EARNINGS: Strike Hangovers

How much did the 113-day strike cost General Motors Corp.? Last week G.M.'s Alfred P. Sloan Jr. intoned the sad answer: an operating loss of $88.9 million. G.M. figured that $53 million would be offset by tax recoveries from the Federal Government, under the carry-back provision of the excess-profits tax. (But the amount may be reduced if G.M. shows a substantial profit for the full year.) Thus, G.M.'s net loss for the first quarter, the reddest report seen since depression days, was $36 million v. a 1945 first-quarter profit of $50 million. Nevertheless Mr. Sloan...

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