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
PISTELL, TIMOTHY K
17325 Euclid Avenue
Cleveland, OH 44112
2. Issuer Name and Ticker or Trading Symbol
PARKER-HANNIFIN CORPORATION
PH
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
01/31/97
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)
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>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
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)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |(1) |(1) |V|171.3289 |A |(1) |2502.8690(2) |I |(1) |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock |8/22/9|A(3)| |2,273 |A |(3) |3,265 |D | |
|6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock |1/23/9|M | |2,550 |A |$20.17 |3,265 |D | |
|7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock |1/22/9|S | |2,550 |D |$43.125 |3,265 |D | |
|7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
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)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option to buy |$20.17 |1/23/|M | |2,550 |D |4/22/|4/21/|Common Stock|2,550 |(4) |0(5) |D | |
| |97 | | | | |94 |03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option to buy |$37.00 |8/15/|A | |3,300 |A |8/15/|8/14/|Common Stock|3,300 |(6) |(5) |D | |
| |96 | | | | |97 |06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(1) During the period January 1, 1996, through September 30, 1996, Mr. Pistell
acquired shares in the
Parker-Hannifin Savings Plus Plan, a Rule 16b-3 plan, as
follows:
1.3267 shares through the reinvestment of dividends at an average cost of
$40.0091 per share; and
170.0022 shares through matching contributions by the Corporation at an
average price of $26.9142 per share.
(2) As of September 30, 1996, the latest date for which information is
available.
(3) Award of restricted stock in a transaction exempt under Rule
16b-3(d).
(4) Granted under the Parker-Hannifin Corporation 1990 Employee Stock Option
Plan.
(5) Mr. Pistell also owns 10,800 additional options which were granted pursuant
to the Corporation's Employee
Stock Option Plans at various exercise prices and expiration dates as
previously reported.
(6) Granted under the 1993 Stock Incentive Program in a transaction exempt
under Rule 16b-3(d).
SIGNATURE OF REPORTING PERSON
Thomas L. Meyer, Attorney-in-Fact
DATE
February 10, 1997
