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
HAYES, STEPHEN L.
18321 JAMBOREE BLVD.
IRVINE, CA 92715
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
May 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
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 |(1) |B(1)|V|227.8146(1) |A |(1) |4057.9546(2) |I |(1) |
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Common stock | | | | | | |1,312 |I |Joint w/wife |
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Common stock |5/1/97|M | |7,000 |A |$19.92 |8,797 |D | |
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Common stock |5/1/97|S | |7,000 |D |$50.00 |8,797 |D | |
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Common stock |8/22/9|A(3)| |6,060 |A |(3) |8,797 |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>
Options to buy |$19.92 |5/1/9|M | |7,000 |D |4/15/|4/14/|Common stock|7,000 |(4) |13,000(5) |D | |
| |7 | | | | |94 |03 | | | | | | |
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Options to buy |$37.00 |8/15/|A | |12,000 |A |8/15/|8/14/|Common stock|12,000 |(6) |12,000(5) |D | |
| |96 | | | | |97 |06 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) During the period January 1, 1996 through September 30, 1996, Mr. Hayes
acquired shares in the
Parker-Hannifin Corporation Retirement Savings Plan, a Rule 16b-3 plan, as
follows: 40.7578 shares through the
reinvestment of dividends at an average cost of $36.4693 per share; and
187.0568 shares through matching
contributions by the Corporation at an average of $23.8546 per
share.
(2) As of March 31, 1997, the latest date for which information is
available.
(3) Awarded of restricted stock under the Corporation's 1993 Stock Incentive
Program in a transaction exempt
under Rule
16b-3.
(4) Granted under the Parker-Hannifin Corporation 1990 Stock Option
Plan.
(5) Mr. Hayes also owns 30,000 additional options to purchase common stock
pursuant to the Parker-Hannifin
Corporation Employee Stock Option Plans at various other prices and expiration
dates as previously reported.
(6) Granted under the Corporation's 1993 Stock Incentive Program in a
transaction exempt under Rule 16b-3.
SIGNATURE OF REPORTING PERSON
Thomas L. Meyer, Attorney-in-Fact
DATE
June 10, 1997
