The Birmingham age-herald., 1923-12-30
TRADERS ARE GLAD ID SEE 1928 END.
Violent Price Fluctuations Reached Highest In March
 And Lowest In October

I fortunes have in any way been af- ssCteo DS the stock market! If the 2, sublio could have foreseen the slump srom May to November, paper profits vi large amount could have been saved. Had professional traders been given an inkling of tho rebound in the final two months, the upturn might have been more orderly and a, nave inspired greater confidence. sf But 1923 has passed into history and It's record stands. Seldom has g there been a year when both the pubIto and the insider have been so cornpd etely routed. It is not sur prising, therefore, to find among xhose associated directly or indirectly with the stock market little regret at the passing of the old year and hope for better things in the coming 12 monthA
 Although disappointment to many, 1923 added an interesting pags to history in the variety of uncommon occurrences. The year was less than two weeks old when cloud ap- peared on the horizon, which though
 without serious effect on stocks, nevertheless constantly served to cast . gloom over trade and not in frequently threatened to bring A storm.
 Not every year can lay oiaim to . ~corner~ Nineteen-tw enty-three had US E1RKiE NlBBlyt WA4Cn spuA NNN eansahonally one day in March and then was unoeremoniously thrown into kne discard, much to the chagrin g of Clarence Saunders, president who entered the year reputed to be worth several million dollars and caxne out poorer but wiser, his com panY in receivership.
 rho death of President Harding in August, coming without warning, might have had serious consequences in financial circles.
 Ft1uctuations of prices have seHn wider in other years. but not in recent times have they been so sharp and unforeseen The advance which waa in progr ess st the start of 1923 car ried through February and after six weeks of irregularity there came decline which was so unexpected ana powerful that it undermined public confidence completely. Even the i. strong recovery in ths last two
 months failed to Feawaken public Interest to anything like the extent that prevailed ct the start of the year, so thorough was tha "shake- out" during the summer.
 Two Failures In Week.
 One must delve into ancient history to find another year when there were two stock exchange failures within week. as in the third week of June. informs: :kfo, hutairftaihmta1a
 Many other developme rents out of the ordinary occurred during the twelve months to make 1923 year long to be remembered. Freight traffic reached unprecedented volume. pro duction of automobiles never was so great gold imports were tremen- dous, copper proved great disap- pointment, oil was produced In Quan- tity far exceeding demand. while cot %t1-, tOtn nVr nd the great crop again was larger than the country needed.
 All these factors were reflected in the uneven movement of stocks.
 January was a month in which 1t seemed as if anything might happen, and the course of stock prices reflects the uncertainty traceable to the Bu- ropean situation. Definite failure of the conference of premters was fol- lowed on the 11th by tho French and Q Belgian occupation of the Ruhr. As soon as 1t was seen Germany would not use force in resistance. equi- librium was quickly restored in the market and stocks returned to their upward course.
 Starting the year at 7s.1s, the New Y York Herald's average Of 80 typicai railroad and industrial stocks moved uncertainty for three weeks and then began an uninterrupted advance which eliminated on March 6 at the high point of tho year, s4.S3.
 February was a month of pros perity and gave promise of 8 bull market which might carry through out the summer. The advance in the rediscount rate at the federal reserve banks in New York and Boston in the third week from { to A peE cent appeared to have no influence on stock prices and the market went into March bristlins with confidence.
 
 nently in the third month. The years high level for stocks was reached in the first week, industria1s reaching the top on the 2d, when the Herald's average touched 102.S3 and rail shares making the high for 1925 &yrations featured March 20. when tho stock advanced sensationally to 124 in & short time, only to sink as suddenly just before it was stricken from the list. This month was also noteworthy for the fact that Amer lean imports exceeded exports for the first time since April, 1914
 signs Of Dfscontent.
 Aprn added little of 6 constructive nature in the market. The month was marked by signs of discomfort and indications of a reversal in funda- m ental conditions. The United states Steel corporation announced an Ad- vance in wages, and demands for higher pay were heard in other in dustries with consequent industrial disturbances. Nevertheless steel pro- auction reached record figure and imports again exceeded exports. oil production also was tremendous and farsighted individuals In this indus try had warning of what might be expected later in the year. On the last day of the month came the smash Ay1 ct haf al ferra al 1ad ina of the six months of decline.
 7. Prices continued downward through put May with little or no interrup ,tion- This month was featured by the 'boycott" of housewives against sugar in successful endeavor to cheek the price advance in this com modity. Builders became alarmed at the unheard of wage demands of iaborers and curtailment of construc- 'tion work grew apace. Flotation of the Austrian loan, of which Americans took proportionate share, called at tention to progress being made in saving Austria. Again this month the last day was featured by a crash. Jones & Baker, one of the leading members of the Curb exchange, went into the hands of a receiver.
 Unsettlement resulting from this failure had not been dissipated when the financial district was stunned by the announcement that Knauth, | Nached & Kuhne could not meet it's obligations and a receiver had been appointed. This failure came on Sat urday, the 16th, and on the following Wednesday Zimmerman &s Forshay closed it's doors. These disturbing de- velopments were accompanied by Tower prices for stocks. New York Central stood out as strong spot and justified the predictions of its sponsors when directors announced an increase in the dividend rate to per cent year. This month saw decline in imports and a return, after three