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
GAREY, DANIEL T
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
April 30, 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 - HUMAN RESOURCES
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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Common stock |2/16/9|I |V|1,639 |D |$36.1250 |2,382.70(1) |I |(1) |
|9 | | | | | | | | |
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Common stock |4/20/9|M | |1,853(4) |A |$13.444 |5,085 |D | |
|9 | | | | | | | | |
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Common stock |4/20/9|F | |648(5) |D |$47.3125 |5,085 |D | |
|9 | | | | | | | | |
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Common stock | | | | | | |792.9673 |D |(2) |
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Common stock | | | | | | |7.5791 |I |(3) |
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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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Option to buy |$31.3750|8/12/|A |V|7,580 |A |8/12/|8/11/|Common Stock|7,580 |(6) |7,580(7) |D | |
| |98 | | | | |99 |08 | | | | | | |
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Option to buy |$13.4440|4/20/|M | |2,588(4) |D |4/22/|4/21/|Common Stock|2,588(4|(6) |0(7) | | |
| |99 | | | | |94 |03 | |) | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Parker Retirement Savings Plan, as of February 28, 1999, the latest date
for which information is available.
(2) Dividend Reinvestment
Plan.
(3) Wife - Dividend Reinvestment
Plan.
(4) "Pyramid" stock option exercise resulting in net acquisition of 1,853
shares.
(5) Surrender of shares to satisfy withholding taxes upon"pyramid" stock
option exercise in a transaction exempt under Rule 16b-3.
(6) Granted under the Corporation's 1993 Employee Stock Incentive Program in a
transaction exempt under Rule 16b-3.
(7) Mr. Garey also owns 24,375 additional options 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
May 10, 1999