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 GUERITEY, JR., HAROLD C 17325 EUCLID AVENUE CLEVELAND, OH 44112 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, 1997 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) CONTROLLER 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 I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 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)| | ___________________________________________________________________________________________________________________________________| Common stock | | | | | | |2,872.586(1)(5) |I |(1) | - -----------------------------------------------------------------------------------------------------------------------------------| Common stock |12/2/9|S | |400 |D |$46.9375 |10,896(5) |D | | |7 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common stock |12/02/|S | |500 |D |$46.875 |10,896(5) |D | | |97 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common stock |8/18/9|F | |188(2) |D |$62.8125 |10,896(5) |D | | |7 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________| ___________________________________________________________________________________________________________________________________ Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 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)| | ___________________________________________________________________________________________________________________________________| Options to buy |$43.0420|8/13/|A | |4,065(5) |A |8/13/|8/12/|Common stock|4,065(5|(3) |4,065(4)(5) |D | | |(5) |97 | | | | |98 |07 | |) | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | ___________________________________________________________________________________________________________________________________|
Explanation of Responses: (1) As of September 30, 1997, the latest date for which information is available in the Corporation's Retirement Savings Plan. (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 Stock Option Plan in transaction exempt under Section 16b-3. (4) Mr. Gueritey also owns 24,750 additional stock options granted pursuant to the Corporation's Employee Stock Option Plans at various exercise prices and expiration dates, as previously reported. (5) Reflects 3-shares-for-2 common stock split paid on September 5, 1997. SIGNATURE OF REPORTING PERSON Thomas L. Meyer, Attorney-in-Fact DATE January 9, 1998