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.
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
December 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
<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 | | | | | | |10,566.32(1) |I |(1) |
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Common |12/9/9|M | |3,025(4) |A |$12.50 |20,185 |D | |
|8 | | | | | | | | |
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Common |8/21/9|F |V|387(2) |D |$29.4375 |20,185 |D | |
|8 | | | | | | | | |
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Common | | | | | | |309.7169(3) |D | |
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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 |$31.3750|8/12/|A |V|6,090 |A |8/12/|8/11/|Common stock|6,090 |(5) |6,090(6) |D | |
| |98 | | | | |99 |08 | | | | | | |
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Option to Buy |$12.50 |12/9/|M | |5,063(4) |A |1/6/9|1/5/9|Common stock|5,063(4|(5) |0(6) | | |
| |98 | | | | |0 |9 | |) | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(1) Parker-Hannifin Corporation Employee Retirement Savings Plan, as of
September 30, 1998, the latest date for which information is available.
(2) Surrender of shares to satisfy withholding taxes upon vesting of
previously issued restricted stock in a transaction exempt under Rule
16b-3.
(3) Dividend Reinvestment
Plan.
(4) "Pyramid" stock option exercise resulting in net acquisition of 3,025
shares.
(5) Granted under the Corporation's Employee Stock Option Plan in a
transaction exempt under Rule 16b-3.
(6) In addition to the options reported hereon, Mr. Carson also owns 32,355
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
Thomas L. Meyer, Attorney-in-Fact
DATE
January 7, 1999
