Business: Fertilizer Move

In U.S. corporate history few changes have been so abrupt, so disheartening as the performance of American Agricultural Chemical Corp. In 1920 American Agricultural was a market-leader earning $11.21 a share. In 1921 it lost $38.60 a share. Since then, prey to fluctuating fertilizer prices, it has sometimes shown small profits, usually reported losses. Last week, however, it girded itself for an attempt to come back.

Guiding American Agricultural for the past year has been President Horace Bowker, 52, previously executive vice president. He is the...

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