William L. Adams (businessman)

William L. "Little Willie" Adams (January 5, 1914 – June 27, 2011) was a prominent Baltimore businessman and venture capitalist known for bankrolling many African-American owned businesses in that city in the mid-twentieth century. Due to his business involvements, Adams was also a prominent figure in Baltimore politics, although he never held office himself.

Early life

William L. Adams was born on January 5, 1914, in Zebulon, North Carolina, and moved to Baltimore in 1929.[1] Adams attended Dunbar High School for several years, and worked several jobs during that time, including running numbers. He eventually ended up running his own numbers game. He married Victorine Quille on October 13, 1935, at St. Peter Claver Catholic Church.[2]

Business career

Adams used the profits from his illegal lottery to finance a number of legitimate businesses, including a real estate firm[3] and a tavern.[1] He owned Carr's Beach, a popular amusement park in Annapolis, MD,[4] Since most banks would not lend to black-owned businesses at that time, Adams found opportunity investing in such businesses.[1] His most successful investments included Parks Sausages and Super Pride supermarkets.[3] By the late 1970s, Adams' wealth was estimated at $40M.[3]

In 1951, Adams was subpoenaed to testify before Congress during an investigation into organized crime. At that time, he admitted to having run an illegal lottery in Baltimore, and the State of Maryland subsequently charged him with that crime. His conviction was overturned by the Supreme Court on the grounds that the state had violated Adams' Fifth Amendment rights by using his Congressional testimony.[3]

In 1980, Adams was again charged with running an illegal lottery. He was found not guilty of these charges.[1]

Political and community involvement

Adams was instrumental in the election of Maryland's first black US Representative, Parren Mitchell.[3] He started a scholarship program for students seeking to major in business, partnering with the NAACP and the United Negro College Fund. He received an honorary doctorate from the former Morris Brown College in Atlanta in 1977.[3]

References
  1. Rasmussen, Frederick (June 28, 2011). "Obituary: William Lloyd "Little Willie" Adams, prominent venture capitalist". The Baltimore Sun.
  2. Hobson, Courtney C. "William "Little Willie" and Victorine Q. Adams Residence | Explore Baltimore Heritage". Explore Baltimore Heritage. Retrieved 2017-11-15.
  3. "The Legendary 'Little Willie' Adams, Dead at 97". AFRO. June 30, 2011.
  4. Pietila, Antero. "Numbers runner, venture capitalist – and booster of Baltimore's black middle class | Baltimore Brew". Baltimore Brew. Retrieved 2017-11-15.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.