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
MYSLENSKI, JOHN D
6035 PARKLAND BOULEVARD
CLEVELAND, OH 44124
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
October 31, 1998
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
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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 | | | | | | |3,909.81(1) |I |(1) |
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Common stock |10/27/|M | |4,158(2) |A |$13.444 |19,117 |D | |
|98 | | | | | | | | |
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Common stock |8/12/9|A(5)|V|3,756 |A |$38.125 |19,117 |D | |
|8 | | | | | | | | |
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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 |$31.3750|8/12/|A |V|18,300 |A |8/12/|8/11/|Common stock|18,300 |(3) |18,300(4) |D | |
| |98 | | | | |99 |08 | | | | | | |
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Option to buy |$13.444 |10/27|M | |6,750(2) |D |4/22/|4/21/|Common stock|6,750(2|(3) |0(4) |D | |
| |/98 | | | | |94 |03 | |) | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Parker Retirement Savings Plan, as of September 30, 1998, the latest date
for which information is available.
(2) "Pyramid" stock option exercise resulting in net acquisition of 4,158
shares.
(3) Granted under the Parker-Hannifin Corporation Stock Incentive Program in a
transaction exempt under Rule 16b-3.
(4) In addition to the options reported hereon, Mr. Myslenski also owns 21,735
additional options which were granted pursuant to the Corporation's Employee
Stock Option Plans, at various
exercise prices and expiration dates as previously
reported.
(5) Award of restricted stock 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
November 10, 1998
