<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Amendment No. 5
Payless Cashways, Inc.
----------------------------------
(Name of Issuer)
Common Stock, $0.01 par value
----------------------------------
(Title of Class of Securities)
704378306
----------------------------------
(CUSIP Number)
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 5. Sole Voting Power
Shares
Beneficially 0
Owned By -------------------------------
Each 6. Shared Voting Power
Reporting
Person With 633,650
-------------------------------
7. Sole Dispositive Power
0
-------------------------------
8. Shared Dispositive Power
633,650
-------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
633,650
- ----------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
- ----------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
1.7%
- ----------------------------------------------------------------
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 5. Sole Voting Power
Shares
Beneficially 0
Owned By -----------------------------------
Each 6. Shared Voting Power
Reporting
Person With 633,650
-----------------------------------
7. Sole Dispositive Power
0
-----------------------------------
8. Shared Dispositive Power
633,650
-----------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
633,650
- ----------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
- ----------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
1.7%
- ----------------------------------------------------------------
12. Type of Reporting Person
HC-PN
- ----------------------------------------------------------------
Page 3 of 5 Pages
<PAGE>
Item 4. Ownership.
Not applicable. The percent of the class owned as of
December 31, 1996 did not exceed five percent.
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 persons have ceased to be
the beneficial owners of more than five percent of the
class of securities, check the following X .
-----
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: February 14, 1997
THE GOLDMAN SACHS GROUP, L.P. GOLDMAN, SACHS & CO.
By: The Goldman Sachs Corporation,
its general partner
By: /s/ Richard A. Friedman By: /s/ Richard A. Friedman
------------------------------ -------------------------------
Name: Richard A. Friedman Name: Richard A. Friedman
Title: Executive Vice President Title: Managing Director
Page 5 of 5 Pages
