The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1924-02-20
FRANC DROPS;
M. POINCARE
MAY RESIGN
Brokers a Yelling Mob as Paris
BOurSG Opens

PARIS, Feb. 19.-The French
Franc suffered a fresh collapse
today, crashing from $3.50 to
the dollar at the opening to
24.3O at 11:1O A. M.
Conditions in the money
market were described as pan
icky."
The Chamber of Deputies
was in stormy session all night,
until $50 in the morning, in
frantic discussion of the situa-
ton.
Tax Increase Adopted.
The Chamber adopted Premier
Poincare's proposal for 20 per cent
increase in taxes, chief measure in
his financial reform program, at
a. M, after an uproarious debate.
This was followed by a vote Of
confidence in the premier.
The vote was 800 to 223, showing
a marked break from Poincare.
Communists led the opposition.
Poincare, worn out physically and
harTied continually by the opposi-
ton, faced another trial today when
the senate reconvened to discuss
electoral reform.
Premier May Resign.
Political wiseacres believed the
situation in the senate might be
dangerous, as Poincare already has
said he intends to make the electoral
reform project involve confidence in
his cabinet and will resign if the
proposal is adopted.
President Millerand also opposes
the bill, declaring he will refuse to
sign it if it is sent to him and will
resign if it is passed over his veto.
The session Of the Chamber end
ing in adoption of part of the gov
ernment's financial program began
yesterday afternoon and debate
brought unrestrained verbal ex-
changes and even blows before it
ended.
Deputy Bokanowsl1i's announce
ment that quotations on the pound
sterling had passed 100 francs, pre-
cipitated an uproar.
Communists Lead Opposition.
Bokanowski declared the crash Of
the franc was the fault of obstruc-
tionists in the Chamber, hindering
the voting on the premier's financial
projects.
At 7;30 D. m. i was evident Poin-
care was determined to have show
down. He demanded the Chamber sit
thruout the night, if necessary, to
put over his proposal for the tax
increase and the Chamber agreed.
The session dragged along, with
Communists continually obstructing
vote on each amendment.
Brokers Act Like Maniacs.
There was intense excitement
when the bourse opened at noon. The
interior of the stock market was
jammed with a yelling mass Of brok-
ers. swamped with orders for heavy
selling Of French securities and pur
chasing Of foreign issues.
The rush of orders was so great
that departments were swamped and
no quotations were listed for several
minutes after the opening.
Financial circles were in a near
panic because OF the sharp break
in prices, as it had been expected
the quick action of the Chamber OF
Deputies in voting the 20 per cent
tax increase would exercise a sta
bilizing effect on the market.
The government was reported
considering new measures to halt
the slump.
Tax Increase Is Failure.
LONDON, Feb. 19.-Despite action
Of the Chamber of Deputies in adopt
ing Premier Poincare's proposal for
a 20 per cent increase in taxes, the
franc declined steadily after the
opening of the money market here.
Shortly after 10 a. M, quotations
we're 1922 francs TO the pound ster-
ling, falling to 1865 at 1:20 p. m.
Italian lire opened weak In SYM
pathy with the franc. Quotations at
the opening were 100 1-S lire to the
Mound