Evening star., 1936-10-02
FRENCH FASC|STS
PROTESTING PROBE
Col. De la ROGUE Summons
! Regional Meetings
in Country.
BACKGROUND

? against currency deC0IudttoH for
tue years after Ddpe OF abandon
ment OF gold standard sUept
Europe, died Nth French decision
ueek ago to reduce the gold con-
tent OF the franc. Switzerland and
, Holland tollowed suit
French depdludtion carried ont
under protection OF gentleman's
agreement Nth Great Britain and
the United States for maintenance
of stability between the three cur
rencies and preuent any pide er-
change changes.
BY the Associated Press.
PARIS. October 2.-Col. Francois
de la Rocque's Social party. faced
with criminal investigation by the
government. ordered its regional lead
ers today to hold protest meetings
throughout France.
The meetings will be held tonight
or tomorrow.
The party. which Leftists charge is
merely a veil for activities of the dis
solved Croix de Feu, so-called Fascist
League, issued four fold declaration:
l. Ordering members not to go to a
mass meeting called in Paris for to-
night and subsequently suppressed by
the government.
2. Urging adherence TO mot tol-
crate any aggression"
8. Summoning the protest meet
jngs.
4. Directing discontinuance OF the
''work of recruiting propaganda and
anti-revolutionary action"
The statement said the party Ex-
ecutive Committee had decided to en-
ploy henceforth. against important
Popular Front meetings. "the same
tactics adopted under the cover OF
government repression by the Co
ordination Committee of Socialist
and Communist organizations"
responsibilities Weighed.
It was announced the decision was
made in view of the exceptional
gravity of the circumstances, anc
taking into account the party's re-
sponsibilities to the menaced nation.
The decision was interpreted tt
mean the Social party viii! organize
counter demonstrations to Popular
Front meetings, such as that which
had been threatened by Leftist.
against the assembly planned by Ii
Rccque in Paris tonight.
On the financial front a rush o.
buying orders at the reopening of tn,
Paris Bourse was the greatest in tht
memory of brokers.
Today's share prices provided the
first reflection of the effects of tht
cut in the value of the currency.
After an opening quotation of the
French franc, in which trading hac
likewise been suspended since last
Friday. at 2l.3 francs to the dollar
the rate went to ALAS to the dollar
at the official close, representing q
devaluation of about 28 per cent from
the old gold value of the unit.
Opening at 4.65-Cent Rate.
The opening rate was equivalent tc
<.s5 cents, and the final quotation was
equal to 1862 cents. Last Fridays
close In Paris was s5S cents. The
closing rate yesterday In New York
was 4.76 cents.
Bankers reported that the new
French stabilization fund had gone
into action to maintain the franc on
o steady course throughout the day.
At the close of exchange dealings the
Trench unit was quoted 105.76 francs
TO the pound sterling.
Closing security prices on the
9ourse were very firm.
y As the foreign exchange market re-
ss opened the Bank of France lowered
its discount rate points-from to
81 per cent-to relieve business and
: industry Of high interest costs.
q 46 Milligram Gold Content.
}. The opening price Of the franc rep
resented the halfway point in the de-
Z valuation range approved by the
Z French Parliament.
s The rate corresponded roughly to a
{ gold content Of As milligrams, as COM
: pared to the content, before devaua-
ton. Of 655.
The government indicated it intend
: ed TO permit fiuctuation between 4s
5rsnd 43 milligrams of gold content, the
? limits imposed by the Parliament In
: the devaluation law.
: The action OF the Bank of France
In reducing the discount rate consti-
tuted a return to easy money" which
previously had been the policy OF the
: Blum government.
TREASURY WATCHES EXCHANGE.