GENERAL MOTORS CORP. will refund $4,908,000 to the Government for what U.S. called "overstated" expenses on F-84F jet contracts between 1952 and 1955, raising the total refund to $9,908,000, including penalty. G.M. Chairman Frederic G. Donner called the profit controversy "a misunderstanding."

NEW POLARIS MISSILE submarine will be built by General Dynamics Corp.'s Electric Boat division at an estimated cost of $105 million. New sub will be larger than the five other Polaris subs under construction.

MORGAN-GUARANTY TRUST merger is being checked by the Justice Department for possible antitrust violations, but trustbusters are not expected to oppose merger, since the Chase and Manhattan banks combined four years ago into a company whose assets are larger than the combined Morgan and Guaranty Trust assets.

PEACE AT LOEWS seems assured by purchase of 235,000 Loew's shares by a group led by Nathan Cummings, chairman of Consolidated Foods Corp. Cummings, a friend of management, strengthened Loew's President Joseph Vogel, threatened with a proxy fight by stockholders opposing his plan to sell Loew's theaters, build up M-G-M as a moviemaker.

FRENCH FRANC CREDITS up to $200 million will be backed by a U.S. bank syndicate headed by Chase Manhattan and First National City Bank of New York for two years to help stabilize the currency.

GOOSE MISSILE cancellation by the Air Force also ends Fairchild Engine & Airplane Corp.'s contract for the J83 jet engine. Cutback will reduce Fairchild's sales by about $56 million in 1959, cause layoffs of 2,000 employees. Said Fairchild President James H. Carmichael: "The company has a rough sky ahead."

JOHNS-MANVILLE CORP. (1957 sales: $308 million) purchased Libbey-Owens-Ford subsidiary L-O-F Glass Fibers Co. (1957 sales: $23 million), second only to Owens-Corning Fiberglas in the industry, for stock worth $58 million.

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