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 HOPCRAFT, LAWRENCE J 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) 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
___________________________________________________________________________________________________________________________________ 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 | | | | | | |8,797.904(1)(6) |I |(1) | - -----------------------------------------------------------------------------------------------------------------------------------| Common |8/18/9|F | |292(2) |D |$62.8125 |20,023(6) |D | | |7 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common |12/15/|S | |3,500 |D |$45.125 |20,023(6) |D | | |97 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common |12/15/|S | |1,200 |D |$45.00 |20,023(6) |D | | |97 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common |12/15/|S | |600 |D |$44.875 |20,023(6) |D | | |97 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common |12/15/|S | |3,200 |D |$44.625 |20,023(6) |D | | |97 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common |12/30/|G | |288 |D | |20,023(6) |D | | |97 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common |8/19/9|A(3)| |3,518 |A | |20,023(6) |D | | |7 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |10/29/|A(3)| |4,657 |A | |20,023(6) |D | | |97 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________| ___________________________________________________________________________________________________________________________________ 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)| | ___________________________________________________________________________________________________________________________________| Option to buy |$43.0420|8/13/|A | |7,605(6) |A |8/13/|8/12/|Common stock|7,605(6|(4) |7,605(5)(6) |D | | |(6) |97 | | | | |98 |07 | |) | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | ___________________________________________________________________________________________________________________________________|
Explanation of Responses: (1) As of September 30, 1997, 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) Award of restricted stock under the Corporation's 1993 Stock Incentive Program in a transaction exempt under Rule 16b-3. (4) Granted under the Corporation's Stock Option Plan in a transaction exempt under Section 16b-3. (5) Mr. Hopcraft also owns 41,100 additional options which were granted pursuant to the Corporation's Employee Stock Option Plans, at various exercise prices and expiration dates as previously reported. (6) 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