CUBA: Wizard at Work

When Cuba's President Carlos Prío Socarrás decided to scrap Havana's rattletrap trolleys in favor of buses, he thought he knew just the man for the job: tall, tough Millionaire William D. Pawley, 53. Boss of Miami's bus system, Pawley had organized Cuba's first commercial airline and built most of its airfields. Many Cubans regard him as a combination financial wizard and philanthropist.

Triangular Trade. After some man-to-man bargaining, Prí offered Pawley the concession if he would pay $1,500,000 to the near-bankrupt trolley company's bondholders and get buses rolling in place of the sway-backed...