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

                                 SCHEDULE 13G
                   Under the Securities Exchange Act of 1934
                              (Amendment No.4)*

                            WAXMAN INDUSTRIES, INC.
________________________________________________________________________________
                               (Name of Issuer)

                                 COMMON STOCK
________________________________________________________________________________
                        (Title of Class of Securities)

                                   94412410
________________________________________________________________________________
                                (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 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).


CUSIP No. 94412410                  13G              Page 2 of 5 Pages

 1) Name of Reporting Person
    S.S. or I.R.S. Identification No. of Above Person
    WEISS, PECK & GREER, L.L.C.


 2) Check the Appropriate Box if a Member of a Group (See Instructions)

                                                                    (a)  / /
                                                                    (b)  /x/

 3) SEC Use Only

 4) Citizenship or Place of Organization
    NEW YORK


                    (5) Sole Voting Power
                        0

Number of Shares
                    (6) Shared Voting Power
 Beneficially           1,286,400

 Owned by Each
                    (7) Sole Dispositive Power
Reporting Person        0

     With
                    (8) Shared Dispositive Power
                        1,286,400


 9) Aggregate Amount Beneficially Owned by Each Reporting Person
    1,286,400


10) Check box if the Aggregate Amount in Row (9) Excludes Certain Shares
    (See Instructions)   /x/

11) Percent of Class Represented by Amount in Row 9
    10.96% 


12) Type of Reporting Person (See Instructions)
    BD,IA,PN 
    


CUSIP No. 94412410                  13G              Page 3 of 5 Pages


Item 1(a).Name of Issuer:  Waxman Industries, Inc.

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

                24460 Aurora Road
                Bedford Heights, OH 44146

Item 2(a).Name of Person Filing:  Weiss, Peck & Greer, L.L.C. ("WPG")

Item 2(b).Address of Principal Business Office, or if None, Residence:

         One New York Plaza
        New York, NY 10004

Item 2(c).Citizenship:  WPG is a limited liability company, organized
                under the laws of the State of Delaware

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

Item 2(e).CUSIP Number: 94412410

Item 3. If this statement is Filed Pursuant to Rules 13d-1(b) or
                13d-2(b), Check Whether the Person Filing is a:

(a)( X )Broker or Dealer registered under Section 15 of
                the Securities Exchange Act of 1934 (the "Act")
(b)(   )Bank as defined in Section 3(a) (6) of the Act
(c)(   )Insurance Company as defined in Section 3(a) (19) of the Act
(d)(   )Investment Company registered under Section 8 of the
                Investment Company Act of 1940
(e)( X )Investment Adviser registered under Section 203 of the
                Investment Advisers Act of 1940
(f)(   )Employee Benefit Plan, Pension Fund which is subject
                to the provisions of the Employee Retirement Income
                Security Act of 1974 or Endowment Fund; see Sec. 240.13d-1(b)
                (1) (ii) (F)
(g)(   )Parent Holding Company, in accordance with Sec. 240.13d-1(b)
                (ii) (G) (Note:  See Item 7)
(h)(   )Group, in accordance with paragraph 240.13d-1(b) (1) (ii) (H)

CUSIP No. 94412410                  13G              Page 4 of 5 Pages

Item 4.Ownership:

(a)Amount Beneficially Owned: 1,286,400 as of December 31, 1995.

(b)Percent of Class: 10.96% (based on the 11,700,000 shares of common
        stock reported to be outstanding in the Form 10-Q filed for the
        period ending September 30, 1995).

(c)Number of shares as to which such person has:

        (i) sole power to vote:     -0-


       (ii) shared power to vote or to direct the vote:1,286,400

      (iii) sole power to dispose or to direct the disposition of:     -0-

       (iv) shared power to dispose or to direct the disposition of:
            1,286,400

Item 5.Ownership of Five Percent or Less of a Class:

Not applicable.

Item 6.Ownership of More Than Five Percent on Behalf of Another Person:

This Statement on Schedule 13G ("Schedule 13G") is filed by WPG, a Delaware
limited liability company which is registered as a broker-dealer under Section
15 of the Act, and as an investment adviser under Section 203 of the Investment
Advisers Act of 1940, as amended.

This Schedule 13G is being filed with respect to 1,286,400 shares of common
stock of Waxman Industries, Inc. (the "Common Stock") held by WPG at December
31, 1995 for the discretionary accounts of certain clients.  By reason of Rule
13d-3 under the Act, WPG may be deemed to be a "beneficial owner" of such Common
Stock. WPG expressly disclaims beneficial ownership of the Common Stock.  Each
client has the right to receive or the power to direct the receipt of dividends
from, or the proceeds from the sale of, such Common Stock purchased for his
account.  To the knowledge of WPG, no person has the right to receive or the
power to direct the receipt of dividends from, or the proceeds from the sale of,
such Common Stock which represents more than 5% of the outstanding shares of the
Common Stock referred to in Item 4(b) hereof.

This Schedule 13G is not being filed with respect to the shares of 
Common Stock which may be owned by principals of WPG, or by their 
respective spouses, or as custodian or trustee for their respective
family members or by their respective family foundations, since 

CUSIP No. 94412410                  13G              Page 5 of 5 Pages

WPG does not possess or share voting or investment power with 
respect to such Common Stock.  Each of such principals disclaims,
pursuant to Rule 13d-4, that he or she is the beneficial owner, within the
meaning of Rule 13d-3, of the shares of Common Stock owned by the various
parties referred to in this Schedule 13G, other than such shares as the
respective principal owns of record.

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 the Group:

 Not applicable.

Item 10. Certification:


By signing below, Richard S. Pollack, General Counsel of WPG, certifies that, to
the best of his knowledge and belief, securities referred to above as being held
or owned beneficially by WPG 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.

                                   SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.

Dated:    February 9, 1996


WEISS, PECK & GREER, L.L.C.


By:Richard S. Pollack
 
Richard S. Pollack
General Counsel

Attention:  Intentional misstatements or omissions of fact constitute Federal 
criminal violations (see 18 U.S.C. 1001).