In 1934, in the middle of the great depression, the Cuban sugar industry was going through tumultuous times laborwise, was in a dire financial crisis and the Cuban political scene was no less critical.  On January 15, 1934 President Ramón Grau San Martín resigned his office and the presidency passed to Carlos Mendieta a week later on January 23, 1934.  Under Cuban law at the time, a bankrupt entity's property had to be auctioned three times, the first two times a minimum price would be set by the court and if that price was not met, it would be sold to the highest bidder at the third auction.  On January 30, 1934, the third auction was set for the eleven sugar mills owned by the Cuba Cane Products Co., the successor to Cuba Cane Sugar Corp.  The result of the auction was that the properties of the Cuba Cane Products Co. passed to the hands of four New York banks through the Cia. Azucarera Atlántica del Golfo in a forced sale to satisfy their encumbrances amounting to some $4.125 million.  The banks agreed that the bondholders would have until May 15, 1934 to buy the properties from the banks at a price not to exceed the price paid plus interest and expenses.

The ​Cia. Azucarera Atlántica del Golfo was organized in December 1933 as a Cuban corporation with an initial capital of $6 million with the idea to take charge of all of Cuba Cane's properties. Its organizers were Lawrence Crosby of Sullivan & Cromwell in representation of Cuba Cane's bondholders, Tom Garrett in representation of Guaranty Trust and Henry Kelley in representation of Central Hanover Bank & Trust Co. which would later be Manufacturers Hanover Trust Company. Eugene Stetson, Vice President of Guaranty Trust wanted the Cuban Trading Co., the subsidiary of Czarnikow-Rionda, to be in charge of the new venture.  That being the case, Higinio Fanjul was named president and three of the Cuban Trading Company's senior managers were named officers of the new corporation.  Fanjul was replaced three months later by Guaranty Trust VP John J. Sample and appointed Vice President.  

Of the sugar mills owned by Cuban Cane Products Co. at the time of the court mandated sale, Central La Julia, Central Socorro, Central Jagueyal, Central Santa Gertrudis, Central Maria Victoria, and Central Velasco had been dismantled and the administration of Central Violeta was ordered by the court to E. G. Miller who managed it until Octubre 27, 1936 when it was acquired at public auction for $3,000,000 by Central Violeta Sugar Company S. A. In the 1958 Central Violeta was acquired by the Sucn. de Falla Gutiérrez.  Central Perseverancia and Central Soledad would later be acquired by the Cuban-Atlantic Sugar Co.

The sugar mills acquired by Cia. Azucarera Atlántica del Golfo at public auction on January 30, 1934 were the following: 

1. Central Álava - Established in San José de los Ramos Matanzas Province in 1836 as Trapiche Regalado by Spaniard Ignacio de Mendiola, was acquired by Julián de Zulueta Amondo in 1845 who converted it into a central sugar mill. Was acquired by Cuba Cane Sugar Co. in 1915 from the Zulueta family.

2. Central Conchita - Established Alcranes Matanzas Province in 1823 by Bartolomé Casañas, by 1880 under the ownership of Domingo Aldama was one of the largest sugar mills in Cuba, in the early 1900s it belonged to Juan Pedro Baró who sold it for 3,500,000 pesos to José “Pote” López Rodriguez in the 1910s who turned around and sold it to Cuba Cane Sugar Co. in 1915 for 6,000,000 pesos.

3. Central Mercedes - Established in Manguito Matanzas Province in 1855 by Antonio Carrillo Albornoz, was acquired in 1901 by Cia. Cubana Central Mercedes whose principal shareholders were Miguel Arango, Regino Truffin and Ignacio Almagro.  Was acquired by Cuba Cane Sugar Co. in 1915.

4. Central Lugareño - Was established in Nuevitas Camagüey Province in 1891 by Dr. Merchol Bernal Barona, between 1908 and 1917 was owned by Sociedad Anónima Central Lugareño of Galbán & Cia., was acquired by Cuba Cane Sugar Co. in 1916. 

5. Central Morón - Was established in Pina, Camagüey Province in 1913 by Col. José M. Tarafá, was acquired in 1915 by Cuba Cane Sugar Co.

6. Central Stewart - Established in Simón Reyes Camagüey Province with Cuban capital in 1906 with financing from the Duncan Stewart Co. of Scotland, manufacturer of its machinery, it was a financial failure so it was shortly thereafter acquired by The Stewart Sugar Co. who sold it in 1915 to Cuba Cane Sugar Co. 

Fourteen months after its establishment, on March 1, 1935 Compañia Azucarera Atlántica del Golfo became a 96.5% owned subsidiary of the recently organized Cuban Atlantic Sugar Co.  Cia, Azucarera Atlántica del Golfo would eventually own twelve of Cuba Cane's fifteen sugar mills which included 292,389 acres of land, about six hundred miles of railroad lines, a distillery and a 50% interest in Cuba Cane's subsidiary, Cia. Agricola Ceballos.  Beginning in 1950 Cia. Azucarera Atlántica del Golfo started selling sugar mills retaining only six[1] at the time it was nationalized.

On January 2, 1958 Cia. Azucarera Atlántica del Golfo announced a liquidation plan.  This prompted a battle between several of its stockholders, among them Julio Lobo, Fulgencio Batista, Francisco Blanco and the Sucn. de Falla Gutiérrez, being the latter who gained controlling interest.  After the liquidation in 1958 of the Cuban Atlantic Sugar Co., Compañia Azucarera Atlantica del Golfo continued to operate as an independent company until it was nationalized by the Fidel Castro regime on August 6, 1960.

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[1] Centra Álava, Central Conchita, Central Mercedes, Central Lugareño, Central Morón and Central Stewart