HIGH FINANCE: Willie’s Million

Back in 1936, an entrepreneur named Willie Moretti decided to go into the laundry business. For a mere $3,000 he bought the U.S. Linen Supply Co., Inc in Paterson, N.J. Willie had one handicap; he was an ex-convict. But he had assets to offset it: he had known Al Capone socially, and Frank Costello himself had been best man at Willie’s wedding.

With such friends, Willie was bound to influence people. Before long, he had built up a tidy trade servicing hotels, restaurants and bars with uniforms, towels, linens, etc. Moreover, Willie proved so good at horse-betting and other enterprises that by the time the Kefauver Crime Investigating Committee called him last December he could boast of owning a $400,000 house in Deal, N.J., a $45,000 house in Hasbrouck Heights, N.J., a Cadillac, a Lincoln, and $30,000 just kept around the house for spending money (TIME, Dec. 25). Last week Willie proved that he had not lost his golden touch. To Manhattan’s Central Coat, Apron & Supply Co. he sold U.S. Linen and three subsidiaries. The price: more than $1,000,000. With the proceeds, it was announced, Willie is buying a large Florida hotel for his three daughters.