PRICING SUPPLEMENT NO. 2                                        Rule 424(b)(2)
TRADE DATE:  June 5, 1996                           Registration No. 333-02761
(To Prospectus Supplement dated June 3, 1996
including the Prospectus dated May 3, 1996)


                         PARKER-HANNIFIN CORPORATION

                              MEDIUM-TERM NOTES

                Due More Than Nine Months from Date of Issue

Floating Rate Note ( )                     7.39% Fixed Rate Note (X)  

Principal Amount:       $30,000,000        Issue Price:        100%
Original Issue Date:    June 10, 1996      Specified Currency: U.S. Dollars
Interest Accrual Date:  June 10, 1996      Maturity Date:      June 10, 2008

Redemption Date(s):     N/A                New                 Notice of
Redemption Price(s):    N/A                Maturity            Renewal
Authorized Denominations (if other than    Date(s): None       Date(s): None
denominations of $1,000 and integral
multiples of $1,000 in excess thereof      Interest Payment Period: Semi-Annual
in U.S. Dollars):       N/A

Repayment Date(s):          None           Interest Payment Dates:
Repayment Price(s):         None              June 10 and December 10
Total Amount of OID:        N/A
Yield to Maturity:          N/A            Global Security:  (X) Yes  ( ) No
Initial Accrual Period OID: N/A            Exchange Rate Agent:       N/A
Method Used to Determine                   Historical Exchange Rate:  N/A
Yield to Maturity and Initial
Accrual Period OID:         N/A

(Only applicable to Floating 
      Rate Notes):                         Spread (plus or minus):    N/A
  Initial Interest Rate:    N/A            Spread Multiplier:         N/A
  Index Maturity:           N/A            Maximum Interest Rate:     N/A
  Base Rate(s):             N/A            Minimum Interest Rate:     N/A
   If LIBOR, Designated LIBOR Page: N/A    Calculation Rate Agent:    N/A
    (  ) LIBOR Reuters
    (  ) LIBOR Telerate                    Name of Agents: Morgan Stanley & Co.
                                             Incorporated, Salomon Brothers Inc
                                             and Citicorp Securities, Inc.
 
Index Currency:  U.S. Dollars              Agents' Aggregate Discount or
Interest Reset Period:      N/A               Commission:          $   187,500
Interest Reset Dates:       N/A            Net Proceeds to Co.:    $29,812,500

( )  Agent is acting as Agent for the sale of Notes by the Company at a price 
     to the public of ( ) 100% of Principal Amount or ( ) _____% of 
     Principal Amount.

(X)  Agent is purchasing Notes from the Company as Principal for resale to 
     Investors and other purchasers at: 
       (X) a fixed initial public offering price of 100% of the principal
       amount; ( ) a fixed initial public offering price of ___% of the
       principal amount; or ( ) varying prices relating to prevailing market
       prices at time of resale to be determined by Agent.

Additional Terms: None