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 period from January 1, 1997 to December 30, 1997
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 30, 1997 and
December 31, 1996 2
Statements of Changes in Net Assets
Available for Benefits for the Period
From January 1, 1997 to December 30, 1997
And year Ended December 31, 1996 3
Notes to Financial Statements 4
</TABLE>
SUPPLEMENTAL SCHEDULES AS OF DECEMBER 30, 1997 AND FOR THE PERIOD
FROM JANUARY 1, 1997 TO DECEMBER 30, 1997
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 30, 1997 and December 31, 1996, and
the related statements of changes in net assets available for benefits
for the period January 1, 1997 to December 30, 1997 and for year ended
December 31,1996. 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 30, 1997 and December 31, 1996, and the changes in its net
assets available for benefits for the period from January 1, 1997 to
December 30, 1997 and year ended December 31, 1996 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 30, 1997 and (2) reportable transactions for the period from
January 1, 1997 to December 30, 1997 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 1997 financial statements and, in our opinion, are
fairly stated in all material respects when considered in relation to
the basic 1997 financial statements taken as a whole.
Deloitte & Touche LLP
Stamford, Connecticut
June 19, 1998
1
<PAGE>
AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
<TABLE>
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 30, 1997 AND DECEMBER 31, 1996
<S> <C> <C>
1997 1996
ASSETS
INVESTMENTS, AT FAIR VALUE:
Vanguard Money Market Reserves - Prime
Portfolio $ 7,566,856 $ 7,597,233
Vanguard Retirement Savings Trust 12,326,840 12,147,344
Vanguard/Windsor II 33,915,332 26,964,028
Crane Co. Stock Fund 63,566,399 43,410,426
Medusa Stock Fund 1,217,548 1,314,830
Vanguard/Wellington Fund 10,075,274 7,703,210
Vanguard/Morgan Growth Fund 6,943,158 5,289,060
Vanguard Fixed Income Securities -
Long-Term Corporate Portfolio 1,854,119 1,484,805
Vanguard Index Trust - 500 Portfolio 2,470,073 848,281
Vanguard/PRIMECAP Fund 2,654,394 726,202
Loan Fund 3,717,641 2,971,977
Total investments 146,307,634 110,457,396
RECEIVABLES:
Company contributions (Crane Co. Stock
Fund) 162,878 238,601
Employee contributions 882,453 584,678
Employee loan payments 130,787 93,793
Interest and dividends 104,027 -
Total receivables 1,280,145 917,072
Total assets 147,587,779 111,374,468
LIABILITIES:
Forfeitures due Crane Co. (Crane Co.
Stock Fund) 244,942 32,389
NET ASSETS AVAILABLE FOR BENEFITS $147,342,837 $ 111,342,079
See notes to financial statements.
</TABLE>
2
<PAGE>
AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE PERIOD
FROM JANUARY 1, 1997 TO DECEMBER 30, 1997 AND YEAR ENDED DECEMBER 31,1996
<S> <C> <C>
1997 1996
CONTRIBUTIONS:
Employee $ 9,535,792 $ 7,498,609
Crane Co. (Crane Co. Stock Fund) 3,458,814 3,091,336
Total contributions 12,994,606 10,589,945
EARNINGS ON INVESTMENTS:
Interest and dividends 7,289,503 5,191,655
Net appreciation in fair value of
investments 29,159,773 10,777,328
Total earnings on investments 36,449,276 15,968,983
DISTRIBUTIONS TO PARTICIPANTS (7,995,738)
(14,761,316)
ROLLOVERS AND TRANSFERS FROM OTHER
PLANS 1,573,165 783,660
TRANSFER OF ASSETS DUE TO SALE OF
SUBSIDIARY - (90,630)
FORFEITURES (Crane Co. Stock Fund) (76,904)
(244,942)
ADMINISTRATIVE EXPENSE AND OTHER (10,031) (5,310)
NET INCREASE IN NET ASSETS AVAILABLE
FOR BENEFITS 36,000,758 19,174,006
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of period 111,342,079 92,168,073
NET ASSETS AVAILABLE FOR BENEFITS
End of period $147,342,837 $111,342,079
See notes to financial statements.
</TABLE>
3
<PAGE>
AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements For the Period from January 1, 1997 to
December 30, 1997 and Year Ended December 31, 1996
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). Effective December 30,
1997 the fiscal year end of the Plan was changed to December 30th.
B. Plan Amendments - The Plan was amended effective January 1, 1997
designating the portion of the Plan invested in Company Stock
(consisting of (a) Contributing Companies matching contributions, which
are invested in Company Stock through the Company Matching Contribution
Stock Fund and (b) Participants' Deferred Savings contributions that
participants have elected to invest in the Crane Co. Stock Fund, as an
Employee Stock Ownership Plan, as defined in Section 4975 of the
Internal Revenue Code. Effective June 1, 1997, employees are eligible to
participate in the Plan on the first day of the month coincident with or
next following their date of hire.
C. 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.
D. Participation - Subject to certain conditions, U.S. employees of
Crane Co. and eight of its subsidiaries: Huttig Sash & Door Company;
Hydro-Aire, Inc.; Dyrotech Industries; Kemlite Company Inc.; Cochrane
Inc.; Crane Capital Corp.; Unidynamics St.Louis Inc.;and Mark Controls
Corporation (collectively,the "Employer") 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 in the Plan on the first day of the month coincident with
or next following their date of hire.
E. Contributions and Funding Policy - Participants may elect to
contribute to the Plan from two to sixteen percent of their annual
compensation. Effective June 1, 1997, the Plan no longer limited 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 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 1997 and 1996. 4
-4-
<PAGE>
F. 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
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.
G. 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).
H. 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.
I. 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.
J. 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
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.
5
<PAGE>
K. Rollovers and Transfers from Other Plans - Rollovers and transfers
from other qualified plans are accepted by the 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.
L. 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 transfers between the investment fund and the 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
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 50 percent of approved foreign
banks net assets in Eurodollar certificates of deposit issued by
approved U.S.banks and Yankee obligations. The intent is to maintain a
constant net asset value of $1.00 per share.
Vanguard Retirement Savings 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. The intent is to maintain a constant net asset
value of $1.00 per share. Plan assets in the Retirement Savings Trust
are recorded at contract value (which represents contributions made
under the contract plus earnings, less withdrawals and administrative
expenses) because they are fully benefit responsive. The average yield
was approximately, 6% during both 1997 and 1996. The crediting interest
rate was approximately 6% at December 30,1997 and December 31, 1996.
Generally, the fair value of Plan assets invested approximates contract
value. Fair value of Plan assets invested was $12,326,840 and
$12,147,344 at December 30, 1997 and December 31, 1996, respectively.
According to the Trustee, the fair value of the Trust's assets
approximated contract value at December 30,1997 and December 31,1996.
Vanguard/Windsor II - A diversified portfolio of equity securities
seeking to provide long-term growth of capital and income. Its
secondary objective is to provide a reasonable level of current income.
6
<PAGE>
Crane Co. Stock Fund - Investments in common stock of Crane Co.
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. On
June 19, 1998 a merger between Southdown, Inc., and Medusa Corporation
was approved pending completion of a ten day dissenters period.
Southdown shares received for Medusa shares are expected to be sold, and
participants holding shares in the Medusa Fund are able to direct the
proceeds from the sale to any of the other investment vehicles available
in the Plan. If the participants do not select an investment vehicle the
proceeds will be transferred to their Money Market Reserve Fund.
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 by investing in a diversified
portfolio of long-term investment-grade bonds.
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.
7
<PAGE>
B. Investment Valuation - Investments in Mutual funds are valued at the
closing composite price published for the last business day of the year.
The Crane Co. Stock Fund and Medusa Stock Fund are valued at the quoted
market price of the respective companies. Participant loans are valued
at cost, which approximates fair value.
Below are the investments whose fair value individually represented 5
percent or more of the Plan's net assets at the period ended December 30,
1997 and year ended December 30, 1996:
<TABLE>
<S> <C> <C> <C> <C>
1997 1996
Principal Market Principal Market
Amount ($) or Value Amount ($) or Value
Shares/Units Shares/Units
Vanguard Money
Market Reserves-
Prime Portfolio 7,566,856 $ 7,566,856 7,597,233 $ 7,597,233
Vanguard/Windsor II 1,190,429 $33,915,332 1,131,516 $26,964,028
Vanguard Retirement
Savings Trust $12,326,840 $12,326,840 $12,147,344 $12,147,344
Vanguard/Wellington
Fund 343,163 $10,075,274 294,578 $ 7,703,210
Crane Co. Stock
Fund 1,475,543 $63,566,399 1,496,395 $43,410,426
</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.Distributions to Participants- Benefit payments are recorded upon
distribution.
E.General - The financial statements are prepared in conformity with
generally accepted accounting principles which 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 changes in net assets available for benefits during
the reporting period. Actual results could differ from those estimates.
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
<PAGE>
4. ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS
Allocation by fund of net assets available for benefits at December 30,
1997 and December 31, 1996 follows:
<TABLE>
<S> <C> <C>
1997 1996
Vanguard Money Market Reserves -
Prime Portfolio $ 7,566,856 $ 7,612,630
Vanguard Retirement Savings Trust 12,326,840 12,263,666
Vanguard/Windsor II 33,915,332 27,164,036
Crane Co. Stock Fund 63,566,399 43,764,912
Medusa Stock Fund 1,217,548 1,314,830
Vanguard/Wellington Fund 10,075,274 7,798,543
Vanguard/Morgan Growth Fund 6,943,158 5,345,044
Vanguard Fixed Income Securities-
Long-Term Corporate Portfolio 1,854,119 1,503,159
Vanguard Index Trust - 500
Portfolio 2,470,073 866,313
Vanguard/PRIMECAP Fund 2,654,394 736,969
Loan Fund 3,717,641 2,971,977
$146,307,634 $110,457,396
</TABLE>
5. INFORMATION RELATED TO CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
The changes in net assets available for benefits by fund for the
period from January 1, 1997 to December 30, 1997 and the year ended
December 31, 1996 were as follows:
<TABLE>
<S> <C> <C>
Employee Contributions:
1997 1996
Vanguard Money Market Reserves -
Prime Portfolio $ 555,759 $ 564,168
Vanguard Retirement Savings Trust 1,099,586 1,320,427
Vanguard/Windsor II 2,586,989 2,237,356
Crane Co. Stock Fund 1,667,638 1,197,680
Vanguard/Wellington Fund 1,306,773 1,122,363
Vanguard/Morgan Growth Fund 793,306 649,921
Vanguard Fixed Income Securities -
Long-Term Corporate Portfolio 244,739 230,466
Vanguard Index Trust - 500
Portfolio 652,219 102,388
Vanguard/PRIMECAP Fund 628,783 73,840
$ 9,535,792 $ 7,498,609
</TABLE>
9
<PAGE>
<TABLE>
<S> <C> <C>
Interest and Dividends: 1997 1996
Vanguard Money Market Reserves
- - Prime Portfolio $ 430,202 $ 423,505
Vanguard Retirement Savings Trust 729,613 691,239
Vanguard/Windsor II 3,090,830 1,891,892
Crane Co. Stock Fund 727,570 684,446
Medusa Stock Fund 13,403 17,069
Vanguard/Wellington Fund 845,402 597,889
Vanguard/Morgan Growth Fund 934,578 504,012
Vanguard Fixed Income
Securities -Long-Term
Corporate Portfolio 105,779 124,686
Vanguard Index Trust - 500
Portfolio 46,502 12,824
Vanguard/PRIMECAP Fund 89,406 18,679
Loan Fund 276,218 225,414
$ 7,289,503 $ 5,191,655
Net Appreciation (Depreciation)
in Fair Value of Investments:
Vanguard/Windsor II $ 5,374,035 $ 3,310,639
Crane Co. Stock Fund 21,086,660 6,219,196
Medusa Stock Fund 268,204 316,497
Vanguard/Wellington Fund 986,667 485,526
Vanguard/Morgan Growth Fund 598,948 453,795
Vanguard Fixed Income
Securities-Long-Term
Corporate Portfolio 86,514 (101,369)
Vanguard Index Trust - 500
Portfolio 406,592 56,270
Vanguard/PRIMECAP Fund 352,153 36,774
$29,159,773 $10,777,328
Distributions to Participants:
Vanguard Money Market Reserves
- - Prime Portfolio $ (1,251,513) $ (984,744)
Vanguard Retirement Savings
Trust (1,810,428) (1,161,627)
Vanguard/Windsor II (3,213,836) (1,744,278)
Crane Co. Stock Fund (6,529,552) (2,689,238)
Medusa Stock Fund (321,203) (101,035)
Vanguard/Wellington Fund (603,281) (691,592)
Vanguard/Morgan Growth Fund (487,784) (323,586)
Vanguard Fixed Income
Securities - Long-Term
Corporate Portfolio (221,235) (112,825)
Vanguard Index Trust - 500
Portfolio (83,802) (468)
Vanguard/PRIMECAP Fund (48,553) (499)
Loan Fund (190,129) (185,846)
$(14,761,316) $(7,995,738)
</TABLE> 10
<PAGE>
<TABLE>
<S> <C> <C>
Transfer From (To) Other Funds:
1997 1996
Vanguard Money Market Reserves
- - Prime Portfolio $ 259,064 $ (681,562)
Vanguard Retirement Savings 97,592 (231,295)
Trust
Vanguard/Windsor II (1,099,552) 817
Crane Co. Stock Fund (311,147) 135,620
Medusa Stock Fund (37,728) (59,741)
Vanguard/Wellington Fund (264,974) (430,953)
Vanguard/Morgan Growth Fund (255,723) 214,756
Vanguard Fixed Income
Securities Long-Term
Corporate Portfolio 147,982 (91,125)
Vanguard Index Trust - 500
Portfolio 576,919 577,152
Vanguard PRIMECAP Fund 887,567 566,331
$ - $ -
Rollovers and Transfers From
Other Plans:
Vanguard Money Market Reserves
- - Prime Portfolio $ 91,686 $ 6,228
Vanguard Retirement Savings
Trust 181,404 18,454
Vanguard/Windsor II 426,788 250,628
Crane Co. Stock Fund 275,118 23,961
Medusa Stock Fund - -
Vanguard/Wellington Fund 215,585 110,348
Vanguard/Morgan Growth Fund 130,876 187,363
Vanguard Fixed Income
Securities-Long-Term
Corporate Portfolio 40,376 50,793
Vanguard Index Trust - 500
Portfolio 107,600 99,126
Vanguard/PRIMECAP Fund 103,732 36,759
Loan Fund - -
$ 1,573,165 $ 783,660
</TABLE>
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 25, 1998
12
<PAGE>
AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 30, 1997
<TABLE>
<S> <C> <C> <C>
Shares/
Principal
Identity of Issue Amount ($) Cost Current
Value
Vanguard Money
Market Reserves-
Prime Portfolio* 7,566,856 $ 7,566,856 $ 7,566,856
Vanguard Retirement
Savings Trust* $12,326,840 12,326,840 12,326,840
Vanguard/Windsor 1,190,429 23,527,243 33,915,332
II*
Crane Co. Stock 1,475,543 30,096,517 63,566,399
Fund*
Medusa Stock Fund 25,961 253,924 1,217,548
Vanguard/Wellington
Fund* 343,163 8,162,666 10,075,274
Vanguard/Morgan
Growth Fund* 399,262 5,866,583 6,943,158
Vanguard Index
Trust - 500 27,412 2,058,290 2,470,073
Portfolio*
Vanguard/PRIMECAP 67,490 2,313,664 2,654,394
Fund*
Vanguard Fixed
Income Securities -
Long-Term Corporate 199,582 1,762,207 1,854,119
Portfolio*
Loans to - 3,717,641 3,717,641
Participants*
$97,652,430 $146,307,634
*Represents a party-in-interest to the plan.
</TABLE>
13
<PAGE>
AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
PERIOD FROM JANUARY 1, 1997 TO DECEMBER 30, 1997
<TABLE>
<S> <C> <C> <C> <C>
<C>
Cost of Proceeds Cost of Assets
Assets From Sold Net Gain
Identity of Issue Purchased Sales or(Loss)
Series of Transactions
Crane Co. Stock
Fund* $9,131,394 $10,062,729 $5,858,168 $4,204,561
Vanguard Money
Market Reserves
- -Prime Portfolio* $ 4,896,173 $4,925,924 $4,925,924 -
Vanguard/Windsor
II* $ 7,913,300 $6,337,400 $4,294,023 $ $2,043,377
Vanguard
Retirement
Savings Trust* $ 3,597,638 $3,414,489 $3,414,489 -
*Represents a party-in-interest to the plan.
14
</TABLE>
