EARNINGS: On the Up & Up

As rosy first-quarter earnings reports continued to pour out last week, the rosiest came from General Motors. President Harlow Curtice reported that arms orders and the biggest production of cars and trucks since 1950 had brought G.M. sales to $2.5 billion, an alltime high rate of $10 billion a year. The gross was up 42.6% from a year ago, and net profits were up 18.7% to $151,261,876.

Studebaker was not so fortunate. Harassed by tooling troubles in the production of its sporty new model, the corporation reported a net loss of $984,489 v. $4,862,149 profit last year. But with production...

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