-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 MdhFZi/qSay+f/yJu0YENAamSqkEFTVnsfze5q4qKW+qMaUWs32uW1gYt2qngJ3e
 ZCQV1NDs0+foZR6RHGHGZg==

<SEC-DOCUMENT>0000080424-97-000054.txt : 19970723
<SEC-HEADER>0000080424-97-000054.hdr.sgml : 19970723
ACCESSION NUMBER:		0000080424-97-000054
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19970722
ITEM INFORMATION:		
FILED AS OF DATE:		19970722
SROS:			CSE
SROS:			NYSE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PROCTER & GAMBLE CO
		CENTRAL INDEX KEY:			0000080424
		STANDARD INDUSTRIAL CLASSIFICATION:	SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840]
		IRS NUMBER:				310411980
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00434
		FILM NUMBER:		97643510

	BUSINESS ADDRESS:	
		STREET 1:		ONE PROCTER & GAMBLE PLZ
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		5139831100
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<TEXT>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)              July 22, 1997


                          THE PROCTER & GAMBLE COMPANY
  ---------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


    Ohio                          1-434                       31-0411980
- ---------------------------------------------------------------------------
(State or other            (Commission File Number)           (IRS Employer
jurisdiction of                                               Identification
incorporation)                                                Number)


One Procter & Gamble Plaza, Cincinnati, Ohio                  45202
- ---------------------------------------------------------------------------
(Address of principal executive offices)                      (Zip Code)


Registrant's telephone number, including area code   (513) 983-1100
                                                     --------------






<PAGE>



ITEM 9.  SALES OF EQUITY SECURITIES PURSUANT TO REGULATIONS

     On July 3,  1997 and  July  17,  1997 The  Procter  & Gamble  Company  (the
"Company")  sold 4,367  shares of the  Company's  common  stock to  employees of
subsidiaries of the Company for approximately $631,739 in reliance on Regulation
S.

     No underwriter or placement agent was used.




                                    SIGNATURE


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  singed  on its  behalf by the
undersigned hereunto duly authorized.


                                      THE PROCTER & GAMBLE COMPANY


                                      /s/TERRY L. OVERBEY
                                      ------------------------------------
                                      Terry L. Overbey, Secretary
                                      July 22, 1997




</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----