SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15 (d) of the
Securities and Exchange Act of 1934
For the fiscal year ended December 31, 1996
A. Full title of the plan and the address of the plan if
different from that of the issuer named below:
AMENDED AND RESTATED CRANE CO. SAVINGS
AND INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
CRANE CO.
100 First Stamford Place
Stamford, Connecticut 06902
<PAGE>
<TABLE>
AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
TABLE OF CONTENTS
<S> <C>
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS
Statements of Net Assets Available for
Benefits as of December 31, 1996 and 1995 2
Statements of Changes in Net Assets
Available for Benefits for the Years
Ended December 31, 1996 and 1995 3
Notes to Financial Statements 4
</TABLE>
SUPPLEMENTAL SCHEDULES AS OF DECEMBER 31, 1996 AND FOR THE YEAR
THEN ENDED
Item 27a - Schedule of Assets Held for Investment Purposes
Item 27d - Schedule of Reportable Transactions
<PAGE>
INDEPENDENT AUDITORS' REPORT
Amended and Restated Crane Co. Savings and Investment Plan:
We have audited the accompanying statements of net assets available for
benefits of the Amended and Restated Crane Co. Savings and Investment
Plan (the "Plan") as of December 31, 1996 and 1995, and the related
statements of changes in net assets available for benefits for the
years then ended. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all
material respects, the net assets available for benefits of the Plan at
December 31, 1996 and 1995, and the changes in its net assets available
for benefits for the years then ended in conformity with generally
accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
supplemental schedules of (1) assets held for investment purposes as of
December 31, 1996 and (2) reportable transactions for the year ended
December 31, 1996 are presented for the purpose of additional analysis
and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules
and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. These schedules are the
responsibility of the Plan's management. Such schedules have been
subjected to the auditing procedures applied in our audit of the basic
1996 financial statements and, in our opinion, are fairly stated in all
material respects when considered in relation to the basic 1996
financial statements taken as a whole.
Deloitte & Touche LLP
Stamford, Connecticut
June 10, 1997
1
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AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
<TABLE>
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1996 AND 1995
<S> <C> <C>
1996 1995
ASSETS
INVESTMENTS, AT FAIR VALUE:
Vanguard Money Market Reserves - Prime
Portfolio $ 7,597,233 $ 8,548,608
Vanguard Investment Contract Trust 12,147,344 11,522,986
Vanguard/Windsor II 26,964,028 21,236,725
Crane Co. Stock Fund 43,410,426 34,923,023
Medusa Stock Fund 1,314,830 1,162,257
Vanguard/Wellington Fund 7,703,210 6,571,404
Vanguard/Morgan Growth Fund 5,289,060 3,612,514
Vanguard Fixed Income Securities -
Long-Term Corporate Portfolio 1,484,805 1,383,513
Vanguard Index Trust - 500 Portfolio 848,281 -
Vanguard/PRIMECAP Fund 726,202 -
Loan Fund 2,971,977 2,372,752
Total investments $110,457,396 $ 91,333,782
RECEIVABLES:
Company contributions (Crane Co. Stock
Fund) 238,601 245,899
Employee contributions 584,678 593,081
Employee loan payments 93,793 74,466
Total receivables 917,072 913,446
Total assets $111,374,468 $ 92,247,228
LIABILITIES:
Forfeitures due Crane Co. (Crane Co.
Stock Fund) 32,389 79,155
NET ASSETS AVAILABLE FOR BENEFITS $111,342,079 $ 92,168,073
See notes to financial statements.
</TABLE>
2
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AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995
<S> <C> <C>
1996 1995
CONTRIBUTIONS:
Employee $ 7,498,609 $ 7,240,776
Crane Co. (Crane Co. Stock Fund) 3,091,336 3,047,268
Total contributions 10,589,945 10,288,044
EARNINGS ON INVESTMENTS:
Interest and dividends 5,191,655 3,804,814
Net appreciation in fair value of
investments 10,777,328 15,226,700
Total earnings on investments 15,968,983 19,031,514
DISTRIBUTIONS TO PARTICIPANTS (7,995,738) (7,378,854)
ROLLOVERS AND TRANSFERS FROM OTHER
PLANS 783,660 7,269,854
TRANSFER OF ASSETS DUE TO SALE OF
SUBSIDIARY (90,630) -
FORFEITURES (Crane Co. Stock Fund) (76,904) (79,155)
ADMINISTRATIVE EXPENSE AND OTHER (5,310) (3,380)
NET INCREASE IN NET ASSETS AVAILABLE
FOR BENEFITS 19,174,006 29,128,023
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year 92,168,073 63,040,050
NET ASSETS AVAILABLE FOR BENEFITS
End of year $111,342,079 $92,168,073
See notes to financial statements.
</TABLE>
3
<PAGE>
AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements For the Years Ended December 31, 1996 and 1995
1. DESCRIPTION OF THE PLAN
The following is a brief description of the Amended and Restated Crane Co.
Savings and Investment Plan ("the Plan"). Participants should refer to
the Plan agreement and amendments for more complete information.
A. General - The Plan is a defined contribution plan covering certain
United States employees of Crane Co. and its subsidiaries (the
"Company"). The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
B. Administration of the Plan - The authority to manage, control and
interpret the Plan is vested in the Administrative Committee of the
Company. The Committee, which is appointed by the Board of Directors of
the Company, appoints the Plan Administrator and is the "named
Fiduciary" within the meaning of the Employee Retirement Income Security
Act of 1974.
C. Participation - Subject to certain conditions, U.S. employees of
Crane Co. and five of its subsidiaries, Huttig Sash & Door Company;
Hydro-Aire, Inc.; Dyrotech Industries; Kemlite Company Inc., and Mark
Controls Corporation, are eligible to participate in the Plan following
completion of one year of service, as defined in the Plan document.
(Effective June 1, 1997, employees are eligible to participate on the
first day of the month coincident with or next following their date of
hire.)
D. Contributions and Funding Policy - Participants may elect to
contribute to the Plan from two to sixteen percent (up to 10 percent on
a pretax basis) of their annual compensation. Employees earning in
excess of $66,000 ("highly compensated employees") are limited to 6
percent of pretax and/or after-tax contributions. (Effective June 1,
1997, the Plan no longer limits pretax contributions of non-highly
compensated employees to 10 percent. In addition, the contribution
limit for highly compensated employees--those whose 1997 earnings equal
or exceed $80,000--is 7 percent.) Contributions are to be invested in
short-term, stock, equity, bond, company stock or fixed income funds
selected by the participant. The Company contributes on a matching
basis an amount equal to 50 percent, of up to the first 6 percent of
each participant's deferred savings, which is invested in Company common
stock. In accordance with the Internal Revenue Code, participant pretax
contributions could not exceed $9,500 in 1996.
E. Expenses - Administrative expenses of the Plan (except those
associated with the Crane Co. Stock Fund and the Medusa Stock Fund) are
paid by the Employer. In addition personnel and facilities of the
Employer used by the Plan for its accounting and other activities are
4
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provided at no charge to the Plan. Commission fees and administrative
expenses incurred by the Crane Co. Stock Fund and the Medusa Stock Fund
are paid by the respective funds through automatic unit deductions.
Participant loan fees are paid by the participant through automatic
deductions.
F. Vesting - Employee contributions are 100 percent vested. Vesting
for employer contributions are as follows:
<TABLE>
<S> <C>
Years of Service Vested Interest
Less than 1 year None
1 year but fewer than 2 20%
2 years but fewer than 3 40%
3 years but fewer than 4 60%
4 years but fewer than 5 80%
5 years or more 100%
</TABLE>
Participants whose employment terminates by reason of death, permanent
disability or retirement are fully vested. Participants are fully
vested upon the attainment of age sixty-five (65).
G. Distributions - A participant whose employment with the Company
terminates can elect to receive all vested amounts, subject to
applicable tax law. A participant may apply to the Administrative
Committee for a distribution in cases of hardship. The Committee has
the sole discretion to approve or disapprove hardship withdrawal
requests, in accordance with the Internal Revenue Code. Any part of a
participant's Company contribution portion which is not vested at the
time of termination of employment is forfeited and used to reduce
future Company contributions.
H. Plan Termination - The Company expects to continue the Plan
indefinitely, but reserves the right to modify, suspend or terminate
the Plan at any time, which includes the right to vary the amount of,
or to terminate, the Company's contributions to the Plan. In the event
of the Plan's termination or discontinuance of contributions
thereunder, the interest of each participant in benefits accrued to
such date, to the extent then funded, is fully vested and
nonforfeitable. Subject to the requirements of the Internal Revenue
Code, the Board of Directors shall thereupon direct either (i) that the
Trustee continues to hold the accounts of participants in accordance
with the provisions of the Plan without regard to such termination
until all funds in such accounts have been distributed in accordance
with such provisions, or (ii) that the Trustee immediately distribute
to each participant all amounts then credited to their account as a
lump sum.
I. Tax Status - The Plan received a determination letter dated March
3, 1995, in which the Internal Revenue Service stated that the Plan,
as then designed, was in compliance with the applicable sections of
5
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the Internal Revenue Code (the "Code"). The Plan Administrator
believes that the Plan is currently being operated in compliance with
the applicable requirements of the Code. Therefore, no provision for
income taxes has been included in the Plan's financial statement.
J. Rollovers and Transfers from Other Plans - Rollovers and transfers
from other qualified plans are accepted by the Crane Plan. Rollovers
and transfers represent contributions of assets from other qualified
plans of companies acquired by Crane Co. and participant account
balances of new employees from other non-company qualified plans.
K. Participant Loan Fund - Participants may borrow from their fund
accounts a minimum of $1,000 up to a maximum equal to the lesser of
$50,000 or 50 percent of their account balance. Loan transactions are
treated as a transfer to (from) the investment fund from (to) the
Participant Loan fund. Loan terms range from 1-5 years or up to 10
years for the purchase of a primary residence. The loans are secured
by the balance in the participant's account and bear interest at the
prevailing prime lending rate on the first day of the Plan year plus 2
percent. Principal and interest are paid ratably through regular
payroll deductions.
2. SUMMARY OF ACCOUNTING POLICIES
The following is a summary of the significant accounting and reporting
policies followed in preparation of the financial statements of the
Amended and Restated Crane Co. Savings and Investment Plan.
A. Investment Funds
The Plan provides the following funds in which participants can elect
to invest their Plan assets:
Vanguard Money Market Reserves - Prime Portfolio - A diversified
portfolio of money market instruments such as: domestic certificates
of deposit and bankers' acceptances, commercial paper rated A1/P1 or
better, U.S. Treasury and Government Agency securities and repurchase
agreements on such securities and up to 15 percent of net assets in
Eurodollar certificates of deposit and Yankee obligations.
Vanguard Investment Contract Trust - Tax-exempt collective trust
invested primarily in guaranteed investment contracts issued annually
by insurance companies and commercial banks, and similar types of fixed
principal investments.
Vanguard/Windsor II - A diversified portfolio of equity securities.
The fund's primary objective is to provide long-term growth of capital
and income. Its secondary objective is to provide reasonable levels of
current income.
Crane Co. Stock Fund - Investments in common stock of Crane Co.
6
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Medusa Stock Fund - This fund was established for the purpose of
receiving the distribution of common shares of Medusa Corporation to all
holders of record of Crane Co. common stock. This distribution occurred
in October 1988. Participants were 100 percent vested in the shares of
Medusa Corporation on the date they were allocated to their accounts.
Participants may not direct future contributions into the Medusa Stock
Fund or transfer investments into this fund from any other investment
program. Participants may transfer all or part of their Medusa Stock
Fund balance to any other investment option presently being offered.
Vanguard/Wellington Fund - A diversified portfolio of equity and fixed
income securities aimed at conserving capital, providing reasonable
levels of current income and profits without undue risks. Generally, 60-
70 percent of net assets are allocated to equities and 30-40 percent to
fixed income securities.
Vanguard/Morgan Growth Portfolio - A diversified portfolio of equity
securities seeking to provide long-term growth of capital; dividend
income is incidental.
Vanguard Fixed Income Securities - Long-Term Corporate Portfolio - A
diversified portfolio of long-term investment-grade bonds seeking to
provide a high and sustainable level of current income consistent with
the maintenance of principal and liquidity. The fund's guidelines
restrict investments to Corporate Bonds with credit ratings of A or
higher, U.S. Government and agency securities, mortgage-backed
securities and cash reserves.
Vanguard Index Trust - 500 Portfolio - A broadly diversified portfolio
of equity securities seeking to provide investment results that parallel
the performance of the Standard & Poor's 500 Composite Stock Price
Index. Given this objective the portfolio is expected to provide long-
term growth of capital and income as well as a reasonable level of
current income.
Vanguard/PRIMECAP Fund - A diversified portfolio of equity securities
seeking to provide long-term growth of capital; dividend income is
incidental.
The Trustee may, at its discretion, keep any portion of the above-
mentioned investment programs in cash or short-term commercial paper to
accommodate withdrawals and administrative fees or deposit all or any
part of such funds in a "General Account" pending further instruction by
participants.
B. Investment Valuation - Investments in funds listed on national securities
exchanges are valued at the closing composite price published for the
last business day of the year. Other funds are stated at fair value as
determined by the trustee based on the quoted market price of the
underlying securities. Guaranteed investment contracts are stated at
contract value, which approximates market value.
7
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Below are the investments whose fair value individually represented 5
percent or more of the Plan's net assets at year end:
<TABLE>
<S> <C> <C> <C> <C>
1996 1995
Principal Market Principal Market
Amount ($) or Value Amount ($) or Value
Shares/Units Shares/Units
Vanguard Money
Market Reserves-
Prime Portfolio 7,597,233 $ 7,597,233 8,548,608 $ 8,548,608
Vanguard/Windsor II 1,131,516 $26,964,028 1,027,915 $21,236,725
Vanguard Investment
Contract Trust $12,147,344 $12,147,344 $11,522,986 $11,522,986
Vanguard/Wellington
Fund 294,578 $ 7,703,210 268,989 $ 6,571,404
Crane Co. Stock
Fund 1,496,395 $43,410,426 1,417,906 $34,923,023
</TABLE>
C.Investment Transactions and Investment Income - Investment
transactions are accounted for on the date purchases or sales are
executed. Dividend income is accounted for on the ex-dividend date.
Interest income is recorded on the accrual basis as earned. Total
income of each fund is allocated monthly to participants' accounts
within the fund based on the participants' relative beginning balance.
In accordance with Department of Labor requirements, realized and
unrealized gains and losses are determined based on the fair market
value of assets at the beginning of the plan year.
D.General - The financial statements are prepared in conformity with
generally accepted accounting principles. These require management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements, and the
reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. Certain prior-year
amounts have been restated to conform with the current year's
presentation.
3. PARTIES-IN-INTEREST
The Plan has investments and transactions with parties-in-interest,
those parties being The Vanguard Group, Crane Co. and participants with
loan balances.
8
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4. ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS
Allocation by fund of net assets available for benefits at December 31,
1996 and 1995 follows:
<TABLE>
<S> <C> <C>
1996 1995
Vanguard Money Market Reserves -
Prime Portfolio $ 7,612,630 $ 8,529,154
Vanguard Investment Contract Trust 12,263,666 11,664,657
Vanguard/Windsor II 27,164,036 21,422,690
Crane Co. Stock Fund 43,764,912 35,277,254
Medusa Stock Fund 1,314,830 1,162,257
Vanguard/Wellington Fund 7,798,543 6,666,937
Vanguard/Morgan Growth Fund 5,345,044 3,666,652
Vanguard Fixed Income Securities-
Long-Term Corporate Portfolio 1,503,159 1,405,720
Vanguard Index Trust - 500
Portfolio 866,313 -
Vanguard/PRIMECAP Fund 736,969 -
Loan Fund 2,971,977 2,372,752
$111,342,079 $ 92,168,073
</TABLE>
5. INFORMATION RELATED TO CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
The changes in net assets available for benefits by fund for the
years ended December 31, 1996 and 1995 were as follows:
<TABLE>
<S> <C> <C>
Employee Contributions:
1996 1995
Vanguard Money Market Reserves -
Prime Portfolio $ 564,168 $ 663,210
Vanguard Investment Contract Trust 1,320,427 1,540,338
Vanguard/Windsor II 2,237,356 2,047,056
Crane Co. Stock Fund 1,197,680 1,131,664
Medusa Stock Fund - -
Vanguard/Wellington Fund 1,122,363 1,045,118
Vanguard/Morgan Growth Fund 649,921 565,857
Vanguard Fixed Income Securities -
Long-Term Corporate Portfolio 230,466 247,533
Vanguard Index Trust - 500
Portfolio 102,388 -
Vanguard/PRIMECAP Fund 73,840 -
$ 7,498,609 $ 7,240,776
</TABLE>
9
<PAGE>
<TABLE>
<S> <C> <C>
Interest and Dividends: 1996 1995
Vanguard Money Market Reserves
- - Prime Portfolio $ 423,505 $ 461,266
Vanguard Investment Contract Trust 691,239 645,056
Vanguard/Windsor II 1,891,892 1,216,389
Crane Co. Stock Fund 684,446 657,339
Medusa Stock Fund 17,069 17,869
Vanguard/Wellington Fund 597,889 300,006
Vanguard/Morgan Growth Fund 504,012 298,967
Vanguard Fixed Income
Securities -Long-Term
Corporate Portfolio 124,686 81,524
Vanguard Index Trust - 500
Portfolio 12,824 -
Vanguard/PRIMECAP Fund 18,679 -
Loan Fund 225,414 126,398
$ 5,191,655 $ 3,804,814
Net Appreciation (Depreciation)
in Fair Value of Investments:
Vanguard/Windsor II $ 3,310,639 $ 4,445,173
Crane Co. Stock Fund 6,219,196 8,929,190
Medusa Stock Fund 316,497 86,825
Vanguard/Wellington Fund 485,526 1,107,649
Vanguard/Morgan Growth Fund 453,795 473,407
Vanguard Fixed Income
Securities-Long-Term
Corporate Portfolio (101,369) 184,456
Vanguard Index Trust - 500
Portfolio 56,270 -
Vanguard/PRIMECAP Fund 36,774 -
$10,777,328 $15,226,700
Distributions to Participants:
Vanguard Money Market Reserves
- - Prime Portfolio $ (984,744) $(1,422,772)
Vanguard Investment Contract
Trust (1,161,627) (1,370,159)
Vanguard/Windsor II (1,744,278) (1,412,296)
Crane Co. Stock Fund (2,689,238) (2,440,357)
Medusa Stock Fund (101,035) (106,419)
Vanguard/Wellington Fund (691,592) (294,929)
Vanguard/Morgan Growth Fund (323,586) (117,684)
Vanguard Fixed Income
Securities - Long-Term
Corporate Portfolio (112,825) (121,017)
Vanguard Index Trust - 500
Portfolio (468) -
Vanguard/PRIMECAP Fund (499) -
Loan Fund (185,846) (93,221)
$(7,995,738) $(7,378,854)
</TABLE> 10
<PAGE>
<TABLE>
<S> <C> <C>
Transfer From (To) Other Funds:
1996 1995
Vanguard Money Market Reserves
- - Prime Portfolio $ (681,562) $(1,683,269)
Vanguard Investment Contract (231,295) (93,015)
Trust
Vanguard/Windsor II 817 672,509
Crane Co. Stock Fund 135,620 (190,068)
Medusa Stock Fund (59,741) (5,415)
Vanguard/Wellington Fund (430,953) 744,492
Vanguard/Morgan Growth Fund 214,756 501,277
Vanguard Fixed Income
Securities Long-Term
Corporate Portfolio (91,125) 53,489
Vanguard Index Trust - 500
Portfolio 577,152 -
Vanguard PRIMECAP Fund 566,331 -
$ - $ -
Rollovers and Transfers From
Other Plans:
Vanguard Money Market Reserves
- - Prime Portfolio $ 6,228 $6,482,990
Vanguard Investment Contract
Trust 18,454 13,150
Vanguard/Windsor II 250,628 77,641
Crane Co. Stock Fund 23,961 375,761
Medusa Stock Fund - -
Vanguard/Wellington Fund 110,348 37,964
Vanguard/Morgan Growth Fund 187,363 53,428
Vanguard Fixed Income
Securities-Long-Term
Corporate Portfolio 50,793 400
Vanguard Index Trust - 500
Portfolio 99,126 -
Vanguard/PRIMECAP Fund 36,759 -
Loan Fund - 228,520
$ 783,660 $7,269,854
</TABLE>
6. AMOUNTS DUE TO PARTICIPANTS
At December 31, 1995, amounts due to participants for benefit
claims which have been processed and approved for payment by the
Plan were $890,892. Such amounts were not recorded in the Plan's
1995 financial statements, but were included as benefits paid and
payable in the Plan's 1995 Form 5500. Distribution was
subsequently reflected in the Plan's 1996 financial statements.
11
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Administrative Committee of the Amended and Restated Crane
Co. Savings and Investment Plan has duly caused this annual report to
be signed by the undersigned thereunto duly authorized.
ADMINISTRATIVE COMMITTEE OF THE
AMENDED AND RESTATED CRANE CO.
SAVINGS AND INVESTMENT PLAN
D. S. Smith
D. S. Smith
A. I. duPont
A. I. duPont
R. B. Phillips
R. B. Phillips
R. A. DuBois
R. A. DuBois
G. A. Dickoff
G. A. Dickoff
Stamford, CT
June 20, 1997
12
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AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
ITEM 27a SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
<TABLE>
<S> <C> <C> <C>
Shares/
Principal
Identity of Issue Amount ($) Cost Market Value
Vanguard Money Market
Reserves-Prime
Portfolio* 7,597,233 $ 7,597,233 $ 7,597,233
Vanguard Investment
Contract Trust* $12,147,344 12,147,344 12,147,344
Vanguard/Windsor II* 1,131,516 19,870,869 26,964,028
Crane Co. Stock Fund* 1,496,395 26,707,403 43,410,426
Medusa Stock Fund 33,602 320,909 1,314,830
Vanguard/Wellington
Fund* 294,578 6,429,693 7,703,210
Vanguard/Morgan Growth
Fund* 338,392 4,623,879 5,289,060
Vanguard Index Trust -
500 Portfolio* 12,265 793,699 848,281
Vanguard/PRIMECAP Fund* 24,142 689,078 726,202
Vanguard Fixed Income
Securities - Long-Term
Corporate Portfolio* 168,920 1,477,848 1,484,805
Loans to Participants* - 2,971,977 2,971,977
$83,629,932 $110,457,396
*Represents a party-in-interest to the plan.
</TABLE>
13
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AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
ITEM 27d SCHEDULE OF REPORTABLE TRANSACTIONS
DECEMBER 31, 1996
<TABLE>
<S> <C> <C> <C> <C>
<C>
Cost of Proceeds Number
Assets Number of from of Net Gain
Identity of Issue Purchased Purchases Sales Sales on Sale
Series of Transactions
Crane Co. Stock
Fund* $10,882,848 134 $8,614,641 494 $1,615,704
Vanguard Money
Market Reserves -
Prime Portfolio* $ 7,003,760 352 $7,955,134 339 -
Vanguard/Windsor
II* $ 6,183,321 167 $3,766,658 384 $ 787,953
Vanguard
Investment
Contract Trust* $ 2,804,413 225 $2,180,054 312 -
*Represents a party-in-interest to the plan.
14
</TABLE>
