The Birmingham age-herald., 1923-06-18
WHO WILL BE. NEXT BROKER
 FIRM ID FAIL
 Question Asked Themselves By Operators Of Three Big Exch anges OutWeighs Trivial Gossip Of Sunday
 TRADING OF PAST SIX WEEKS IS IN BIG SLUMP New York Stock Exchange Is Likely To Terminate Ticker Service Long Furnished To Consolidated Organization

NEW YORK, June 17-Among the worried bears and bulls of Wall street. who scattered to the links and the seashore for the weekend. one question outweighed all gossip of brassies and one-piece bathing suits:
 Who will be next to fail?" opera = tors on the three exchanges asked themselves with the echo of the Knauth, Nachod & Kuhne collapse ringing in their ears.
 With the sedate veteran firm. 70 years in the street, reported to be S12.000,000 In arrears. no financial name was too sacred to be mentioned Sunday in gossip and rumor.
 A grain of comfort was found by colleagues of the latest firm to fall in the reflection that the Knauth firm specialized in marks, and lost in the hectic downward plunge of German currency. Most other firms have specialized elsewhere.
 Heavy Drop In Trading.
 Wall street found many ways to minimize the significance of the SC = ries of brokerage failures. which has finally penetrated the New York Stock exchange itself. But nothing could minimize the fact that business trading in shares has fallen off so sharply since the last string of fail ures began that the income of most of the streets brokerage houses has shrunk more or less, usually more.
 Two months ago the total shares sold during 1923, from January l to say April IS, showed a margin of millions above the total sales in 1922 During the past six weeks activity f,x IN ok that 1922 is now some 5000, 0,O00 shares ahead in total business.
 In an effort to disassociate the New York Stock exchange in the public mind from the Consolidated Stock exchange, which the first and bigger body planes for the occur rences that have undermined public steps will be taken Monday to ter minate the ticker service now given by the greater to the lesser body This would. in all likelihood. mean shutting up shop by the Consolidat ed whose alleged informal business methods have outraged the sensibili- ties Of its elder step-brCther organi- zation.
 Some Cheerful Nensw.
 Cheerful news came Sunday from the offices of Knauth. Nachod & Kufne for some 10000 customers, to the effect that liquid assets of the firm are sufficient to insure an early settlement of 50 cents on the dollar. with prospects good for more later.
 Public attention, focused on the future. with its ear to the ground for rumblings of more failures, has been somewhat distracted from the trial of Edward M. Fuller, who confessed he was guilty of bucketing before his failure for many millions
 On Monday. however. Fuller Is scheduled to make two important appearances which may end with a removal of the screen of secrecy which has cloaked dealings of him self and colleagues. His matinee ap- pearance will take him to the of flee of United States District Attor- ney Hayward. and later he will ap- pear again at the office of Bank ruptcy Referee Coffin.
 He has promised to tell all he knows about devious methods which have caused bankruptcies now well above $100.O00,OOO in losses to GUS toners of the defunct brokerage houses.