Show I ON Drop 5 to 35 Per Share Following F Rise in Discount Rate t t 1 7 NEW YORK Feb 7 AP-A AP drastic reaction in stock prices which carried many of the issues down 5 5 to 35 35 a share was Wall streets street's response t day to tle rise in the Bank of England clis cis count rte rate and the federal reserve board warning against the excessive sive use of credit for purposes The fe reserve warning was not entirely unexpected as it was known Wall Vall street yesterday that a a. statement would be issued by the board board after after the close of the market This brought heavy selling sell sell- Ing into the market early yesterday afternoon buta recovery took place before the close on the publication of the financial tickers of predictions predictions that the statement would be beless beless less bearish than generally antici- antici These These- predictions proved to tobe tobe be far from from- th mark The rise In the Bank of England rate to a a. level above the rediscount rates prevailing in country caused general surprise Its immediate in- in mediate effect will be to check the Continued n page 6 5 CK EXCHANGE sed ed tram from page 1 from England to Newy New y- y had been counted on oil credit conditions and andI anda I a withdrawal of New York Sterling nearly 3 40 at placing It well above ort point broke 17 a which compares with Ii h of 1 Case 15 a share le Ie 11 Simmons Co Can Chrysler PIctures lion U. U S. S Steel St. St Greene Cananea CoPt CoP CoP- t International steel nion Carbide and Ohio tell jell back 5 to |