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
CARSON, PAUL L.
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
2/28/97
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)
VICE PRESIDENT
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 |(1) |B |V|545.0617 |A |(1) |6855.8853(2) |I |(1) |
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Common |2/21/9|M | |1,392(3) |A |$20.67 |10,421 |D | |
|7 | | | | | | | | |
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Common |8/22/9|A(4)|V|1,805 |A |(4) |10,421 |D | |
|6 | | | | | | | | |
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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>
Option to buy |$20.67 |2/21/|M | |2,625 |D |6/3/8|6/02/|Common stock|2,625(3|(5) |0(7) |D | |
| |97 | | | | |8 |97 | |) | | | | |
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Option to buy |$37.00 |8/15/|A | |2,500 |A |8/15/|8/14/|Common stock|2,500 |(6) |2,500(7) |D | |
| |96 | | | | |97 |06 | | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(1) During the period January 1, 1996 through September 30, 1996, Mr. Carson
acquired 545.0617 shares in the
Parker-Hannifin Corporation Retirement Savings Plan as follows: (a) 375.0056
shares through contributions to the
Plan and the reinvestment of dividends at an average cost of $36.2682 per
share; and (b) 170.0561 shares
through matching contributions by the Corporation at an average cost of
$25.1798 per share.
(2) As of September 30, 1996, the most recent date for which information is
available.
(3) "Pyramid" stock option exercise resulting in net acquisition of 1,392
shares.
(4) Award of restricted stock under the Corporation's 1993 Stock Incentive
Program in a transaction exempt under
Rule
16b-3.
(5) Granted under the Corporation's 1982 Stock Option
Plan.
(6) Granted under the Parker-Hannifin Corporation Stock Incentive Program in a
transaction exempt under Rule
16b-3.
(7) Mr. Carson also owns 20,475 additional options which were granted pursuant
to the Corporation's Employee
Stock Option Plans, at various exercise prices and expiration dates as
previously reported.
SIGNATURE OF REPORTING PERSON
Attorney-in-Fact
DATE
February 27, 1997
