GRACE, DEAD AT 81

FormerW.R. Grace & Co.Chairman J. Peter Grace Jr., who served as advisor to three presidents during his lifetime, died last night of cancer. For the past 50 years Grace ruled over a family business empire which was one of the world’s leading makers of specialty chemicals. Last month, in a highly publicized drama,Grace was ousted from his positionof power amid allegations that he had abused company funds for personal use.