GRAHAM DONALD G JR
SC 13G, 1998-02-13
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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. ___)*


                             FISHER COMPANIES INC.
                             ---------------------
                                (Name of Issuer)

                         COMMON STOCK, PAR VALUE $1.25
                         -----------------------------
                         (Title of Class of Securities)

                                  337756 20 9
                                  -----------
                                 (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).



                               Page 1 of 4 pages
<PAGE>
 
- -----------------------                                  ---------------------
 CUSIP NO. 337756 20 9                 13G                 PAGE 2 OF 4 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      
      DONALD G. GRAHAM, JR.

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
      N/A                                                       (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
      UNITED STATES

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5   
     NUMBER OF            36,960  SHARES
                          232,816 SHARES (O.D. FISHER INVESTMENT CO.)
      SHARES              214,368 SHARES (TRUSTS UNDER WILLS OF NELLIE H. FISHER
                                  AND O.D. FISHER)
   BENEFICIALLY 
                   -----------------------------------------------------------
     OWNED BY             SHARED VOTING POWER
                     6
       EACH               
                
    REPORTING      -----------------------------------------------------------
                          SOLE DISPOSITIVE POWER
      PERSON         7    
                          36,960 SHARES
       WITH     
                   -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
                     8
                          232,816 SHARES (O.D. FISHER INVESTMENT CO.)

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9  
      484,144 SHARES     

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
 
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
      11.3%   

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
      IN    

- ------------------------------------------------------------------------------
<PAGE>
 
                                                                     Page 3 of 4

Item 1 (a):  NAME OF ISSUER
- -----------                

                  FISHER COMPANIES INC.

Item 1 (b):  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
- -----------                                                 

                  1525 One Union Square
                  600 University Street
                  Seattle, Washington 98101

Item 2 (a):  NAME OF PERSON FILING
- -----------                       

                  Donald G. Graham, Jr.

Item 2 (b):  ADDRESS OF PRINCIPAL BUSINESS OFFICE
- -----------                                      

                  1525 One Union Square
                  600 University Street
                  Seattle, Washington 98101

Item 2 (c):  CITIZENSHIP
- -----------             

                  United States

Item 2 (d):  TITLE OF CLASS OF SECURITIES
- -----------                              

                  Common Stock, $1.25 par value

Item 2 (e):  CUSIP NUMBER
- -----------              

                  337756 20 9

Item 3:      This statement is not filed pursuant to Rules 13d-1 (b) or 13d-2,
- -------      and therefore this item is not applicable.                       
                                                     
Item 4:      OWNERSHIP
- -------               

                  (a)  Amount Beneficially Owned:

                       484,144 shares

                  (b)  Percent of Class:

                       11.3 %

                  (c) Number of Shares as to Which Such Person Has:

                       (i)   sole power to vote or direct the vote:

                             484,144 Shares

                       (ii)  Shares power to vote or direct the vote:

                             0 Shares
<PAGE>
 
                                                                     Page 4 of 4


                  (iii) Sole power to dispose or to direct the disposition of:

                             36,960 Shares

                  (iv)  Shared power to dispose or to direct the disposition of:

                            232,816 Shares

Item 5:      OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
- -------                                                  

                  Not Applicable

Item 6:      OWNERSHIP OF NOT MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
- -------                                                                         

                  Not Applicable

Item 7:      IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
- -------      THE SECURITY BEING REPORTED 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

Item 10:     CERTIFICATION
- --------                  

                  Not Applicable


                                   SIGNATURE
                                   ---------

       After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in the statement is true, complete and
correct.


February 6, 1998
- ----------------
Date


/s/ Donald G. Graham, Jr.
- -------------------------
Signature


DONALD G. GRAHAM, JR.
- ---------------------
Name (Typed)


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