N. Y. Market Down Slightly New York, May. 5.
Prices on ihe New York Stock Exchange closed irregularly lower after a quiet session today. Analysts advised their clients to take a cautious position pending consolidation of recent gains. They still anticipated a resumption of the advance but admit that the soft coal situation might upset things.
Ordinarily the Street never sets on strike news and it is believed it will continue to follow custom. However, there is a possibility that the strike news, will tend to curtail buying.
The speech by Col. Joseph Beck, Polish Foreign Minister, produced early firmness when European rarkets improved but cautious traders later lightened their commitments for the weekend.
Wall Street placed a favourable interpretation on Col. Beck reply to Chancellor Adolf Hitler, believing that it left the door open to further negotiations.
The market was steady at the close after some oils and steels had gained. Rails, motors and utilities eased slightly. Wall Street hears that some investment sources are nibbling at high priced shares. Whiteweld sold 1,500 shares of West Virginia Chlorine over the counter at 18% as compared with last night's close at 19.
American Brake Shoe may pay $1.75 per common share this year. United Aircraft earnings for the year may be above $225 per share.
Favourable market factors today included:
1. Col. Beck's speech left the door open to further negotiations, 2. Prospects of tax revision 3. Engineering and construction awards for April were five per cent above March.
4. Negotiations for a barter deal between the United States and Britain. exchanging British tin and rubber for Ame; cotton and wheat surpluses.
Among the unfavourable factors were these:
1. The soft coal industry situation. 2: The European situation.
3. Reduced automobile production.
The lack of speculative interest in niarket—United Press.
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