Document 85KraOa2QyqgQKLmpnZ2g7XQK

CRANE officers Thomas M. Evans, Chairman Dante C. Fabiani, President Robert E. Casner, Vice President Norman B. Champ, Jr., Vice President Dale A. Lichty, Vice President Charles H. Lovelace, Vice President Horace R. Riggs, Vice President Frank L. Luce, Secretary and General Counsel Allen M. Harrelson, Treasurer and Chief Financial Officer John A. Clark, Jr., Controller Harold W. Blakley, President, Crane Canada Limited Robert E. Dunnett, Managing Director, Crane Limited (Great Britain) board of directors Thomas M. Evans, Chairman Dante C. Fabiani John W. Garrison Robert Heller P. Blair Lee Mark W. Lowell Charles W. Veatch R. Arthur Williams stock transfer agents Morgan Guaranty Trust Company, New York 15, New York Continental Illinois National Bank and Trust Company of Chicago, Chicago 90, Illinois Montreal Trust Company, Montreal, Canada registrars of stock The Chase Manhattan Bank, New York 15, New York The First National Bank of Chicago, Chicago 90, Illinois The Royal Trust Company, Montreal, Canada auditors Arthur Young & Company, New York 6, New York executive offices Crane Co., 300 Park Avenue, New York 22, New York Crane Canada Limited, 1170 Beaver Hall Square, Montreal, Quebec Crane Limited (Great Britain), 15-16 Red Lion Court, Fleet Street, London E. C. 4, England THE COVER: Reproduced on the cover is a portion of a hypothetical piping diagram--the same type of schematic drawing that an engineer prepares in designing or laying out the plant for an industrial process. While no actual installation would contain ail the elements shown in this particular schematic diagram, it does illustrate the capability of Crane Co. to supply products and services to govern, channel, control, direct, condition, meter, and analyze the movement of fluids, (The symbols, reading from left to right and top to bottom, represent a diaphragm valve, convector, gate valve, reducing elbow, motor-operated valve, sluice gate valve, flanged tee, heat exchanger, blank flange, swing check valve, globe valve, centrifugal pump.) CRTX 0018 annual report 1961 contents Chairman's Report to the Shareholders........................... 2, 3 Crane's Expansion Program............................................... 4 Consolidated Statement of Income.................................. 5 Consolidated Balance Sheet.............................................. 6, 7 Consolidated Statement of Earned Surplus and Report of Certified Public Accountants................... 8 Ten Year Summary........................................................... 9 Crane Today--Its Products and Plants..............................10, 11 New Products by Acquisition............................................ 12, L3 New Products Developed Plumbing-Heating-Air Conditioning....................... 14, 15 Industrial .................................................................... 16,17 CRTX0019 to the shareholders: The year 1961 was one of growth for your Com pany, a year of expansion -- and more importantly, a year of consolidation of prior expansion. Since 1959, your Company has been engaged in a planned program of expansion, which had as its goal the establishment of Crane as an efficient, successful manufacturing operation--a Company that by its nature and reputation represents the logical supplier to a large group of major industrial, institutional, and consumer markets. This goal has now largely been realized. The vast amount of acquisitions and reorganization necessary has been virtually completed. sales and profits Net sales during 1961 rose to $319,556,000 from $285,619,000. Consolidated net income for 1961 increased by 18% to $5,676,000 from $4,824,000. This represents $3.83 per share of common stock outstanding at year end, compared with $2.97 in 1960. Depreciation in 1961 amounted to $8,000,000 or $5.79 per share, while in 1960 it totalled $7,458,000 or $5.01 per share. Cash flow (earnings plus depreciation) for 1961 was $9.62 per share compared with $7.98 in 1960. financial highlights Sales Earnings Earnings per Common Share Depreciation per Common Share Cash Flow per . Common Share Current Assets Current Liabilities Total Assets Book Value per Common Share Dividends Paid per Common Share 1961<" $319,556,000 5,676,000 I9601'1 $285,619,000 4,824,000 3.83 2.97 5.79 5.01 9.62 135,307,000 35,935,000 209,286,000 7.98 114,854,000 25,294,000 185,813,000 94.50 90.80 2.00 2.00 (1) Based upon 1,382,570 shares outstanding Dec. 31, 1961 (2) Based upon 1,487,430 shares outstanding Dec. 31, 1960 Accumulated funds of the major pension plans continue to be in excess of the estimated pension rights vested in pensioners and employees. There fore, as in 1960, no payments were made to the trustees. The Company paid other pension costs amounting to $1,056,000 (approximately the same as last year) under unfunded plans and as a result of voluntary payments to retired employees. CRTX 0020 o domestic During 1961, your Company acquired the assets of Midwest Piping Company, Inc., St. Louis, Mo.; The Deming Company, Salem, Ohio; and AllianceWare, Inc., Alliance, Ohio, adding a significant group of products to the Crane line. These acqui sitions rounded out the Crane Manufacturing facili ties in the U. S. and added ten plants, bringing the total of manufacturing plants in the U.S. to 26. Your Company's stock in Briggs Manufacturing Company and an additional sum of cash was used to acquire AllianceWare, thus disposing of 231,674 shares of Briggs stock held at December 31, 1960. A separate private action filed by Briggs Manufac turing Company on April 25, 1960, against your Company was dismissed December 15, 1961. international During 1961, your Company acquired additional interests in the subsidiaries operating in France and Italy, increasing its ownership to more than 75% in both organizations. Consequently, the accounts of these subsidiaries have now been included in the consolidated financial statement. The inclusion of these accounts for the first time in 1961 did not have a material effect on the financial statements. Through its acquisition of The Deming Com pany, your Company acquired a Mexican manu facturing operation in Monterrey, Nuevo Leon. This plant has been expanded to include valve manufacturing facilities. In September, construc tion was initiated on a new plant in Australia to produce valves, meters and pumps. Completion of this plant is scheduled for the latter part of 1962. Crane's operations outside of the United States and Canada accounted for 11.1% of net assets at year end and 60.9% of consolidated net income for the year. Substantially all of these operations are ap plicable to England and Western Europe where the improving economic situation of the Com mon Market should have significant bearing on the future. term bank credit On the $45,000,000 seven-year term credit agreement initiated with a group of seventeen banks in 1960, scheduled repayments have reduced the balance at December 31,1961, to $37,665,000. All acquisitions in 1961 were financed from current resources and this term bank loan. A strong finan cial position has been maintained, with net work ing capital increasing from $89,561,000 in 1960 to $99,372,000. litigation A proceeding commenced by the Federal Trade Commission alleging violation of certain anti-trust statutes in connection with various acquisitions by the Company has been pending since March 21, 1960. Crane Counsel continue to advise that no substantial contingent liability is involved. dividends In addition to the four quarterly dividends total ling $3.75 pershare paid on preferred shares in 1961, $2.00 was paid on each share of common stock. Respectfully submitted, D. C. Fabiani President T. M. Evans Chairman CRTX 0021 the record of CRANE expansion Over the past 2'/i years, Crane Co., has ex pended more than 80 million dollars in a planned program of expansion. The steps that were taken to implement this program were in three different areas: (I) a decen tralization of manufacturing and marketing organi zation, (2) the establishment of new outlets through independent distributors, and (3) the de velopment of new products and the acquisition of new manufacturing facilities to provide a greatly expanded line of products. In the period since September, 1959, your Com pany has increased its world-wide manufacturing capacity from 13 plants to 50 plants. The Crane product line has been strengthened, both by acqui sition and by the development of new products internally, and Company organization, both manu facturing and marketing, has been tightened and reorganized. domestic The principal expansion took place in the United States, where manufacturing facilities were increased from six plants to a current total of 26. Acquisitions in the plumbing, heating, and air con ditioning field provided a complete line of plumbing and heating equipment In the industrial products field, the Company increased its valve manufac turing capacity, and added pumps, water condi tioners, steel fittings, and fabricated piping, as well as developing many new products from within the Company. international In the past two years, international marketing and manufacturing have also been expanding in the overall Crane operations. In August of 1959, there were only seven Crane plants outside the number of plants 1959 I960 1961 United States, six of these in Canada. Since that time, 17 plants have been added to the Crane inter national operations, in Canada, England, France, Holland, Italy, and Mexico; and an Australian plant is now under construction. 4 CRTX 0022 CRANE CO. and subsidiaries consolidated statement of income Year ended December 31, 1961 with comparative figures for 1960 1961 1960 Net sales........................................................................................... Cost of sales, selling, administrativeand general expenses.......... Operating profit................................................................................ Other income (deductions): Interest --net................................................................................ Gain on disposal offixed assets--net.......................................... Dividends received from foreign subsidiaries not consolidated in 1960........................................................ Miscellaneous............................................................................. $319,556,202 309,729,127 9,827,075 $285,618,712 .279,329,541 6,289,171 (1,433,686) 501,419 -- 226,445 (705,822) (691,856) 847,286 149,600 622,049 927,079 Income before income taxes (after depreciation of $8,000,070 in 1961 and $7,457,676 in 1960).............................................................. Provision for foreign income taxes (less U. S. carryback refund)..................................................... Net income 9,121,253 7,216,250 3,445,483 $ 5,675,770 2,391,787 $ 4,824,463 CRANE CO. and subsidiaries ASSETS consolidated balance sheet 1961 1960 Current assets: Cash............................................................................................. Marketable securities, at cost which approximates market. . . . Accounts receivable, less allowance for doubtful accounts-- $792,568 in 1961; $1,234,895 in 1960................................ Inventories, at lower of cost or market (after deducting $25,811,288 in 1961 and $24,464,589 in 1960 to state the principal inventories in the U.S. on aLIFO basis) Raw materials and supplies............................................... Work in process ................................................................... Finished goods..................................................................... Total current assets............................................... Investments at cost: Investment in foreign affiliate...................................................... Investment in foreign subsidiaries not consolidated in 1960 .............................................................. Mortgage notes receivable.......................................................... Other investments....................................................................... Property, plant and equipment at cost: Land............................................................................................. Buildings and improvements...................................................... Machinery and equipment.......................................................... Less accumulated depreciation................................................... Prepaid expenses and deferred charges......................................... $ 21,436,608 4,087,214 41,325,503 $ 19,031,635 -- 34,933,701 10,181,400 26,217,672 32,058,806 68,457,878 135,307,203 10,414,636 20,652,110 29,822,101 60,888,847) 114,854,183 1,497,382 -- 1,965,112 236,273 3,698,767 1,497,382 4,289,785 1,740,870 2,945,171 10,473,208 6,114,646 53,609,765 99,388,968 159,113,379 90,707,004 68,406,375 1,873,384 $209,285,729 6,320,579 48,894,574 84,327,117 139,542,270 80,344,384 59,197,886 1,287,350 $185,812,627 5 CRTX 0024 CRANE CO. and subsidiaries December 31, 1961 with comparative figures for 1960 LIABILITIES AND SHAREHOLDERS' EQUITY 1961 Current liabilities: Current maturity of long-term bank loan . Payable to banks by foreign subsidiaries . Accounts payable....................................... Accrued payrolls, taxes and other liabilities Accrued taxes on income.......................... Total current liabilities......... Long-term debt: Bank loan, payable $1,795,000 quarterly from February 1, 1963 through November 1, 1966 and $1,765,000 on February 1, 1967, plus interest, currently at43A% Miscellaneous--payable by foreign subsidiaries............... Minority interest in foreign subsidiaries......................................... $ 7,180,000 1,435,752 11,569,462 11,353,703 4,396,327 35,935,244 30,485,000 884,446 31,369,446 1,321,756 Shareholders' equity: Capital StockCumulative preferred shares, 334% par value $100 (redeemable at the option of the Company and subject to sinking fund requirements): Authorized --160,000 shares: outstanding--100,093 shares in 1961 and 104,593 shares in 1960 (after deducting 8,398 shares in treasury in 1961 and 7,697 shares in 1960)............... Common shares, par value $25 Authorized--3,500,000 shares; outstanding--1,382,570 shares in 1961 and 1,487,430 shares in 1960 (after deducting 118,950 shares in treasury in 1960)............... Earned surplus-$7,535,280 in 1961 ($3,232,826 in 1960) is not restricted as to payment of common dividends Total shareholders' equity.................................... 10,009,300 34,564,250 96,085,733 140,659,283 $209,285,729 1960 $ 2,860,000 9,014,207 9,016,833 4,402,496 25,293,536 14,995,000 14,995,000 10,459,300 37,185,750 97,879,041 145,524,091 $185,812,627 CRTX 0025 CRANE CO. and subsidiaries consolidated statement of earned surplus Year ended December 31, 1961 with comparative figures for 1960 1961 1960 Balance at beginning of year.................................................. Net income.............................................................................. Dividends: Preferred shares --$3.75 per share. ................................... Common shares -- $2.00 per share..................................... Excess of cost over par value of reacquired shares --net: 4,500 preferred shares (3,400 in 1960)............................ 104,860 common shares (28,410 in 1960)..................... Balance at end of year............................................................ $ 97,879,041 5,675,770 103,554,811 379,668 2,870,215 $ 97,249,663 4,824,463 102,074,126 397,943 3,007,270 (108,355) 4,327,550 7,469,078 $ 96,085,733 (84,245) 874,117 4,195,085 $ 97,879,041 status of stock option plan adopted in 1951 Number of shares Balance outstanding January 1, 1961................................................................. 54,420 Options granted .................................................................................................... 17,500 Options cancelled..................................................... :................................ (13,250) Options exercised........................................................................................ (15,840) Balance outstanding December 31,1961-........................................................... 42,830 Price per share $32.50 to:$58.25 48.25 to 65.75 32.50 to 57.25 32.50 to 52.75 $32.50 to:$65.75 Of the options outstanding at December 31, 1961. 12,360 shares were exercisable, and additional options for 89,020 shares could be granted (compared with 93,270 shares at December 31, 1960). report of certified public accountants To the Shareholders of Crane Co.: We have examined the accompanying consolidated balance sheet of Crane Co. and subsidiaries at December 31, 1961 and the related consolidated statements of income and earned surplus for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the statements mentioned above present fairly the consolidated financial position of Crane Co. and subsidiaries at December Jl, 1961 and the consolidated results of their operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. New York, N. Y,, February 23, 1962 Arthur Young & Company J CRTX 0026 ten year summary of CRANE operations YEAR 1952 1953 1954 1955 1956 1957 (1) Years 1952 to 19SS have been recalculated to provide comparability with later years. (2) After deducting extraordinary loss, net of income tax refund $3,308,000 or $1.40 per share. 1958 1959 1960 1961 CRTX 0027 CRANE today The present organization of Crane Co. illustrates the Com pany's ability to compete in today's markets. From thirteen plants and a distribution organization that sold a large por tion of other manufacturers' products. Crane has grown to a vast world-wide manufacturing and marketing complex, of fering an integrated line of products for home and industry. INDUSTRIAL PRODUCTS GROUP PLUMBINGHEATING-- AIR CONDITIONING GROUP ENGINEERED PRODUCTS GROUP PRODUCTS Gate, globe, angle, and check valves in bronze, iron, cast and forged steel, and various alloys. Valves of special designs for services involving extremes of pressure and temperature,- corro sive or other unusual conditions. Motor, gear, and cylinder operated valves as well as butterfly valves, diaphragm valves, pressure regulators, steam traps, safety and relief valves, sediment separators, exhaust heads, etc. Forged steel flanges and fittings and steel butt and socket weld fittings. Facilities for repairing all types and makes of valves. Lavatories, bathtubs, water closets, kitchen sinks, laundry tubs, drinking fountains, urinals, plumbing brass, bathroom acces sories, and water closet seats. The plumbing ware is available in white and seven colors in vitreous china, enameled cast iron and steel, and Duraclay. Steel and cast iron boilers, packets and generators, condensers and condenser sections and fittings; cast iron and non-ferrous baseboard and convectors; cast iron thintube radiators; com mercial fintube elements and enclosures; marine cargo handling equipment; residential furnaces and air conditioners; commer cial air conditioners; coils, coil units and assemblies, air handlers, unit coolers and condensers; combination refrigeratorrange-sink units; porcelain enameled metal paneling. PLANTS Chattanooga, Tennessee Chicago, Illinois Alliance, Ohio Chattanooga, Tennessee Colton, California (2) M Ouncansville, Pennsylvaffia Evansville, Indiana Geneva, New York Jonesboro, Arkansas Miami, Oklahoma Middletown, Pennsylvania New Castle, Pennsylvania Oswego, New York Somerset, Pennsylvania Trenton, New Jersey Cone, check, gate, relief, globe, and angle valves made of bronze, iron, and steel; sluice gates; recorders, indicators, automatic controls, and associated transmitters. Deaerating and non-deaer ating heaters, demineralizers, softeners, solids-contact reactors, filters, waste water treatment equipment, separators, purifiers, condensate drainage systems; heat exchangers and cast iron cooling sections. Carbon and alloy steel butt-welding fittings and forged flanges; fabricated power and process piping for utilities and industry; erection of piping systems; shallow and deep well water sys tems; centifugal, turbine, rotary, reciprocating, multistage pumps for home, industrial, municipal, and agricultural uses. Clifton, New Jersey Houston, Texas Indian Orchard, Massachusetts Los Angeles, California Manchester, New Hampshire Philadelphia, Pennsylvania Pottstown, Pennsylvania Rogers, Arkansas Salem, Ohio St. Louis, Missouri ' -------------------------------- Mi------- CRTX 0028 HYDRO-AIRE DIVISION CRANE CANADA LIMITED CRANE LIMITED TGREAT BRITAIN^ '' PRODUCTS Fuel and hydraulic pumps, anti-skid and automatic braking systerns, cry2enic valves, hydraulic and pneumatic valves and regulators, safety valves, air springs, actuators, electric motors, and solid state components for the aircraft, missile, electronics, and transportation industries. Bronze, iron, and steel valves and fittings, fabricated piping of 3,1 types' fire hydrants, corporation brass, and other iron and brass products, including plumbing brass; vitreous china, porcelain-enameled cast iron and porcelain-on-steel plumbing fix tures, cast iron boilers (gas and oil fired), radiators, cast iron pipe; gas and oil fired warm air furnaces and residential air conditioning units; water pumps, pressure systems, circulators, water softeners, and sump pumps. Globe, gate, and check valves in bronze, cast iron, carbon steels, and ally me*a,si educing valves, safety valves, foot valves and strainers, water gauges and steam traps; malleable iron, cast iron, and bronze pipe fittings; union and union fittings, expansion joints, mild steel tube fabrication; centrifugal and semi-rotary pumps; cisterns and tanks; fire hydrants, fire valves and acces sories, temperature regulators, water and flow meters and batch control equipment for most liquids. Cast iron central heating and hot water supply boilers, water heaters, heat exchangers, cast iron radiators and baseboard, and welded steel tube boilers. PLANTS Burbank, California Hamilton, Ontario Marieville, Quebec Medicine Hat, Alberta Montreal, Quebec (2) Port Hope, Ontario Saint John, New Brunswick Saint Johns, Quebec Stratford, Ontario Toronto, Ontario (2) Vancouver, British Columbia (2) Burgess Hill, Sussex Halifax, Yorkshire Ipswich, Suffolk Stockport, Cheshire OTHER France INTERNATIONAL OPERATING Crane S. A. (France) Malleable iron fittings, brass, cast iron, and steel valves for industrial and petroleum applications, and special valves for chemical and nuclear power applications. Iron, steel, and alloy valves (gate, globe and check valves) for petroleum, petrochemical, marine applications and power plants, safety and relief valves (Crosby); water gauges for high pressure use and steam traps. Italy Crane-Orion S.p.A. Steel valves for use in petroleum refineries, chemical plants, and power plants; gate, globe, angle, check, and swing check valves made from carbon, alloy, and stainless steels and other materials. Mexico Deming de Mexico S. A. Vertical turbine pumps, both water lubricated and oil lubricated; end suction and self-priming centrifugal pumps, jets and piston pumps. Netherlands Crane Co. owns a substantial interest in N. V. Nederlands-Amerikaanse Fittingfabriek, manufacturers of malleable iron fittings, flexible joints, tube connection systems, steel flanges, and plumbing brass. Paris Lille Trieste Monterrey, Nuevo Leon Deventer Veghel Venlo CRTX 0029 1 new CRANE products by acquisition Acquisition of manufacturing firms was an important source of new products added to the Crane line in 1961. Midwest Piping produces fabricated pip ing, in carbon and stainless steel, alumi num, and alloy metals; also welding fittings and flanges of all types and sizes, in con ventional or special materials. In addition to manufacturing activities, Midwest is also equipped to erect complete piping systems. Deming manufactures a complete line of pumps, packaged water systems, and accessories. AllianceWare manufactures pressed steel plumbing fixtures, and AllianceWall porcelain-on-metal panels for building construction. The addition of AllianceWare plumbing fixtures to the Crane line makes it possible for Crane to offer a complete line of plumbing products of its own man ufacture. NEW PUMPS, two of the fourteen developed by Dem ing Division in 1961. Above is a 3913 double ball bear ing end-suction centrifugal pump, shown with attached motor. At left, coupled to a gasoline engine, is shown a 4421 portable centrifugal pump used fof--aevatering and irrigation. PIPING FABRICATION--This 150-foot self-supporting arch is part of the distribution system of Laclede Gas Com pany of St. Louis. Completely prefabricated in the shops of Midwest Piping, it was erected in one day. The in stallation is capable of carrying 200 million cubic feet of gas per day, at a pressure of 880 pounds per square inch. PIPING ERECTION--Refinery, distribution, and underground piping for the Atomic Energy Commission's Uranium Processing Plant in Weldon Spring, Missouri, was fabricated and erected by Midwest Piping. The Midwest field organization at the construction site included more than 300 welders, steamfitters, and sheet metal workers. 12 CRTX 0030 new CRANE products by acquisition EXTRA SAFETY--The optional exclusive coating process with which the bottom of this AllianceWare tub is treated makes it virtually slip-proof, and there fore, twice as safe as a regular bathtub. The Slip-Proof surface is smooth and comfortable, and can be cleaned with the ease of regular porcelain enamel. QUALITY CONTROL--Midwest Piping is an important manufacturer of welding fittings --both seamless and welded --and forged flanges. These are manufactured of wrought iron, carbon and stainless steels, and of various other metals and alloys. The photograph shows a 14inch elbow being subjected to ultrasonic testing to measure thickness and detect any flaws. ALUANCEWALL porcelain-on-steel and porcelain-on-aluminum build ing panels are glass-hard and, colorfast. Their resistance to cli mate, sunlight, and corrosion make them the perfect choice for building exteriors such as the Queens Theatre 8uilding in Hong Kong. CRTX 0031 13 new CRANE products developed from within in PLUMBING, HEATING, and AIR CONDITIONING products, Crane's line was substantially increased in 1961 by the design of new products, and by acquisition of manufacturing plants. The name Crane has been synonymous with quality in plumbing products for many years. Now the Company is able to offer customers and distributors a complete line of products for the home--from a single plumbing fixture to a complete builders' package combining plumbing, heating, and air conditioning. The Crane products illustrated here are only a portion of those new items added to the line in 1961. WARM AIR FURNACE -- With traditional Crane quality and functional design characteristics, this new 2100 series upflow furnace incorporates the latest design features for simplified operation and maintenance. PRESIDENT II--A new food and fun bar, specially de signed for use in offices, recreation rooms, apartments, and motels, this Crane Chef unit combines a refrigera tor, cooking top, freeier, sink, and storage space. SUNNYDAY 3--Only two feet tall, but with enough capacity to heat a seven-room house, this compact hydronic (hot water) heating unit is just one of the many in the Crane line. COOLING COILS--Designed as a companion to the 21G0 Series furnace, this cooling coil makes the addition of air conditioning to your warm air heating an easyisk. 14 CRTX 0032 new CRANE products developed PREMIER--This newest addition to Crane's line of recessed tubs features a straight front panel and is available in white or any of seven designer-coordinated colors. CELESTE--New design features semi-concealed soap dishes and waste lever. Single dial controlled faucet eliminates splashing or dripping of water outside the bowl, HARVARD--A free-standing closet with new modern design in both bowl and tank. PLUMBING BRASS--Crane's plumbing fittings are now coordinated into three new lines: the award-winning Criterion; the restyled Capri, available in either zinc die cast and brass, or all-brass.- and the Crestmont. an alt-brass line. CRTX 0033 1; I new CRANE products developed from within INDUSTRIAL PRODUCTS form an important part of Crane manufacturing operations. Historically, Crane has been the world's largest manufacturer of valves. Now, through a continuing program of research and development, the Company has established its position in the industry as a manufacturer of products to control, measure, analyze, channel, condition, meter and govern the flow of fluids. These products include, in addition to valves: pumps, boilers, electronic controls, fabri cated piping, and water treating equip ment. New products are constandy being added to Crane's industrial line; below are shown a few of the new Crane products for 1961. v'4-4; O' ' V. TWO NEW PRODUCTS of the industrial Products Group--a 16-inch fabricated pipeline valve, topped with the new Crane Teledyne Motorit^l Valve Operator. The TelcaSy unit makes possible aaro matic valve operation. With just the touch of a button, even a valve as large as this can be opened or closed at a pre determined rate--at the valve or from a remote location. CRANE BAIL VALVES - De signed for superior flow con trol in a wide range of industrial applications, these valves feature a tapered car tridge containing the entire seating assembly, which can be removed easily in seconds for cleaning or replacement. BI-DIRECTIONAL COUNTER --Introduced by Hvdro- " .. ' Aire Division of Crane, this highly versatile ' - '. -- "tronic device converts electrical pulses to a vSPi TWO-PORT SLIDE VALVE--Designed for control of flue gases in the catalytic crack- "nixie tube" readout. The counter serves as the key ing process in petroleum refineries. The largest of these unusual valves can be 60 element in an automatic fluid flow control system, to 75 feet long, weighing over 60,000 pounds, with 12 foot ports. The Chapman Valve Manufacturing Company, a subsidiary of Crane Co., is the sole producer of this type of valve. 16 CRTX 0034 A representative selection of the new valves developed by Crane's Industrial Prod ucts Group in 1961. Reading from left to right, and from top to bottom, they are: 300-lb. flanged gate valve; 600-lb. steel globe valve; chlorine valve; 600-lb. stain less steel gate valve; 600-lb. reduced port gate valve (inside screw); 600-lb. reduced port gate valve (outside screw and yoke); 600-lb. full port gate valve (outside screw and yoke); bronze solder joint gate valve; union bonnet brass gate valve; #440 brass gate valve; 2000-lb. waterflood valve. CRTX 0035