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)

10/31/2011
(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   10/31/2011     M    30000.0000   (1) A $36.58   145162.0000   D    
CRANE CO. COMMON, PAR VALUE $1.00   10/31/2011     F    27079.0000   (1) D $44.11   118083.0000   D    
CRANE CO. COMMON, PAR VALUE $1.00   11/1/2011     M    10000.0000   (2) A $36.58   128083.0000   D    
CRANE CO. COMMON, PAR VALUE $1.00   11/1/2011     F    9170.0000   (2) D $42.81   118913.0000   D    
CRANE CO. COMMON, PAR VALUE $1.00                  3050.0000   I   401(K)  
CRANE CO. COMMON, PAR VALUE $1.00                  244007.0000   I   By GRAT  
CRANE CO. COMMON, PAR VALUE $1.00                  76367.0000   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)   $36.58   10/31/2011     M         30000.0000   (1)     (3) 1/23/2012   CRANE CO. COMMON, PAR VALUE $1.00   30000.0000   $ 0   10000.0000   D    
Employee Stock Option (Right to Buy)   $36.58   11/1/2011     M         10000.0000   (2)     (3) 1/23/2012   CRANE CO. COMMON, PAR VALUE $1.00   10000.0000   $ 0   0.0000   D    

Explanation of Responses:
( 1)  Mr. Fast exercised 30,000 stock options priced at $36.58, at a market price of $44.11. The resulting after-tax gain was taken in the form of 2,921 shares of Crane Co. Stock, resulting in a net increase in Mr. Fast's direct holdings by that amount, to 118,083 shares. Mr. Fast tendered 24,879 shares of previously owned stock to pay the exercise price of the options, and 2,200 shares were withheld to pay taxes on the resulting gain.
( 2)  Mr. Fast exercised 10,000 stock options priced at $36.58, at a market price of $42.81. The resulting after-tax gain was taken in the form of 830 shares of Crane Co. Stock, resulting in a net increase in Mr. Fast's direct holdings by that amount, to 118,913 shares. Mr. Fast tendered 8,545 shares of previously owned stock to pay the exercise price of the options, and 625 shares were withheld to pay taxes on the resulting gain.
( 3)  The option vested 50% on the first, 75% on the second and 100% on the third anniversary of the grant date (01/23/2006).

Remarks:
After these transactions, Mr. Fast's total beneficial holdings of Crane Co. stock, including Restricted Share Units, are 571,937 shares.

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, Augustus I. duPont 11/2/2011
** 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.
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