Page 36: of Maritime Reporter Magazine (August 1969)

Prudential Requests MarAd Approval Of Grace Purchase Prudential Lines Inc. has filed with the Maritime Administration an application for approval in prin-ciple of its previously announced plan to buy Grace Line Inc. The application included a letter of intent from Dillon, Read & Co., Inc., New York City, to arrange long-term financing to help Pru-dential repay loans from Chase Manhattan Bank and Marine Mid-land Grace Trust Co., also of New York City. Chase and Midland were to share a $35-million loan and a let-ter of credit for $11.5-million to cover Prudential's purchase of Grace's common stock for $44.5-million. Prudential, under the plan will sell its assets to Grace for an amount equal to their fair market value with $10-million in cash and and the balance in Grace Line notes, the documents showed. Grace has approximately 25 ships, including two passenger ves-sels, while Prudential is much smaller with but 10. However, Prudential has 11 big lighter-carry-ing vessels (LASH types) under construction. Dredges Matson Appoints Erb To Key Freight Post Herbert B. Erb Matson Navigation Company has appointed Col. Herbert B. Erb, United States Army (ret.), to the position of freight manager of gov-ernment traffic, it was announced by Capt. C. E. McLanahan, direc-tor of market development. Colonel Erb formerly was com-mander of the Military Ocean Terminal Bay Area, Oakland Army Base, largest tidewater terminal in the U.S. In his new assignment, Colonel Erb will assist in develop-ing Matson's through container service for military cargoes from the U.S. to Hawaii and the Far East. Sperry Rand Transfers Brown To M&O Division Robert B. Brown Robert B. Brown has joined the Marine and Ordnance Division of Sperry Rand's Vickers Division as district sales manager of its Wal-pole, Mass. office. He will have re-sponsibility for serving the divi-sions' customers in the New Eng-land states and New York state. With eight years experience at Vickers, Mr. Brown is a former district manager of its Industrial Division offices in Grand Rapids, Mich, and Decatur, Ga., and also handled marine and ordnance ap-plications in the southeast. He holds a BS degree in management engineering from the University of Vermont. Jerome Slater Named CTI President Jerome Slater has been named president of CTI ? Container Transport International Inc. ? to succeed Thomas G. Newman, who has retired, it was announced by Bernard L. Schwartz, president of Leasco Data Processing Equip-ment Corp. Also announced was the advancement of Eugene R. Birchler from vice-president to Mr. Slater's old post as executive vice-president. a plug for excellence is a plug by Cot. #2503 2 wire, 3 pole all brass with Bakelite interior. See our tremendous selection of PLUGS, RECEPTACLES, FIXTURES and FITTINGS, all U.S. Coast Guard and U.L. MARINE Type Listed. Just write for our catalog, IT'S FREE I!! PAULUHN ELECTRIC MFG. CO., INC. 422 Broome St., New York, N.Y. 10013 Phone: (212) 226-3897-8 BUILDING A NEW BOAT ? call MfitthU first... Matton Shipyard Company, Inc. offers complete facilities for all new construction of vessels up to 200 feet in length. ? Repairs ? Conversions ? Overhaul For your next new vessel or repair job . . . call Matton first. MATTON SHIPYARD COMPANY INC. P. O. Box 428, Cohoes, New York 12047 Tel: 518 CE 7-3911 Now... Leaders in NABRICO ... a leader for 60 years in heavy fabrication of steel and allied metals . . . now designs and builds a complete line of portable dredges from 6" to 24". The new Nabrico Dredge Di-vision will act as consultants to the dredging industry ... and will service dredges of every make. Write for full details. NASHVILLE BRIDGE COMPANY DREDGE DIVISION, Dept. MR P. 0. Bo* 239, Nashville, Tenn. 37202 38 Maritime Reporter/Engineering News