Cuban News Spurs Trading in Sugar
There was a quick reaction
yesterday in New York commodity and securities markets to the news of an
attack on Cuba.
There was heavy trading
and higher prices in sugar futures on the New York Coffee and Sugar Exchange.
The possibility of damage to Cuban sugar properties acted to push world
sugar options to new seasonal highs. Prices closed from 2 to 6 points higher
on lots of 7,650 tons. A point represents a hundredths of a cent a pound.
It was one of the busiest trading days of the year.
On the New York Stock Exchange
issues of companies whose properties have been seized by the Castro Government
showed strength. Cuban-American Sugar rose $3.50 a share to $22.875 and
American Sugar Refining by $1 to $34.50 a share. On the American Stock
Exchange the stock of Havana Lithographing rose 50 cents to $1.25 a share,
Trans-Cuban Oil A stock gained .0625 cent to .4375 cent a share and Atlantico
del Golfo advanced .375 cent to $3.125.
Cuban Government bonds traded
on the New York Stock Exchange bearing 4 1/2 per cent interest and maturing
in 1977 were up $70 for a $1,000 bond to $630. No dollar interest has been
paid on these bonds since last Dec. 31.