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 PISTELL, TIMOTHY K 17325 Euclid Avenue Cleveland, OH 44112 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 01/31/97 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) Treasurer 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 |(1) |(1) |V|171.3289 |A |(1) |2502.8690(2) |I |(1) | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |8/22/9|A(3)| |2,273 |A |(3) |3,265 |D | | |6 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |1/23/9|M | |2,550 |A |$20.17 |3,265 |D | | |7 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |1/22/9|S | |2,550 |D |$43.125 |3,265 |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)| | ___________________________________________________________________________________________________________________________________| Option to buy |$20.17 |1/23/|M | |2,550 |D |4/22/|4/21/|Common Stock|2,550 |(4) |0(5) |D | | | |97 | | | | |94 |03 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option to buy |$37.00 |8/15/|A | |3,300 |A |8/15/|8/14/|Common Stock|3,300 |(6) |(5) |D | | | |96 | | | | |97 |06 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | ___________________________________________________________________________________________________________________________________|
Explanation of Responses: (1) During the period January 1, 1996, through September 30, 1996, Mr. Pistell acquired shares in the Parker-Hannifin Savings Plus Plan, a Rule 16b-3 plan, as follows: 1.3267 shares through the reinvestment of dividends at an average cost of $40.0091 per share; and 170.0022 shares through matching contributions by the Corporation at an average price of $26.9142 per share. (2) As of September 30, 1996, the latest date for which information is available. (3) Award of restricted stock in a transaction exempt under Rule 16b-3(d). (4) Granted under the Parker-Hannifin Corporation 1990 Employee Stock Option Plan. (5) Mr. Pistell also owns 10,800 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) Granted under the 1993 Stock Incentive Program in a transaction exempt under Rule 16b-3(d). SIGNATURE OF REPORTING PERSON Thomas L. Meyer, Attorney-in-Fact DATE February 10, 1997