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
March 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 | | | | | | |10,429.06(1)(5) |I |(1) |
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Common |3/13/9|S | |8,000 |D |$49.38 |7631(5) |D | |
|8 | | | | | | | | |
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Common |8/20/9|A(2)| |1,245(5) |A | |7,631(5) |D | |
|7 | | | | | | | | |
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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 |$43.0420|8/13/|M |V|2,955(5) |A |8/13/|8/12/|Common stock|2,955(5|(3) |2,955(4) |D | |
| |97 | | | | |98 |07 | |) | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) As of December 31, 1997, the most recent date for which information is
available in the Corporation's Retirement Savings Plan.
(2) Award of restricted stock under the Corporation's 1993 Stock Incentive
Program in a transaction exempt under Rule 16b-3.
(3) Granted under the Parker-Hannifin Corporation Stock Incentive Program in a
transaction exempt under Rule 16b-3.
(4) Mr. Carson also owns 34,463 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) Reflects 3-shares-for-2 stock split paid on September 5,
1997.
SIGNATURE OF REPORTING PERSON
Thomas L. Meyer, Attorney-in-Fact
DATE
April 9, 1998
