AMERICAN AGRICULTURAL CHEMICAL COM PANY, THE, was organized in 1899 under the laws of Con necticut for the purpose of consolidating about 20 companies engaged in the manufacture of fertilizers, in the Northern, East ern and Middle Western States. The original capital stock of $20,000,00o preferred, and $20,000,00o common, has subsequently been increased to a present amount of $28.455,20o preferred, and $33,322,126 common, to provide for the increase in the business. The bonded debt has been reduced from $36,112,500 in Feb. 1921 to $12,548,500 on June 1, 1928, and $2,500,000 additional bonds were called for redemption on Aug. 1, 1928. The company's business has expanded to include the cotton States of the South and the island of Cuba. It early acquired extensive phosphate rock properties and now owns reserves sufficient to supply its needs of this basic material for many decades to come.