PRICING SUPPLEMENT NO. 1 Rule 424(b)(2)
TRADE DATE: June 4, 1996 Registration No. 333-02761
(To Prospectus Supplement dated June 3, 1996
including the Prospectus dated May 3, 1996)
PARKER-HANNIFIN CORPORATION
MEDIUM-TERM NOTES
Due More Than Nine Months from Date of Issue
Floating Rate Note ( ) 7.33% Fixed Rate Note (X)
Principal Amount: $25,000,000 Issue Price: 100%
Original Issue Date: June 7, 1996 Specified Currency: U.S. Dollars
Interest Accrual Date: June 7, 1996 Maturity Date: June 15, 2007
Redemption Date(s): N/A New Notice of
Redemption Price(s): N/A Maturity Renewal
Authorized Denominations (if other than Date(s): None Date(s): None
denominations of $1,000 and integral
multiples of $1,000 in excess thereof Interest Payment Period: Semi-Annual
in U.S. Dollars): N/A
Repayment Date(s): None Interest Payment Dates:
Repayment Price(s): None June 15 and December 15
Total Amount of OID: N/A
Yield to Maturity: N/A Global Security: (X) Yes ( ) No
Initial Accrual Period OID: N/A Exchange Rate Agent: N/A
Method Used to Determine Historical Exchange Rate: N/A
Yield to Maturity and Initial
Accrual Period OID: N/A
(Only applicable to Floating
Rate Notes): Spread (plus or minus): N/A
Initial Interest Rate: N/A Spread Multiplier: N/A
Index Maturity: N/A Maximum Interest Rate: N/A
Base Rate(s): N/A Minimum Interest Rate: N/A
If LIBOR, Designated LIBOR Page: N/A Calculation Rate Agent: N/A
( ) LIBOR Reuters
( ) LIBOR Telerate Name of Agents: Morgan Stanley & Co.
Incorporated, Salomon Brothers Inc
and Citicorp Securities, Inc.
Index Currency: U.S. Dollars Agents' Aggregate Discount or
Interest Reset Period: N/A Commission: $ 156,250
Interest Reset Dates: N/A Net Proceeds to Co.: $24,843,750
( ) Agent is acting as Agent for the sale of Notes by the Company at a price
to the public of ( ) 100% of Principal Amount or ( ) _____% of
Principal Amount.
(X) Agent is purchasing Notes from the Company as Principal for resale to
Investors and other purchasers at:
(X) a fixed initial public offering price of 100% of the principal
amount; ( ) a fixed initial public offering price of ___% of the
principal amount; or ( ) varying prices relating to prevailing market
prices at time of resale to be determined by Agent.
Additional Terms: None
