UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(AMENDMENT NO. _1_)*

Quaker Chemical Corp.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

747316107

(Cusip Number)

*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent
amendment containing information which would alter disclosures
provided in a prior cover page.

The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).

SCHEDULE 13G CUSIP No. 747316107 Page 2 of 6 Pages 1. NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Investment Counselors of Maryland, LLC 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ] (b)[ ] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware 5. SOLE VOTING POWER NUMBER OF SHARES 302,875 BENEFICIALLY 6. SHARED VOTING POWER OWNED BY EACH 69,000 REPORTING 7. SOLE DISPOSITIVE POWER PERSON 371,875 WITH 8. SHARED DISPOSITIVE POWER -- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 371,875 10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.83% 12. TYPE OF REPORTING PERSON* IA

CUSIP No. 747316107 Page 3 of 6 Pages Item 1(a) Name of Issuer: Quaker Chemical Corp. (b) Address of Issuer's Principal Executive Offices One Quaker Park 901 Hector Street Conshohocken, PA 19428 Item 2(a) Name of Person Filing: Investment Counselors of Maryland, LLC (b) Address of Principal Business Office or, if none, Residence: 803 Cathedral Street Baltimore, Maryland 21201-5297 (c) Citizenship: Delaware (d) Title of Class of Securities: Common Stock (e) CUSIP Number: 747316107 Item 3: Capacity in Which Person is Filing: [x] Investment Adviser registered under Section 203 of the Investment Advisers Act of 1940.

CUSIP No. 747316107 Page 4 of 6 Pages Item 4: Ownership: As of December 31, 2005: (a) Amount Beneficially Owned: 371,875 (b) Percent of class: 3.83% (c) Number of shares to which such person has: (i) Sole power to vote or to direct the vote: 302,875 (ii) Shared power to vote or to direct the vote: 69,000 (iii) Sole power to dispose or to direct the disposition of: 371,875 (iv) Shared power to dispose or to direct the disposition of: Item 5: Ownership of Five Percent of Less of Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following. [X]

CUSIP No. 747316107 Page 5 of 6 Pages Item 6: Ownership of More than Five Percent on Behalf of Another Person: Not applicable Item 7: Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company: Not applicable Item 8: Identification and Classification of Members of the Group: Not applicable Item 9: Notice of Dissolution of Group: Not applicable

CUSIP No. 747316107 Page 6 of 6 Pages Item 10: Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purposes or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Investment Counselors of Maryland, LLC By: /s/ Robert D. McDorman, Jr. Robert D. McDorman, Jr. Principal Date: 1/19/06