FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

FAST ERIC C 		2. Issuer Name and Ticker or Trading Symbol

CRANE CO /DE/ [ CR ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
President & CEO
(Last)          (First)          (Middle)

100 FIRST STAMFORD PLACE 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/25/2011
(Street)

STAMFORD, CT 06902-6784
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. 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
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
CRANE CO. COMMON, PAR VALUE $1.00   2/25/2011     M    25000.0000   (1) A $23.2300   204183.0000   D    
CRANE CO. COMMON, PAR VALUE $1.00   2/25/2011     F    17644.0000   (1) D $46.7000   186539.0000   D    
CRANE CO. COMMON, PAR VALUE $1.00                  2863.0000   I   401(K)  
CRANE CO. COMMON, PAR VALUE $1.00                  223152.0000   I   By GRAT  
CRANE CO. COMMON, PAR VALUE $1.00                  53637.0000   I   Fast Family Trust  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (Right to Buy)   $23.2300   2/25/2011     M         25000.0000      (2) 1/28/2012   CRANE CO. COMMON, PAR VALUE $1.00   25000.0000   $0.0000   50000.0000   D    

Explanation of Responses:
( 1)  Mr. Fast exercised 25,000 stock options priced at 23.23, at a market price of $46.70. The resulting after-tax gain was taken in the form of 7,356 shares of Crane Co. stock, resulting in a net increase in Mr. Fast's position by that amount, to 186,539 shares. Mr. Fast tendered 12,436 shares of previously owned stock to pay the exercise price of the options, and 5,208 shares were withheld to pay taxes on the resulting gain.
( 2)  The option vested 50% one year, 75% two years, and 100% three years after the date of grant (01/28/2002).

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
FAST ERIC C
100 FIRST STAMFORD PLACE
STAMFORD, CT 06902-6784 		X
President & CEO

Signatures
Attorney In Fact, Christopher Dee 2/28/2011
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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