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 ROAD
IRVINE, CA 92612
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, 1999
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 | | | | | | |6384.83(1) |I |(1) |
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Common stock | | | | | | |1,968 |I |Joint w/wife |
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Common stock |8/21/9|F |V|1,932(2) |D |$29.4375 |11,263 |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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Phantom Stock Units |1-for-1 | | | | | | | | | | |1559.7592(5)|I |(5) |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Parker Retirement Savings Plan, as of March 31, 1999, the most recent 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) Granted under the Corporation's 1993 Employee Stock Incentive Program in
a transaction exempt under
Section
16b-3.
(4) Mr. Hayes also owns 75,735 options which were granted pursuant to the
Corporation's Employee Stock
Option Plans at various exercise prices and expiration dates as previously
reported.
(5) Savings Restoration Plan, as of April 1, 1999, the latest date for which
information is available.
SIGNATURE OF REPORTING PERSON
Thomas L. Meyer, Attorney-in-Fact
DATE
June 16, 1999
