 5%           
- --------------------------------------------------------------------------------
12  TYPE OF REPORTING PERSON*
 
            HC
- --------------------------------------------------------------------------------

                                       2

<PAGE>
 
CUSIP NO.  960878 30 4                      13G 

- --------------------------------------------------------------------------------
1   NAME OR REPORTING PERSON
    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

              Norwest Colorado, Inc.
              Tax Identification No.  84-1187164
- --------------------------------------------------------------------------------
2   CHECK THE APPROPRIATE LINE IF A MEMBER OF A GROUP*          (A)   ______
                                                                (B)   ______
 
- --------------------------------------------------------------------------------
3   SEC USE ONLY
 
 
- --------------------------------------------------------------------------------
4   CITIZENSHIP OR PLACE OF ORGANIZATION
 
              COLORADO
- --------------------------------------------------------------------------------
  NUMBER OF    5   SOLE VOTING POWER
 
   SHARES                 0  
                   ------------------------------------------------------------
BENEFICIALLY       SHARED VOTING POWER
               6
  OWNED BY                500 
                   ------------------------------------------------------------
    EACH       7   SOLE DISPOSITIVE POWER
               
  REPORTING               0  
                   ------------------------------------------------------------
   PERSON      8   SHARED DISPOSITIVE POWER
               
    WITH                  0    
- --------------------------------------------------------------------------------
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
          500  
 
- --------------------------------------------------------------------------------
10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES[_]
 
 
- --------------------------------------------------------------------------------
11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
          LESS THAN 5%
- --------------------------------------------------------------------------------
12  TYPE OF REPORTING PERSON*
 
          HC
- --------------------------------------------------------------------------------

                                       3

<PAGE>
 
CUSIP NO.  960878 30 4                          13G

- --------------------------------------------------------------------------------
1   NAME OF REPORTING PERSON
    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

              Norwest Bank Colorado, National Association 
              Tax Identification No. 84-0187632
- --------------------------------------------------------------------------------
2   CHECK THE APPROPRIATE LINE IF A MEMBER OF A GROUP*         (A)   ______
                                                               (B)   ______
 
 
- --------------------------------------------------------------------------------
    SEC USE ONLY
 
 
- --------------------------------------------------------------------------------
4   CITIZENSHIP OR PLACE OF ORGANIZATION
 
              United States of America
- --------------------------------------------------------------------------------
  NUMBER OF    5   SOLE VOTING POWER
 
   SHARES                0  
                   ------------------------------------------------------------
BENEFICIALLY   6   SHARED VOTING POWER
               
  OWNED BY               500 
               7   ------------------------------------------------------------
    EACH           SOLE DISPOSITIVE POWER
                                 
 REPORTING               0  
               8   ------------------------------------------------------------
   PERSON          SHARED DISPOSITIVE POWER
                            
    WITH                 0    
- --------------------------------------------------------------------------------
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
          500  
 
- --------------------------------------------------------------------------------
10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES[_]
 

 
- --------------------------------------------------------------------------------
11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
          LESS THAN 5%
- --------------------------------------------------------------------------------
12  TYPE OF REPORTING PERSON*
 
          BK
- --------------------------------------------------------------------------------

                                       4


<PAGE>
 

                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                  SCHEDULE 13G
                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (Amendment No. 4)


Item 1(a)          Name of Issuer:
- ---------          --------------

                   Westmoreland Coal Company           

Item 1(b)          Address of Issuer's Principal Executive Offices:
- ---------          ----------------------------------------------- 

                   700 The Bellevue           
                   200 So. Broad St. 
                   Philadelphia, PA 19102

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

                   1.  Norwest Corporation

                   2.  Norwest Colorado, Inc. ("NCI")

                   3.  Norwest Bank Colorado, National Association ("NBC")

                   This statement is filed by Norwest Corporation on behalf of
                   all of the persons listed above pursuant to Rule 13d-1(b). 
                   Attached is an agreement among the persons listed above to
                   that effect.  NCI is a direct subsidiary of Norwest
                   Corporation.  NBC is a direct subsidiary of NCI and an
                   indirect subsidiary of Norwest Corporation.

                                       5


<PAGE>
 
Item 2(b)     Address of Principal Business Office(s):
- ---------     --------------------------------------- 

              1.  Norwest Corporation
                  Norwest Center
                  Sixth and Marquette
                  Minneapolis, MN  55479-1000

              2.  Norwest Colorado, Incorporated
                  One United Bank Center
                  1700 Lincoln Street
                  Denver, CO  80274-0010

              3.  Norwest Bank Colorado, National Association
                  1700 Broadway
                  Denver, CO  80274-0005

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

              1.  Norwest Corporation is a Delaware corporation.
              2.  NCI is a Colorado corporation.
              3.  NBC is a national banking association.

Item 2(d)     Title of Class of Securities:
- ---------     ---------------------------- 
  
              Depositary Shares (each representing 1/4 share of Series A 
              Convertible Exchangeable Preferred Stock)

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

              960873 30 4

Item 3        Type of Person:
- ------        -------------- 

              (g)  Parent holding company for Norwest Corporation
              (g)  Parent holding company for NCI
              (b)  Bank for NBC
          
Item 4        Ownership:
- ------        --------- 

              1.  Norwest Corporation

              (a)  Amount Beneficially Owned.  At June 30, 1994, Norwest
              Corporation was deemed to own, indirectly through its
              subsidiaries, 500 shares, consisting solely of the shares
              reported below as held by NBC. This amount represented less than
              5% of the depositary shares outstanding at that date. Norwest
              Corporation has no              

                                       6






<PAGE>

          rights to acquire additional shares through the exercise of options or
          otherwise.

          2.  NCI

          (a)  Amount Beneficially Owned.  At June 30, 1994, NCI was deemed
          to own, indirectly through its subsidiaries, 500 shares, consisting
          solely of shares reported below as held by NBC. This amount
          represented less than 5% of the total depositary shares outstanding at
          that date. NCI has no rights to acquire additional shares through the
          exercise of options or otherwise.

          3.  NBC

          (a)  Amount Beneficially Owned.  At June 30, 1994, NBC was deemed
          to own 500 shares. This amount represented less than 5% of the total 
          depositary shares outstanding at that date. NCI has no rights to 
          acquire additional shares through the exercise of options or 
          otherwise.

          The persons filing disclaim beneficial ownership of, and the filing of
          this statement shall not be construed as an admission that the persons
          filing are beneficial owners of, the shares covered by this statement
          for purposes of Sections 13, 14, or 16 of the Act.

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

          If this statement is being filed to report the fact that as of the
          date hereof the reporting persons have ceased to be the beneficial
          owners of more than five 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 Exhibit A

Item 8    Identification and Classification of Members of the Group:
- ------    --------------------------------------------------------- 

          Not Applicable

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

          Not Applicable

                                       7
<PAGE>
 
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.

Dated:  July 8, 1994

NORWEST CORPORATION

By  /s/ Stanley S. Stroup
    ---------------------------------------------
        Stanley S. Stroup, Executive Vice President
          and General Counsel

                                       8
<PAGE>
 

                                   EXHIBIT A
                                   ---------

(Attached to and forming a part of Schedule 13G filed by Norwest Corporation on
its own behalf and on behalf of Norwest Colorado, Inc. and Norwest Bank 
Colorado, National Association regarding Westmoreland Coal Company Depositary 
Shares.)

Item 7
- ------


       (a) Norwest Bank Colorado, National Association is a bank - Item 3(b)

       (b) Norwest Colorado, Inc. is a parent holding company - Item 3(g)

      
                                       9


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