Evening Star Newspaper, May 27, 1931, Page 15

IIIU;URB EX[:HANGE Petroleum and Public Utility Shares Prove Weakest Groups. BY JOHN A. CRONE. pecial Dispatch to The Star. NEW YORK, May 27.—Petroleum ind public utility shares proved the e groups in the downwlrd trend lht Curb_Exchange toda; ithough Electric Bond & Share was rz and Cities Service confined nt w Mma:u‘ omer‘;wc‘k:. l: esg fproupy not. follow the trent by these dl’n‘mm Selling quukly pread to coppers and motors and then 0 mvamnent trusts. Itmll LN set the pace for olls by opening at & new ow level. It was followed immediately ternational Petroleum, Standard bil of Indiana and Vacuum Oil. With B et er uc raders were inclined to keep away from e petroleum division. ln the miscellaneous division, Penn ex Fuel softened. Then Indian Terri- A shares scraped a Plymouth Oil. The nnun:o'u and Standard 01‘1 gwux:c ounted for a gnod portion of the in- eun volume of trading in the fore- )lfln'hl.le tht utilities slid steadily. erican Electric, American nd 'i.hmilrfllltl declined from 1 to [ Pora ra Motor, Lid., which alvays be- met_persistent support arous e 2 level, moved below that mark for the time today, despite the fact thn n* recent weeks the floating N%Iy stock here was reduced by nvestors. Ford Motor of Canada A Dlh&d its previous low. Cord Cor- and Stutz uowr.d the most United Gas, which is controlled by Power & Light, was active and firm in response to its initial annual nings showing 32 cents a on the commnon out of a menme of $17,084,600. Other nat- jral gas shares declined. Middle West Utilities was not influ- {(Copyright. 1931.) CHICAGO STOCK MARKET ¥ the Associated Press. CHICAGO, May 27.—Following is the P official list of transactions in on the Chicago Stock Exchange . Low, Close. 38 £a 880, o585 ol 25 iiig i 3 2q > 3 it H i 5 =5 ~P§, o 3 T SLL IR SERPR RS » € FEE 3! | RABELBLE it 200 100 ® 30 20 1800 50 80 .80 300 BEE 2 500 90 000 & 500 150 10 250 200 By, TP IR0 LTS 1 ?fi: rgg : g %8 a EF*;. RS O F R G #ugf- P - EE et £ = »58.) T M “§ i 582850800 o 38 ERERE e 85 EEESERE S22 98! Klg 2Bl $538EEEEEE uads: SNgt. LSRN ERELeENeLY 88! o PEIS £ 2 88 B8,z = 3 a s IS & = FounEi] 38sREtaaEs eyubi-| 38558 agis g a 58 DT AuBEEHY... 8 8220 & o " 1 3 > cada ! 28 anill 2 et aan2d! 003 Hie H nS3% B e g £ B §§= ae S W i Seiuidysidsiiadstily Sa 5 43233824 i 3 e 3 salow todar. #4 358,000, roxmel EXCRAIGE Quotations furnished by il\ll nl, -ll.‘l‘ lheekl % i fl' e SEoepring thoss dcignated by which shows those stocks were sold Stock and Bales— Dividend Rate. Aero Underwriters. Atfiliazed Prod 1.60. Agfa Ansco. Ainsworth Mfg (1) Allfed Mills (60c) A% Aluminum Co of Am zaznn u Alu Co of Am Aluminum Co Alum Ltd cum pt *) Alum Ltd A war. Aluminum,Ltd Bwa Aluminum,Ltd Dwar, % Am Austin Car. S fl‘)~ Am Cit PAL Bb10%. Am Com P A (b10%) Am Com Pr B(b10%) Am Com Pwr 18t 6% Am Com Po 1st pfA 7 American Corp(16c). % Am Cyanamid B. Am DT NJ ev pf (1) 14 Am Equities Am For Pow wa. % Am Founder Am Gas & Elec ($1). Am Invest. Ine (B). Am Laundry Mach Am Lt & Trac (2%). Am Maracaibo. Am Meter (3 Am Superpcw Am Superp 1st (6). Am Util&Gen (B)vte Am Yvetts Co (25¢). Amster Trad (48¢c). Arkans Nat GasA. .. % Ark N G cu pf (60c). Assoc El In Ltd 30c. G Atl Fruit & Sugar Atl Secur Corp. lywood (2).. Util Corp. ... Auto Vot M v pf bt. Babcock & Wil (7)... Bellanca Aircraft. .. eficial 1L (1%) 4 Bliss Co (EW) (nl1) <lue Ridge Corp. Blue Ridge cv of Bohack (HC) 1st B! 7 2 Braz Tr & Lt (b8%). Buckeye PL (4).... 3 Butler Bros. Bwana M Kubw Cable Radio T vtc Canada Marcont Carib Syndicate Celanese 1st pf (7) Celluloid Corp. Cent Hud G&E ( Car Pow & Lt pf (7). Cent Pub Sv Del. ... Cent Pub SvcA b10% Cent&Swn Ut (b7%) Cent Stat El (b10%). Cent St El pf xw (6). Chain Store Devel. Chat Ph Aln.v (1).. Chesebor Mfg (14%) Citles Service (g30c) Citles Serv pf (6)... 4 Cit Sv pf B (60c). City Mach&Tbol 80¢. 4 Clev El Illum (1.60). Club Aluminum Uten Col Ol & Gas vtc. 4 Col Pict vte (f1% Cmwith Edison (8). 130s 4 Cmwith & Sou war.. 23 Com Wat Sergl2%c 8 Comstock Tunne! 3 Consol Auto Merch. Conscl Copper Consol Dairy Prod 1 Con Gas Balto (3.60). 17 Consol Gas Ut Bvte. 4 Cont Shares conv pf. 1001 Cord Corp. 16 Corroon & Reynolds. Creale Petroleum. .. Crocker Wheeler. . po g i BT P T i L DT e S & =3 ©Cr Cork Int A (1). Cuban Cane pr opt w. Curtiss Flying Sv. .. Curuss Wright war. 4 Dayton Alr & Eng. Deere & Co (1.20) De Forest Radio. Derty Ofl Retining. . % Detroit Afrcraft Cp.. Douglas Afr (+1%) Dow Chemical (2). Dress S R A (3%) & Lresser Mfg B (2 3 Dublller Cond & Rad 215 Duke Pow (5) % Duquesne Gas Corp Durant Motors. Bagle Picher Lead. EastG & F Assoc. .. East St Pow B (1). East Utll Assoe (2) East Util Inv A.. Educational Pic pf. Eisler Electrie Corp. Elec Bond & Sh (b6) Elec B & Sh pf (6).. Elec Pow Assoc (1). Elec Pow Asso A (1) Elec P & Lt op war. . El Sharehold (b6%). El Shareh pf (a8%) . Flectrographic Corp. Emp G & E cu of (7) 1008 Emp G & F cu pt (8) 508 Empire Pub Sve (A). Emp Steel Corp. ... Emp Reinsur (11.60) i Engineers Gold..... Euro. Elec deb rts. . Evans Wallow Lead. E 1o Air & Tool. #airchild Aviation. . Fedders M{xz Co A. Fiat rots (94%e). ... #ord M Can A (1.20) Ford Mot Can B 1 Ford Mot Ltd 36 3-S¢ Foremost Dal pr pt.. Fox Theater ClA... Garlock Pkg (1.20).. Gen Alloys o5 Gen Aviatio Gen Capital Co: Gen Elec Ltd (pTGe). Gen Empire Cor (1). Gen Fireproof (2), .. Gen G&E cv pf B'(§) 2 5% Gen The Eq cv pt(3). 4 Glen Alden Coal (4).. 7 Globe Underwr(16¢ / Gold Seal Elec new.. Goérham Inc pf (3).. Gt At&Pac Tea nv($) 80s GrtA&PTPL(T).. 108 GuifOllof Pa(1%). 3 Happiness Candy... * 2 Hollinger Gold(§5¢). 6 Hudson Bay M& 8 5 Humble OfV (1234).. 29 Hydro Elee Sec 140, Hygrade Food Prod. Imp Chem Ind (p40c) imp OIl of Cun toic) 6 imp Tob Can (3ic). . tnd Ter Liiu Ol A Indstrial Kinan cufs insuil Inv (b6%). . 10 insCoofNo Am t2% 3 Insurance Sec (10c). <2 2 2 6 8 1 1 2 NEW YORK, May 27 ().—Cottcn displayed renewed weakness here today following ear'y advances. New lows for the season were estab- lished on \he decline with July lemnl from la 850 and from 9.35 to 9.03, representing net lnue- of 11 to 16 points. At these levels, how- evcr, pressure subsided for the time and the mirket became somewhat with prices rallying 4 or ] bymmmum in odd lota. Add 00. Open. High, Low. Close. 10 10 10 10 +THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, | stoek. b u *tock Received by Private Wire Direct to The Star Office Intercontinent Fet n. Int Petroleum (1) Itallan Sup Leonard O11... Lone Star Gas n 88e. Long Island Lt (60c) LonglscupfB (6).. Louisiana Lan & Ex. Ludlow Mf Assoe 10, MacMarr Stores (1). o M ena Synd Mass Uil Assoc. .. Mavis Bottliog (A).. Mead Johnson (14).. Mesabl Iron. ... Met Edison pf (6) Mid St Pet vtc B 4 Mid West Ut (b8%). Mid W St Ut (1%) Midland Nat Gas A Mid Roy cv pf (2). Miller & Sons. .. % Mo-Kan Pipe L (A). Mo-Kan Plpe L (B). Mont Lt H&P (1%). Moore Drop F A (6). Mountain&Guif (4c). 1 Mount St Pow pf (7) 80s Municipal Service. .. Nat Aviation 3225 1 Nat Pub Sv A (1.60). Nat8 T Sec A (350c) Nat Sugar NJ (2)... hn Transit (1)..... w Brad Oil (28c). Eng Pow pf (6) 1208 Eng T&T (8)..1508 w Jers Zine (13).. 11 4 New Mex & Ar Land. Newmont Min (4)... N Y Hamburg (2%). N Y Transit (170c).. Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow B w. Niag Sh Md (40c)... Niles-Bem-Pond (2) Niplssing. Noma Elec C . Nordon Corp atd.; .. Nor Am Aviat A war. Nor Europ 0il Corp.. Nor & So Am Corp A. Nor St Pow A (3)... Novadel Agene (4).. Ohio Brass (B) (5).. Ohto Coppel PacG&E1stof1%. Pan Am Alrways. Pandem Oll. Parker Rust Pr (3). Pennroad Corp (20¢) Penn Mexico Fuel. .. PeopLEPA (240). 2 Pepperell Mfg (8)...100s Phoenix Secur Corp. 14 Phoenix§Cpf (3)... 7 Pliot Kad Tube A. .. Pitney B P n (20c).. Pittsbgh&L E(110) “ Plymouth Ofl (1. Powdrell & Alex Power Corp Can 15508 60 1 PubSve G&E pf(5). Pub Ut] Hold war.. Pub Uil Hold Cp xw Pub Ut Hold eu of(3) Puget S P&L of (6) Railroad Shares(40c) Itainbow Lumn PrA. Rainbow Lum Pr B. . Reiter-Foster. ... Reliance Int A Roch Gas&E pf Rock Lt & P (90¢) beroid Co (4). Evan Consolidated. . Ryerson (J) (2) St Anthony Gold. ..., St Regis Paper (1).. Salt Creek Pro(1.40). Saxet Co. - Schift (The Co . Seaboard Utl] (50¢ Secu Corp Gen (40c). Seg Lock & H (50c) . Selected Industries. . Sle Ind prior (5%) Sentry Safety Cont.. Shattuck Den Min. .. Shenandoah Corp. Shen Corp pf (a3) Silica Gel e*fs. Singer Mfg (112%). Smith (A 0) (2).. So Am Afr Lines 1st. S0 Am Goid & Plat. South Penn Ofl...... SoCal KdptA (1%). % South Corp. 108 o to 3 S e - I e —o » 8 Stand Ol1, Ohio (2%) § 4 Stund Pwr & Lt (2).. Stand P& L (B) (2). Starrett Corp. Starrett Corp pf (I) Steinite Radio Stutz Motor Ca. Sun Invest pf (3). Swift&Co (2)...... ‘Tampa Electric (32). ‘Technicolor, Ine..... Teck Hughes (60¢).. Texon Ofl&Land (1). Thatcher Sec Corp. .. Todd Shipyard (4).. Toledo Ed cu pf (7) 3% Tran Con Air Tran.. Trans Lux DLPS.. Tri-Cont Corp war. . Tubise Cantillon (B) Ungerielder Fin Cp. . Union El Lt&P pt(7) Un Nat Gas Can (1). Union Oil Assoc (2). Unit Lt &Pwr A (1). Unit Lt&Pwr(B) (1) Unit Lt& Pwr of ( Unit Milk Prod. ... Unit Pub Service. Unit Ret Ch pf (3% ). Unit 8hoe Mach (2% U 8 Dairy (A) (5) i US Elec Power w U S Finishing. U 8 Foll (B) (50c) 21 US Linesof (1).... U § Playing Card 2% Unit Stores. ... % Unit Verde Ext (2).. Tniving (1%)...... Utah P & Lt pf (7).. Util PRLL(ATLO024). Ut PAL Biat1.02%). Utility Equities Util & Ind. .. Vacuum Ol (2) van Canp Pkg. Vie Finan Corp( Walker (H) (50¢) 4 Welch Grape Ju Wil-Low Cafaterias. “Y" Oil & Gas. . s useu on last quarteriy or semi-an- | iPius 4% 0 stock. | 5% in stock. & Plus in stock. k Plus 10% in -no_rexular rate. _BUSINESS MACHINES LONG e Adjustment | n Plus 1% n | m Plus 3% in NEW YORK, May 27 heavy; losses modified by last-minuf Bonds easy: rails soft most leaders toush new German mark sag. favorable weather UGAr easy; ue-dy. Dnr' R CAGO.—Wheat easy; wutbehrnnd':.w P ‘bearis! ‘weal T AN large; 1 ries. Tger contra tton and demand, prices of xmporud foodstuft Denmark are hel farmers n:‘:r: get back on thel facing distress for a long time. (4).—Stocks Curb | Foreign exchanges heavy; »lerlmg“fl:d Jower liquidation. Crffee favorable | Teports. Corn easy; Cattle steady to h':rt inancial feet after t» ‘ Special Dispatch to The Star. NEW YORK, May 27.—The Quarter Machines Corporation, which has a plant in Washington, comprising 105 members with average service of 31 years with the company, concluded its annual convention here today. Em- ployes from the company's organization in six foreign countries—Australia, France, Canada, Germany, England .nd seotl;nd—lu included in the mem- in m cluh has four members with 40 to | years' service or more, the latest to | qualify being Jacob C. Saum of Dayton, Ohio. * 'SERVICE EMPLOYES MEET Century Club of International Business | Sales in thousand 4%: 3} Albama Bow ‘52 s, 13 Aluminum Ltd ‘8s m Cmwih Pw § Amer 9 Amer G & 1 Amer 14 Amer P & 1, 68 10 Amer 5 Amer 5 Amer Sea 7 Abvatnch Gus n 5s 1A Tel, um.'-’,s - K ) 24 As T _8Y A l!kn Tel Can B8 )Al 158 wsh 1 Gie 9 Gifien Service be 0" P 83 I SEe oM %52 36, 10558 1 Glev Ter Bids 6 41, 8 9 Det 13 Det Int Brag 6i3s 1Det Inter Brdg 7s 5 2 Duguesne Gus, 6 a: Greta Power 85 81 103% lette 8 Raz 55 '40 95 rand Trunk 6's5 '36 109'% Jult ol Pa 53 . nn:—uuu;—u;ua—qmp ™ 18 Indnap PAL 5 43 Tnsuii ULiiic 6 B '40 80 1 Intercon Pw ve 65 '48 4 Inter Pw Sec s E 15 Intern Sec Am 35 28 Intersta Power 5s ' 1Intersta Power 6s ' 8 Intersta Pb 8 4125 5 Nor Ind PS 4'38 E 10 32 Nor Stat Pw 4 47 % 5:‘:?! VlH'y [’ 48, Ger 6s A . XETAL HARKET NEW YORK, May 27 (P). 99" 9 Im‘c lfll“ # 33=3853280s easler; electrolytic spot and future, l!fi Iron quiet; unchanged. spo. and nearby, 22.95; St. Louls, 3 Louls spot mony, 6.40. Zinc quiet; nd ‘future, 3.0, Tin steady; future, 23:05. Lead steady; spot New York, 3.75; East X East St. Anti- 3 | Commission’s Stand Likely % | derstood. There i | of those legal for savings banks MAY 27, 1931 STOCK AND BOND AVERAGES By the Assoclated Press. LI WEDNESDAY, MAY 27, Today Previous day Week ago... Month ago. Year ago.. * New 1931 low. . (Copyri CARRIERS SHOCKED BY . C. C. ATTITUDE to Result in Petition Being Filed at Once. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, May 27.—The rather | curt reply of the Interstate Commerce | Comnmiission to the informal request for a general investigation into the rallroad situation in the United States ' on the initiative of the commission was | somewhat of a humilation to railroad executives today. It does not, however, close the door to a direct application in freight rates. | This is what is now likely to be | done. under discussion today at a second conference in the past week of the cocmmittee of executives headed by ¢ President Pelley of the New York, New Haven & Hartford, appointed to deal with this most important of all rail- road matters at the present time. It was believed that the commission | would be willing to proceed with an investigation on its.own motion, pre- ferring this course of action to a di- rect request from the carriers.- Appar- ently the attitude of the majority members of the commission and some of the minority, who exeft a powerful { influence on_the majority, was misun- was at least no | equivocation in the statement just an- | nounced by the secretary of the com- | mission on one method of procedure. Petition Now Likely. What the rallroads are likely to do {on their part for a horizontal increase | B, The method of procedure was | Jul | erease in freight rates, which they deem ‘nece:snry in order to preserve their | credit and to prevent many of their | mortgage bonds dropping out of the u;; | a trustees. It is belleved that adjust | ments in rates could be made even on a horizontally changed rate structure that | would not inflict injury to shippers whose products have been greatly de- preciated in value and also in other cases where the imposition of a higher I'rate than now prevails would obviously throw traffic into such competitive | | channels as motor truck and water | lines. It was pointed out today that in the ! erisis of 1920 the commission was able |to analyze the railroad situation and | come to & conclusion that an increase | in freight rates was a necgssity within two and one half months of the time | of the filing of the application. If | such a request is now presented to the * | ;ommission, it weuld be possible to reach | 'a decision late in the Summer. If an | increase . were granted, the benefit of it would apply in part in the final quarter of 1931. i The need for an increase is fully ap- parent in the number of railroad div dens that were reduced last week, fol- | lowed by the omission of the dividend | on Pere Marquette common stock to- day and the postponement for further evidence of satisfactory earnings be- | fore additional payments are to be \ made on Boston*& Maine common | stock. The income of the roads that | have reported for April shows a net | operating decrease of about 25 per cent. | | This is rather more than in March. 1t | | has been foreshadowed in the decreases | in car loadings in the past month. | Thnse of the last two weeks have shown | |a 20 per cent shrinkage comparsd with | a year ago and are now below the level | previously reached last November. ‘ Significant Reports. | ! Some of the most: significant April | | reports so far published are those of the (Pmnsylvanln St. Paul, Missouri-Kan- | sas-Texas: Chicago & Northwestern New Haven, Erie, Northern Pacific, Frisco, Chesapeake & Ohio and Union | | Pacific. The Pennsylvania last month | had a decrease in net operating income | f about 55 per cent. In the first four | | months of the calendar year its oper- ‘[ | ating income has fallen off more than | 50 per cent. Compared with 1929, the reduction amounts to over 65 per cent. | The St. Paul has experienced a 50 per | cent reduction in net operating income in the past four months. Missouri- | Kansas-Texas in April had a deficit, after interest charges of $217,594. The New Haven shows up much better than other Eastern lines with a net operating lnc(;m: loss last month of about 12 per | cen Erie earnings were “in the red” in ! April. The Northern Pacific on a gross | income of $5246,076 showed a net of less than $10,000. The Frisco had a | surplus, after charges, in April, under 185000 on a gross business of over $4,800,000. Chesapeake & Ohlo, which has just declared its regular dividend had a surplus, after charges, of $1,510, 877, or a 25 per cent shrinkage from the year previous. The Union Pacific had its April operating income cut down about 50 per cent. However, neither it nor Atchison, Norfolk & Western and Chesapeake & Ohio, whose regular divi- dends are at the rate of $10 a share, need consider for some time any con- | cession in these rates to the present period of low railroad net profits. 4COBynlht 1931 - BRANCH TRUCK FACTORY IN CANADA OPENS JUNE 1 By the Assoclated Press. CLEVELAND, Ohio, May 27.—Pro- | duction of trucks and busses at the new Canadian branch factory of the White Motor Co. of Cleveland will be started June 1, it was announced here today. ‘The branch plant, located at Montreal, will construct bodies and accessories and will assemble them with motors and other pum hich wlll be the main fi o t mlvm- Canadian plant, gt it In clvilized nations dulpwlnlment in love is becoming more tuquent as & cause for suicide, according to & Euroe pean statistician. ~ t. 1931, Standard Statistics Co.) Chicago Grain CHICAGO, May 27 (#)—Stock mar- | ket breaks led to material downturns in wheat values late today, contrasting with an early display of firmness. Late setbacksgof wheat were also associated with word that reapers had started cutting the new 1931 grain crop in South Texas and that use of combines would commence by the end of this week. Harvesting of wheat was ex- pected to be general in Central Texas June 5 to June 15. Wheat closed nervous, unchanged to 13, cents lower, corn unchanged to 3 off, oats 'aa'i down and provisions showing 7 to !7 cents fall. WHEAT— May, old iy ... Beptember December CORN.— May. old.. May. new | Bepternber December B Beptember ember RYE- Mar. old. September December ... NEW YORK BANK STOCKS NEW YORI;: May 27 U‘Qfl.— . Bid. Asked. 42, Ty America ... Bk of U 8 Uniis Binger o Bk N Y & T now is to petition for a horizontal in- | Ceni gl Contirental . Eomn' !xchnn:! oz County”. S | Qus Tivia Manutactiieis’ N Y Trn United' States Westchester Title & Tr. i BALTIMORE STOCKG Special Dispatch to The Star. BALTIMORE, Hl)’ 27— Sales. STOCK: mAmmm Sorperation achian Corp ... E8G e - 20 United_Haflway & 298U S Pidelity & BONDS. 1000 United Rwy & Elec 1st s 16000 United Ry & Bln income 43 The long-ncute hcuslng problem o(' P‘:nzuag Straits Semement is being re- | eves Organized 1879 JOHN JOY EDSON, President should consult us. courteous attention. | | Loang Repayable Monthly No Brokerage . .. No Commissions ‘)15 F ST. 1520 x St KW, National 0478 ESTATE LOANS 5%% INTEREST have plenty funds for loans on- im- proved Real Estate in nearby Montgomery County, Md., and the Dis- trict of Columbia for periods of 3, 5 or 10 years. Prompt decisions given applications. BOSS and PHELPS Realtors FOUNDED 1907 117 K Rt N.W. Loan Correspondent John Haneock Mutual Life Insurance Co. For purchase of notes desirably secured on owner occupied prop- erty in District of Co- lumbia and ' nearby Maryland. Prompt Attention Given Applications. Nat'l Mortg. & Inv. Corp. 1004 Vt. Ave. Nat.5833 Lowett Rates — We Have Money TO LOAN -—For Buying. —For Buildin, —For Refinzncing completed properties. Ir will be to your advantage fo consult us concerning a loan. The resources of this company. make it possible to obtain loans on first mortgages promptly and at_reasonable rates. Permit us to give you further information witheut obligation on your part. REALESTATE MORTGAGE & GUARANTY CORPORATION 1610 K St. N.W. National 1403 Equztable Co-Operatwe Bldg. Ass n 51st YEAR COMPLETED WALTER S. PRATT, Jr, Secretary | Subscription for the 101st Issue of Stock Being Received Do You Desire a Loan —on Real Estate or to Take Up First Mortgage? THOfiE desiring money to purchase a home, re- finance present indebtedness or improve property Applications will receive prompt and N.W. Mackubin, Goodrich & Co. Estoblished 1800 BANKERS LATEST quotations on all active and inactive Securities always available. Stocks and Bonds carried on Con- servative Margin. Private Wires to Principal Markets Telephorie Metropolitan 5020 Jllulbm New York and Baltimore Stock Exchanges -Ammn Member Ncw York Curb Exchange FENGA SRy 3253 33t (IR EAS 33 §¥87 IAIRAE A A AR E Y