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
RAYFIELD, ALLAN L
4 CROWNINSHIELD ROAD
MARBLEHEAD, MA 01945
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
June 30, 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
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>
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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 |10/23/|A(1)|V|707 |A |$50.9375 |3,032(6) |D | |
|97 | | | | | | | | |
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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 |$42.9580|8/14/|A |V|750(6) |A |8/14/|8/13/|Common stock|750(6) |(2) |750(3)(6) |D | |
| |97 | | | | |98 |07 | | | | | | |
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Phantom Stock Units |1-for-1 |(4) |A(4)|V|1,233.30(6)|A | | |Common stock|1,233.3| |3,604.73(6) |I |(5) |
| | | | | | | | | |0(6) | | | | |
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Explanation of Responses:
(1) Conversion of director's fees for three-year term of office into
restricted stock pursuant to the Non-Employee
Directors Stock Plan in a transaction exempt under Rule
16b-3.
(2) Granted under the Non-Employee Directors Stock Option Plan in a
transaction exempt under Rule 16b-3.
(3) Mr. Rayfield also owns 1,500 additional options which were granted
pursuant to the Corporation's
Non-Employee Directors Stock Option Plan in a transaction exempt under Rule
16b-3.
(4) Reinvestment of quarterly dividend equivalents in Phantom Stock Account in
Directors Deferred Compensation
Plan from July 1, 1997, through June 30,
1998.
(5) Directors' Deferred Compensation
Plan.
(6) Reflects 3-shares-for-2 common stock split paid on September 5,
1997.
SIGNATURE OF REPORTING PERSON
Thomas L. Meyer, Attorney-in-Fact
DATE
August 14, 1998
