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
HIEMSTRA, MICHAEL J.
17325 EUCLID AVENUE
CLEVELAND, OH 44112
USA
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
August 31, 1997
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)
VICE PRESIDENT - FINANCE AND ADMINISTRATION AND CHIEF FINANCIAL OFFICER
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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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 | | | | | | |7,978 |I |Wife |
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Common | | | | | | |1,500 |I |Joint with wife |
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Common | | | | | | |2534.83(1) |I |(1) |
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Common |8/6/97|M | |19,501(2) |A |$18.33 |18,096 |D | |
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Common |8/18/9|F | |484(5) |D |$62.8125 |18,096 |D | |
|7 | | | | | | | | |
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Common |8/6/97|M | |21,968(3) |A |$17.67 |18,096 |D | |
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Common |8/6/97|M | |21,513(4) |A |$18.67 |18,096 |D | |
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Common |8/7/97|S | |37,889 |D |$65.500 |18,096 |D | |
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Common |8/7/97|S | |8,700 |D |$65.5625 |18,096 |D | |
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Common |8/7/97|S | |16,393 |D |$65.625 |18,096 |D | |
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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>
Options to buy |$64.5625|8/13/|A | |8,490 |A |8/13/|8/12/|Common stock|8,490 |(6) |8,490(7) |D | |
| |97 | | | | |98 |07 | | | | | | |
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Options to buy |$18.33 |8/6/9|M | |27,000 |A |2/1/9|1/31/|Common stock|27,000(|(6) |0(7) |D | |
| |7 | | | | |1 |00 | |2) | | | | |
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Options to buy |$17.67 |8/6/9|M | |30,000 |A |2/1/9|1/31/|Common stock|30,000(|(6) |0(7) |D | |
| |7 | | | | |2 |01 | |3) | | | | |
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Options to buy |$18.67 |8/6/9|M | |30,000 |A |7/15/|7/14/|Common stock|30,000(|(6) |0(7) |D | |
| |7 | | | | |93 |02 | |4) | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Parker-Hannifin Corporation Retirement Savings Plan, as of June 30, 1997,
the latest date for which information is available.
(2) "Pyramid" stock option exercise resulting in net acquisition of 19,501
shares.
(3) "Pyramid" stock option exercise resulting in net acquisition of 21,968
shares.
(4) "Pyramid" stock option exercise resulting in net acquisition of 21,513
shares.
(5) Surrender of shares to satisfy withholding taxes upon vesting of
previously issued restricted stock in a transaction exempt under Rule 16b-3.
(6) Granted under the Corporation's Stock Option Plans in transactions exempt
under Section 16b-3.
(7) Mr. Hiemstra also owns 42,000 additional stock options granted pursuant to
the Corporation's Employee Stock Option Plans at various exercise
prices and expiration dates, as previously
reported.
SIGNATURE OF REPORTING PERSON
Thomas L. Meyer, Attorney-in-Fact
DATE
September 10, 1997
