<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Information Statement Pursuant to Rules 13d-1 and 13d-2
Amendment No. 4
Payless Cashways, Inc.
-------------------------------
(Name of Issuer)
Common Stock
-------------------
(Title of Class of Securities)
704378306
------------
(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.)
(Continued on following pages)
Page 1 of 5 Pages
<PAGE>
-------------------------
CUSIP NO.
704378306
- ----------------
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Goldman, Sachs & Co.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) _____
(b) _____
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Citizenship or place of Organization
New York
- --------------------------------------------------------------------------------
Number of Shares Beneficially Owned By Each Reporting Person With
5 Sole Voting Power
0
----------------------
6 Shared Voting Power
4,094,501
----------------------
7 Sole Dispositive Power
0
----------------------
8 Shared Dispositive Power
4,094,501
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
4,094,501
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
- --------------------------------------------------------------------------------
11. Percent of Class Representing by Amount in Row (9)
10.9%
- --------------------------------------------------------------------------------
12. Type of Reporting Person
BD-PN-IA
- --------------------------------------------------------------------------------
Page 2 of 5 Pages
<PAGE>
- -------------------------
CUSIP NO.
704378306
- ----------------
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Goldman Sachs Group, L.P.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) _____
(b) _____
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Citizenship or place of Organization
Delaware
- --------------------------------------------------------------------------------
Number of Shares Beneficially Owned By Each Reporting Person With
5 Sole Voting Power
0
----------------------
6 Shared Voting Power
4,094,501
----------------------
7 Sole Dispositive Power
0
----------------------
8 Shared Dispositive Power
4,094,501
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
4,094,501
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
- --------------------------------------------------------------------------------
11. Percent of Class Representing by Amount in Row (9)
10.9%
- --------------------------------------------------------------------------------
12. Type of Reporting Person
HC-PN
- --------------------------------------------------------------------------------
Page 3 of 5 Pages
<PAGE>
Item 4. Ownership.
------- ----------
(a). Amount beneficially owned:
See the responses(s) to Item 9 on the attached cover pages(s).
(b). Percent of class:
See the response(s) to Item 11 on the attached cover pages(s).
(c). Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
See the response(s) to Item 5 on the attached cover
page(s).
(ii) Shared power to vote or direct the vote:
See the response(s) to Item 6 on the attached cover
page(s).
(iii) Sole power to dispose or to direct the disposition of:
See the response(s) to Item 7 on the attached cover
page(s).
(iv) Shared power to dispose or to direct the disposition of:
See the response(s) to Item 8 on the attached cover
page(s).
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.
Page 4 of 5 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.
Date: March 8, 1996
-
THE GOLDMAN SACHS GROUP, L.P.
By: /s/ Richard A. Friedman
-----------------------------
Name: Richard A. Friedman
Title: General Partner
GOLDMAN, SACHS & CO.
By: /s/ Richard A. Friedman
-----------------------------
Name: Richard A. Friedman
Title: General Partner
Page 5 of 5 Pages
