UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Murray, John M
2777 Walden Avenue
Buffalo, NY 14225
USA
2. Issuer Name and Ticker or Trading Symbol
American Precision Industries Inc.
APR
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
12/97
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
VP-Finance and Treasurer
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common stock, $2/3 par valu|12/29/|M | |643 |A |10.9 | | | |
e |97 | | | | | | | | |
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Common Stock, $2/3 par valu|12/29/|F | |116 |D |21.15625 |843 |D | |
e |97 | | | | | | | | |
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Common Stock, $2/3 par valu| | | | | | |600 (a) |I |By spouse |
e | | | | | | | | | |
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<CAPTION>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee stock option |10.9 |12/29|M | |643 |D |(b) |4/17/|Common stock|643 | |5,607 |D | |
(right to buy) | |/97 | | | | | |99 | | | | | | |
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Employee Stock Option |17.5 |4/25/| | |8,000 |A |(b) |4/24/|Common stock|8,000 | |8,000 |D | |
(right to buy) | |97 | | | | | |07 | | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(a) The reporting person disclaims beneficial ownership of these securities,
and this report shall not be deemed an admission that the reporting person is
the beneficial owner of such securities for
purposes of Section 16 or any other
purpose.
(b)Options granted to reporting person become excercisable in five annual
installments of 20% each beginning on the first anniversary of the date of
grant.
SIGNATURE OF REPORTING PERSON
/s/John M. Murray
DATE
01/09/98
