PROCTER & GAMBLE CO
8-K, 1997-06-27
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)              June 27, 1997


                          THE PROCTER & GAMBLE COMPANY
  ---------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


    Ohio                          1-434                       31-0411980
- ---------------------------------------------------------------------------
(State or other            (Commission File Number)           (IRS Employer
jurisdiction of                                               Identification
incorporation)                                                Number)


One Procter & Gamble Plaza, Cincinnati, Ohio                  45202
- ---------------------------------------------------------------------------
(Address of principal executive offices)                      (Zip Code)


Registrant's telephone number, including area code   (513) 983-1100
                                                     -----------------






<PAGE>



ITEM 9.  SALES OF EQUITY SECURITIES PURSUANT TO REGULATIONS

     On June 18, 1997 The Procter & Gamble  Company (the  "Company")  sold 5,018
shares of the Company's common stock to employees of subsidiaries of the Company
for approximately $700,312 in reliance on Regulation S.

     No underwriter or placement agent was used.




                                    SIGNATURE


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  singed  on its  behalf by the
undersigned hereunto duly authorized.


                                      THE PROCTER & GAMBLE COMPANY


                                      /s/LINDA D. ROHRER
                                      ------------------------------------
                                      Linda D. Rohrer, Assistant Secretary
                                      June 26, 1997






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