Business: Sugar Squeeze

Nestled close against the broad steel beams of the Second Avenue Elevated at Pearl Street, is the dingy Victorian building of the New York Coffee & Sugar Exchange. There one-fourth of all the world's sugar changes hands and there, last week, a frantic little group of sugar traders had been caught short. To cover contracts of 25,000 tons for December delivery, the shorts could not find a bagful more than 8,000 tons. The tightest sugar squeeze in 20 years of trading had sent Exchange managers into daily meetings lasting long after dark. Reluctantly...

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