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Moore McCormack Subsidiary Awards $70-Million Contract To American Ship Building Co. Pickands Mather & Co., a subsidiary of Moore and McCormack 'Co., Inc. (NYSE, Pa- cific), and The American Ship Building Com- pany (NYSE), both of Cleveland, Ohio, an- nounced jointly the largest shipbuilding con- tract in the ,history of the Great Lakes. Two 1,000-foot self-unloading bulk freight- ers will be built by American Ship for Pick- ands Mather's Interlake Steamship Company fleet. The announcement was made by Elton Hoyt, president and chief executive officer of Pick- ands Mather, and George M. Steinbrenner, chairman and chief executive officer of Ameri- can Ship, who stated that Pickands Mather has an option on future drydock space for the building of two additional 1,000-tfooters. Both new ships will be built at American Ship's Lorain, Ohio, yard, with the first ship being delivered in July 1976, and the second in July 1977. The estimated combined cost of the two ships is over $70 million, pending working out final design and contract details. James R. Barker, chairman of Moore and McCormack Co., Inc., indicated that in financ- ing construction of the new Great Lakes ves- sels, the company will utilize the Title XI provisions of the Merchant Marine Act of 1970, which provides for Government guaranty to creditors of up to 87y2 percent of the cost of ships built for use in domestic trade. To permit construction of these super self- unloaders, American Ship has already contract- ed with The Horvitz 'Co. of Cleveland to ex- pand its largest present drydock from 925 feet to 1,020 feet, starting immediately. Building of the two ships will have a signifi- cant economic impact on the Lorain-Cleve- land area. American Ship expects to increase its existing work force at Lorain by some 300 jobs. Also required will be the purchase of large amounts of material, steel and equipment from area manufacturers and suppliers. The new ships, having a 105-
