Ray1968,
I explained why in the OP and again in post #7.
On AW RCR123s, the charge rate is fast enough that the charge voltage gets high enough to trip the PCB before the charge completes, this causes the circuit to go "open" and the volt-meter to read the full open circuit voltage of the charger.
If you are using a different cell, be it a RCR123 with a different PCB style, or unprotected, or a larger protected cell, then the charge will terminate by the charger at around 4.31V.
The same thing that happened with your test is what happens when I run the same test with any of my 17500 or larger cells, and the larger capacity the cell, the lower the final charge-voltage is before termination.
Eric