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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                  SCHEDULE 13G


                   Under the Securities Exchange Act of 1934

                               (Amendment No. 4)*

                              PMC Commercial Trust
- -------------------------------------------------------------------------------
                                (Name of Issuer)

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

                                   693434102
                        -------------------------------
                                 (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).



               CONFORMED COPY TO FILING MADE ON FEBRUARY 5, 1999








CUSIP NO.  693434102                                PAGE _____ OF____ PAGES

                                      13G


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

               PETER B. CANNELL & CO., INC.
               13-3346990
- -------------------------------------------------------------------------------
   2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                        (a) [ ]
                                                                        (b) [ ]
- -------------------------------------------------------------------------------
   3      SEC USE ONLY


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

               DELAWARE
- -------------------------------------------------------------------------------

                          5     SOLE VOTING POWER

   NUMBER OF                    512,575
    SHARES               ------------------------------------------------------
 BENEFICIALLY             6     SHARED VOTING POWER
   OWNED BY      
     EACH        
   REPORTING             ------------------------------------------------------
  PERSON WITH             7     SOLE DISPOSITIVE POWER
                 
                                512,575
                         ------------------------------------------------------
                          8     SHARED DISPOSITIVE POWER

- -------------------------------------------------------------------------------
   9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          512,575 WHICH CONSISTS SOLELY OF COMMON STOCK
- -------------------------------------------------------------------------------
  10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*


- -------------------------------------------------------------------------------
  11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

          7.87%
- -------------------------------------------------------------------------------
  12      TYPE OF REPORTING PERSON*

          IA
- -------------------------------------------------------------------------------

                      *SEE INSTRUCTION BEFORE FILLING OUT!






Item 1(a). Name of Issuer:

                              PMC Commercial Trust

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

                               17290 Preston Road
                                Dallas, TX 75252

Item 2(a). Name of Person Filing:

                          Peter B. Cannell & Co., Inc.

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

                     645 Madison Avenue, New York, NY 10022

Item 2(c). Citizenship:

                              Delaware Corporation

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

                                  Common Stock

Item 2(e). CUSIP No. 693434102

Item 3. Person filing statement is:

        (e)[X]  Investment Adviser registered under Section 203 of the
                Investment Advisers Act of 1940.

Item 4. Ownership:

        (a)     Amount Beneficially Owned: 512,575

        (b)     Percent of Class: 7.87%

        (c)     Number of shares as to which such person has sole power to
                dispose or to direct the disposition of: 512,575

Item 5. Ownership of Five Percent or less: N/A

Item 6. Ownership of More than Five Percent: N/A






Item 7. Identification and Classification of the Subsidiary: N/A.

Item 8. Identification and Classification of Members of Group: N/A.

Item 9. Notice of Dissolution: N/A.

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.



                                                        February 5, 1999
                                                 ------------------------------
                                                             (Date)


                                                         Patricia Kogan
                                                 ------------------------------
                                                           (Signature)


                                                 Patricia Kogan, Vice President
                                                 ------------------------------
                                                          (Name/Title)