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 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(h) of the Investment Company Act of 1940

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(Print or Type Responses)

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) _____ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) President & CEO (Last) (First) (Middle) 100 FIRST STAMFORD PLACE 3. Date of Earliest Transaction (Month/Day/Year) 08/23/2010 (Street) STAMFORD, CT 06902 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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 08/23/2010   M   50,000 (1) A $ 26.95 184,590 D   CRANE CO. COMMON, PAR VALUE $1.00 08/23/2010   F   43,634 (3) D $ 34.44 140,956 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction 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 (Month/Day/Year)

7. Title and Amount of Underlying Securities (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)

$ 26.95

08/23/2010

M

50,000

(2)

04/23/2011

CRANE CO. COMMON, PAR VALUE $1.00

50,000

$ 26.95

100,000

D

Reporting Owners

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

Signatures

Attorney In Fact, Augustus I. duPont		08/25/2010
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Mr. Fast exercised 50,000 stock options priced at $26.95, at a market price of $34.44. The resulting after-tax gain was taken in the form of 6,366 shares of Crane Co. stock, resulting in a net increase in Mr. Fast's direct holdings by that amount, to 140,956 shares. Mr. Fast tendered 39,126 shares of previously owned stock to pay the exercise price of the options, and 4,508 shares were withheld to pay taxes on the resulting gain.
(2)	The options vested 50% on the first, 75% on the second and 100% on the third anniversary of the grant date (04/23/2001).
(3)	Mr. Fast exercised 50,000 stock options priced at $26.95, at a market price of $34.44. The resulting after-tax gain was taken in the form of 6,366 shares of Crane Co. stock, resulting in a net increase in Mr. Fast's direct holdings by that amount, to 140,956 shares. Mr. Fast tendered 39,126 shares of previously owned stock to pay the exercise price of the options, and 4,508 shares were withheld to pay taxes on the resulting gain.

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