FARR CO
SC 13G/A, 1999-01-29
GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC
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<PAGE>
 

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


                                 SCHEDULE 13G


                   Under the Securities Exchange Act of 1934
                              (Amendment No. 1)*


                                 Farr Company
- --------------------------------------------------------------------------------
                                (Name of Issuer)
 
                                 Common Stock
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   311648109
                        ------------------------------
                                 (CUSIP Number)


*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).

SEC 1745 (2/92)                Page 1 of 7 pages
<PAGE>


- -------------------                                            -----------------
CUSIP No. 311648109                 13G                        Page 2 of 7 Pages
- -------------------                                            -----------------
 
- --------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                                                                                
      Wanger Asset Management, L.P. 36-3820584
                          
- --------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
      Not Applicable                                            (b) [_]
                                                 
- --------------------------------------------------------------------------------
      SEC USE ONLY
 3
 
- --------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4                                 
      Delaware

- --------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5                                                       
     NUMBER OF            None
 
      SHARES       -------------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6       
                          491,900
     OWNED BY
                   -------------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7       
    REPORTING             None
 
      PERSON       -------------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8       
                          491,900
- --------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9                           
      491,900
- --------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10    
      Not Applicable
 
- --------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11           
      5.56%

- --------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12           
      IA      

- --------------------------------------------------------------------------------
                     *SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>


- -------------------                                            -----------------
CUSIP No. 311648109                 13G                        Page 3 of 7 Pages
- -------------------                                            -----------------
 
- --------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                                                                                
      Wanger Asset Management, Ltd.
                          
- --------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
      Not Applicable                                            (b) [_]
                                                 
- --------------------------------------------------------------------------------
      SEC USE ONLY
 3
 
- --------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4                                 
      Delaware

- --------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5                                                       
     NUMBER OF            None
 
      SHARES       -------------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6       
                          491,900
     OWNED BY
                   -------------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7       
    REPORTING             None
 
      PERSON       -------------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8       
                          491,900
- --------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9                           
      491,900
- --------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10    
      Not Applicable
 
- --------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11           
      5.56%

- --------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12           
      CO      

- --------------------------------------------------------------------------------
                     *SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>


Item 1(a)      Name of Issuer:

               Farr Company

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

               2221 Park Place
               El Segundo, California 90245

Item 2(a)      Name of Person Filing:

               Wanger Asset Management, L.P. ("WAM")
               Wanger Asset Management Ltd., the general partner of WAM 
               ("WAM LTD.")

Item 2(b)      Address of Principal Business Office:

               WAM and WAM LTD. are located at:
               227 West Monroe Street, Suite 3000
               Chicago, Illinois 60606

Item 2(c)      Citizenship:

               WAM is a Delaware limited partnership.
               WAM LTD. is a Delaware corporation.

Item 2(d)      Title of Class of Securities:

               Common Stock

Item 2(e)      CUSIP Number:

               311648109

Item 3         Type of Person:

               (e) WAM is an Investment Adviser registered under section 203 of
               the Investment Advisers Act of 1940; WAM LTD. is the General
               Partner of the Investment Adviser.

                               Page 4 of 7 pages
<PAGE>

 
Item 4         Ownership (at December 31, 1998):

                    (a)  Amount owned "beneficially" within the meaning of rule
                         13d-3:

                         491,900 shares

                    (b)  Percent of class:

                         5.56%

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

                             (i)  sole power to vote or to direct the vote: none
                            (ii)  shared power to vote or to direct the vote:
                                  491,900
                           (iii)  sole power to dispose or to direct the
                                  disposition of: none
                            (iv)  shared power to dispose or to direct
                                  disposition of: 491,900

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:

               The shares reported herein have been acquired on behalf of
               discretionary clients of WAM. Persons other than WAM and WAM LTD.
               are entitled to receive all dividends from, and proceeds from the
               sale of, those shares.

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 Group:

               Not Applicable

                               Page 5 of 7 pages
<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 purpose or effect.

                               Page 6 of 7 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: January 29, 1999

               The undersigned corporation, on the date above written, agrees
               and consents to the joint filing on its behalf of this Schedule
               13G in connection with its beneficial ownership of the security
               reported herein.

                                      WANGER ASSET MANAGEMENT, LTD.
                                        for itself and as general partner of
                                        WANGER ASSET MANAGEMENT, L.P.


                                       By: /s/ Bruce H. Lauer
                                           -------------------------------------
                                               Bruce H. Lauer
                                               Vice President

                               Page 7 of 7 pages


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