Franc's Day

No sooner did the franc begin to rise than Frenchmen began to fear it would rise too fast. Frenchmen, as well as others, who had to buy francs at a price higher than they reckoned, were forced to sell securities in order to meet their obligations. This caused dumping on the Bourse. And this nearly precipitated a panic.

But, in general, all Frenchmen rejoiced to see the franc go up, however fast. Monday,

March 24, was a day unique. The franc opened at a value of 5.37 cents, jumped to 5.63 cents, fell to 5.40 cents. Up 27 points, down 23 points--a total of 50 points traveled in fluctuation. When it was at 5.63 cents, a high point for the year was recorded.