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 year ended December 30, 1998
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, 1998 and
1997 2
Statements of Changes in Net Assets
Available for Benefits for the years ended
December 30, 1998 and December 30, 1997 3
Notes to Financial Statements 4
</TABLE>
SUPPLEMENTAL SCHEDULES AS OF DECEMBER 30, 1998 AND FOR THE YEAR
ENDED DECEMBER 30, 1998
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, 1998 and 1997, 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 30, 1998 and 1997, 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 30, 1998 and (2) reportable transactions for the year
ended December 30, 1998 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 1998 financial
statements and, in our opinion, are fairly stated in all material
respects when considered in relation to the basic 1998 financial
statements taken as a whole.
Deloitte & Touche LLP
Stamford, Connecticut
June 16, 1999
1
<PAGE>
AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
<TABLE>
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 30, 1998 AND 1997
<S> <C> <C>
1998 1997
ASSETS
INVESTMENTS, AT FAIR VALUE:
Vanguard Money Market Reserves-
Prime Portfolio $ 8,834,639 $ 7,566,856
Vanguard Retirement Savings Trust 14,720,682 12,326,840
Vanguard/Windsor II 38,685,366 33,915,332
Crane Co. Stock Fund 68,330,914 63,566,399
Medusa Stock Fund - 1,217,548
Vanguard/Wellington Fund 13,032,583 10,075,274
Vanguard/Morgan Growth Fund 9,030,654 6,943,158
Vanguard Fixed Income Securities-
Long-Term Corporate Portfolio 3,403,946 1,854,119
Vanguard Index Trust-500 Portfolio 6,349,975 2,470,073
Vanguard/PRIMECAP Fund 4,682,986 2,654,394
Loan Fund 4,572,335 3,717,641
Total investments 171,644,080 146,307,634
RECEIVABLES:
Company contributions (Crane Co.
Stock Fund) 387,142 162,878
Employee contributions 1,045,525 882,453
Employee loan payments 163,498 130,787
Interest and dividends - 104,027
Total receivables 1,596,165 1,280,145
Total assets 173,240,245 147,587,779
LIABILITIES
Forfeitures due Crane Co. (Crane
Co. Stock Fund) 68,175 244,942
NET ASSETS AVAILABLE FOR BENEFITS $173,172,070 $147,342,837
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
YEARS ENDED DECEMBER 30, 1998 AND 1997
<S> <C> <C>
- --------------------------------------------------------------
1998 1997
CONTRIBUTIONS:
Employee $ 12,273,897 $ 9,535,792
Crane Co.(Crane Co. Stock Fund) 4,524,259 3,458,814
Total contributions 16,798,156 12,994,606
EARNINGS ON INVESTMENTS:
Interest and dividends 8,661,854 7,289,503
Net appreciation in fair value of
investments 5,645,196 29,159,773
Total earnings on investments 14,307,050 36,449,276
DISTRIBUTIONS TO PARTICIPANTS (13,620,101) (14,761,316)
ROLLOVERS AND TRANSFERS FROM
OTHER PLANS 8,445,204 1,573,165
FORFEITURES (Crane Co. Stock Fund) (68,175) (244,942)
ADMINISTRATIVE EXPENSE AND OTHER (32,901) (10,031)
NET INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 25,829,233 36,000,758
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of period 147,342,837 111,342,079
NET ASSETS AVAILABLE FOR BENEFITS
End of period $173,172,070 $147,342,837
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 30, 1998
and 1997
- -----------------------------------------------------------------------
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 1998 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 $10,000 in 1998 and $9,500 in
1997.
-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 1998 and 1997. The crediting interest rate was
approximately 6% at December 30,1998 and 1997. Generally, the fair
value of Plan assets invested approximates contract value. Fair
value of Plan assets invested was $14,720,682 and $12,326,840 at
December 30, 1998 and 1997, respectively. According to the Trustee,
the fair value of the Trust's assets approximated contract value at
December 30,1998 and 1997.
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. Southdown shares received for
Medusa shares have been sold, and participants that held shares in
the Medusa Fund directed the proceeds from the sale to the other
investment vehicles available in the Plan.
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 as of December 30, 1998 and
1997:
<TABLE>
<S> <C> <C> <C> <C>
1998 1997
------------------------ ---------------------------
Principal Principal
Amount($) Market Amount($) Market
or Value or Value
Shares/Units Shares/Units
------------------------ ---------------------------
Vanguard
Money Market Reserves-
Prime Portfolio 8,834,639 $ 8,834,639 7,566,856 $ 7,566,856
Vanguard/Windsor II 1,290,372 $38,685,366 1,190,429 $33,915,332
Vanguard
Retirement
Savings Trust $14,720,682 $14,720,682 $12,326,840 $12,326,840
Vanguard/Wellington
Fund 443,738 $13,032,583 343,163 $10,075,274
Vanguard/Morgan
Growth Fund 463,586 $ 9,030,654 - -
Crane Co. Stock Fund 1,548,050 $68,330,914 1,475,543 $63,566,399
</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
when paid.
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 as of
December 30, 1998 and 1997 follows:
<TABLE>
<S> <C> <C>
1998 1997
Vanguard Money Market Reserves-
Prime Portfolio $ 8,858,787 $ 7,410,071
Vanguard Retirement Savings Trust 14,878,303 12,509,399
Vanguard/Windsor II 38,934,082 34,185,530
Crane Co. Stock Fund 68,923,335 63,943,709
Medusa Stock Fund - 1,217,716
Vanguard/Wellington Fund 13,161,933 10,197,152
Vanguard/Morgan Growth Fund 9,113,259 7,025,128
Vanguard Fixed Income Securities-
Long-Term Corporate Portfolio 3,495,043 1,887,911
Vanguard Index Trust-
500 Portfolio 6,464,044 2,530,707
Vanguard/PRIMECAP Fund 4,770,949 2,717,873
Loan Fund 4,572,335 3,717,641
$173,172,070 $147,342,837
</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 30, 1998 and December 30, 1997 were as
follows:
<TABLE>
<S> <C> <C>
Employee Contributions:
1998 1997
Vanguard Money Market Reserves-
Prime Portfolio $ 724,412 $ 555,759
Vanguard Retirement Savings Trust 983,775 1,099,586
Vanguard/Windsor II 2,878,854 2,586,989
Crane Co. Stock Fund 2,566,224 1,667,638
Vanguard/Wellington Fund 1,474,142 1,306,773
Vanguard/Morgan Growth Fund 990,196 793,306
Vanguard Fixed Income Securities-
Long-Term Corporate Portfolio 357,363 244,739
Vanguard Index Trust-
500 Portfolio 1,260,361 652,219
Vanguard/PRIMECAP Fund 1,038,570 628,783
$12,273,897 $9,535,792
</TABLE>
9
<PAGE>
<TABLE>
<S> <C> <C>
Interest and Dividends:
1998 1997
Vanguard Money Market Reserves-
Prime Portfolio $ 424,598 $ 430,202
Vanguard Retirement Savings Trust 775,291 729,613
Vanguard/Windsor II 3,832,048 3,090,830
Crane Co. Stock Fund 816,442 727,570
Medusa Stock Fund 5,027 13,403
Vanguard/Wellington Fund 1,377,316 845,402
Vanguard/Morgan Growth Fund 685,995 934,578
Vanguard Fixed Income Securities-
Long-Term Corporate Portfolio 222,013 105,779
Vanguard Index Trust-
500 Portfolio 77,873 46,502
Vanguard/PRIMECAP Fund 169,213 89,406
Loan Fund 276,038 276,218
$8,661,854 $7,289,503
Net Appreciation (Depreciation)
in Fair Value of Investments:
Vanguard/Windsor II $ 1,912,775 $ 5,374,035
Crane Co. Stock Fund 1,364,066 21,086,660
Medusa Stock Fund 74,303 268,204
Vanguard/Wellington Fund (106,862) 986,667
Vanguard/Morgan Growth Fund 856,852 598,948
Vanguard Fixed Income Securities-
Long-Term Corporate Portfolio 30,322 86,514
Vanguard Index Trust-
500 Portfolio 899,998 406,592
Vanguard/PRIMECAP Fund 613,742 352,153
$5,645,196 $29,159,773
Distributions to Participants:
Vanguard Money Market Reserves-
Prime Portfolio $ (516,415) $ (1,251,513)
Vanguard Retirement Savings Trust (1,136,633) (1,810,428)
Vanguard/Windsor II (3,649,942) (3,213,836)
Crane Co. Stock Fund (5,535,194) (6,529,552)
Medusa Stock Fund (170,422) (321,203)
Vanguard/Wellington Fund (784,231) (603,281)
Vanguard/Morgan Growth Fund (622,006) (487,784)
Vanguard Fixed Income Securities-
Long-Term Corporate Portfolio (280,936) (221,235)
Vanguard Index Trust-
500 Portfolio (327,504) (83,802)
Vanguard/PRIMECAP Fund (353,846) (48,553)
Loan Fund (242,972) (190,129)
$(13,620,101) $(14,761,316)
</TABLE>
10
<PAGE>
<TABLE>
<S> <C> <C>
Transfer From (To) Other Funds:
1998 1997
Vanguard Money Market Reserves-
Prime Portfolio $ 731,552 $ 259,064
Vanguard Retirement Savings Trust 466,864 97,592
Vanguard/Windsor II (1,221,669) (1,099,552)
Crane Co. Stock Fund 638,255 (311,147)
Medusa Stock Fund (1,118,000) (37,728)
Vanguard/Wellington Fund (232,836) (264,974)
Vanguard/Morgan Growth Fund (272,783) (255,723)
Vanguard Fixed Income Securities-
Long-Term Corporate Portfolio 638,269 147,982
Vanguard Index Trust-
500 Portfolio 509,518 576,919
Vanguard PRIMECAP Fund (139,170) 887,567
$ - $ -
Rollovers and Transfers From
Other Plans:
Vanguard Money Market Reserves-
Prime Portfolio $ 217,332 $ 91,686
Vanguard Retirement Savings Trust 1,406,972 181,404
Vanguard/Windsor II 1,167,553 426,788
Crane Co. Stock Fund 849,030 275,118
Vanguard/Wellington Fund 1,324,543 215,585
Vanguard/Morgan Growth Fund 457,510 130,876
Vanguard Fixed Income Securities-
Long-Term Coporate Portfolio 645,498 40,376
Vanguard Index Trust-
500 Portfolio 1,477,360 107,600
Vanguard/PRIMECAP Fund 746,937 103,732
Loan Fund 152,469 -
$8,445,204 $1,573,165
</TABLE>
11
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Administrative Committee of the Amended and Restated
Crane Co. Savings and Investment Plan has duly caused this annual
report to be signed by the undersigned thereunto duly authorized.
ADMINISTRATIVE COMMITTEE OF THE
AMENDED AND RESTATED CRANE CO.
SAVINGS AND INVESTMENT PLAN
D. S. Smith
-----------
D. S. Smith
A. I. duPont
------------
A. I. duPont
J. R. Packard
-------------
J. R. Packard
R. A. DuBois
------------
R. A. DuBois
G. A. Dickoff
-------------
G. A. Dickoff
Stamford, CT
June 28, 1999
12
<PAGE>
AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 30, 1998
<TABLE>
<S> <C> <C> <C>
Shares/Principal Current
Amount($) Cost Value
Identity of Issue
Vanguard Money Market
Reserves-Prime Portfolio* 8,834,639 $ 8,834,639 $ 8,834,639
Vanguard Windsor II* 1,290,372 28,537,520 38,685,366
Vanguard Retirement Savings Trust* 14,720,682 14,720,682 14,720,682
Vanguard Wellington Fund* 443,738 11,519,409 13,032,583
Vanguard Morgan Growth Fund* 463,586 7,248,953 9,030,654
Crane Co. Stock Fund* 1,548,050 37,082,370 68,330,914
Vanguard Index Trust - 500
Portfolio* 55,614 5,202,921 6,349,975
Vanguard/PRIMECAP Fund* 98,568 3,891,264 4,682,986
Vanguard Fixed Income Securities -
Long-Term Corporate Portfolio* 361,353 3,290,749 3,403,946
Loans to Participants** - 4,572,335 4,572,335
$124,900,842 $171,644,080
</TABLE>
*Represents a party-in-interest to the plan.
**Loans have interest rates ranging from 7.00% to
10.50% and maturing in 1999 through 2008
13
<PAGE>
AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
PERIOD FROM DECEMBER 31, 1997 TO DECEMBER 30, 1998
<TABLE>
<S> <C> <C> <C> <C>
Cost of Assets Proceeds Cost of Net Gain
Purchased from Sales Assets Sold or (Loss)
-------------- ---------- ----------- ---------
Identity of Issue
Series of Transacions
Crane Co. Stock Fund* $13,576,360 $10,175,911 $6,662,300 $3,513,611
Vanguard Money Market
Reserves-Prime Portfolio* $ 7,982,037 $ 6,714,255 $6,714,255 -
Vanguard/Windsor II* $10,139,416 $ 7,282,157 $5,145,869 $2,136,288
Vanguard Retirement
Savings Trust* $ 5,722,557 $ 3,328,715 $3,328,715 -
</TABLE>
*Represents a party-in-interest to the plan.
14
