Show Higher Rediscount Rate RateS S Wall Wal Street Topic NEW YORK Feb Peb 28 Raising t-Raising Raising of lh the New York federal reserve rediscount rate rat from 3 S to 3 per cent was wal the principal topic of Interest In this weeks week's financial markets market Heavy Heay speculative selling of stocks took place on the day clay after ater the increase was announced but tho the offer Ings v rera well wel absorbed and practically all al the lost ground was recovered on railroad and In IndustrIal Industrial industrial In- In Saturday ay when both the tho Ind averages were lifted to within striking distance of tho the record highs for foral all al time Bond prices fell Cel back the natural re result Ta- Ta sult of higher Interest rates rate Sterling exchange dropped over a a cent Immediately immediately immediately immedi Immedi- after tho the local bank rate was as raised on the theory that that it would re result re- re cult sult in II the withdrawal of American bank bunk bal balances balance from London Subs Subsequent quent cable cables predicting predicting- an Increase in the Bank of England rate next week brought about a a. sharp recovery recover which carried demand bills above or j about i Id above e r the lre recent tIO low French n l exchange was heavy on reports report that the Bank of France Franca note circulation was waB near the tho statutory limit Time mone money and commercial paper stiffened perceptibly the average In Increase increase in- in crease toeing being one fourth of 1 per pel cen cent t. t |