Evening star., 1923-12-26
Island Governors Son and
Aide Deals by Cable to
Wall Street.
HIS OPERATIONS BEGAN
MORE THAN YEAR AGO
General Moves to Quell Rumors
That Speculations Were in
. Philippines.
Ey the Associated Press.

Sy the Associated Press.
NEW YORK, December 26.-Lieut
Osborne Cutler Wood, twenty-six
years old, son OF Gov. Cen.
Wood of the Philippines, has admitted
making between 100000 and $4,000
in speculation in Wall street securi-
ties conducted by cable from Manila,
where he Is an aide to his father,
says a copyrighted dispatch to the
New York Times today.
The dispatch, by Richard v. Oula-
han, in part. follows:
copyright, 1928. by the New York Times
Company
BY permission OF the New York Times
MANILA, December 24-Lieut. Os-
borne Cutler Wood, son and aide Of
Gov. Gen. Leonard Wood. will
return to the United States soon,
probably by the end of January, with
the intention Of resigning his COM
mission and entering diplomatic serv-
ice.
This step is not only in accord with
his inclinations, but he is better able
to take it for the reason that he has
accumulated enough money through
fortunate investments to enable him
to follow a diplomatic career inde-
pendent of salary considerations.
bought Standard Oil.
Lieut.. Woods streak of good for
tune began in September or October
or last year, when he bought stock
OF the Standard OIL Company of New
Jersey just prior to its sensational
rise. Although his capital was ex-
tremely small then, so he told me to-
day, the fact that this stock rose ap-
proximately 60 points gave him prof
its which placed him in a position to
make further investments on a large
scale.
Practically all Of them were profit
able. While Lieut.. Wood said today
that he did not know offhand the
exact amount of his profits, he esti-
mated them at between 100000 and
100000.
For some time stories have been in
circulation in New York, ,Washinasoxa.s
chicago and Manila that Heuts Wood
mad engaged In heavy investments
IN securities, and it was reported that
he had made deposits In New York and
Snlcago aggreating S2,750,000 - .
In the course of its circulation the
these large sums had been sent from
the Philippines by Gov. Gen. Wood
Nothing ever appeared or has
teen disclosed by investigation here to
contrary, according to what am as
sured in the best informed sources,
Gov. Gen. Wood remains a man Of
small means, which he is obliged to
conserve with true frugal methods.
1t was Gen. Wood also who put an
end to Lieut. Woods financial vent
ures when he learned of them This
attitude on his part is understood to
be not due to any feeling that Lieut.
Woods transactions were not legiti-
hut IN hn Of th1f -
pnwise that such a young man should
accumulate a fortune so rapidly and
to a desire to afford no ground for
gossip that Lieut.. Woods invest
ments were in the Philippines.
General Summons Son.
The matter of Lieut.. Woods finan-
cial operations was brought to Gen.
Woods attention on his return from
his Java trip to Manila in connection
with the resolution of Representa-
tive Frear calling for congress
sional Investigation Of the Philip
pines.
Gen. Wood imm ediately sent for the
lieutenant, who was in the palace at
the time, and IN my presence asked
him to give me all the facts of his
financial ventures
>"I want nothing concealed" said
Gen. Wood.
Lieut. Wood said 1t was true that
ne had made considerable profit deal
ing in American securities but said
they did not approach anything like
the sum of s2,750,000, the amount 1
had mentioned as the aggregate re-
ported deposited to his credit in New
York and Chicago. His profits. he
said, were between 100000 and $780,
900. ..
while regard these transactions
as private matters" said Lieut.. Wood
to me, Il am perfectly willing to
tell the story without going into
fairs. None Of these transactions had
anything to do with Philippine enter
prises. Efforts were made by people
here to have me invest in enterprises
in the islands but / declined to do
so. Mine were all American trans
actions y
while / don't know the origin of
the stories of the large amounts said
to have been deposited by me-, they
probably got about through the fact
that I made practice of transferring
the same amount back and forth be-
tween Manila and New York as often
as occasion demanded. Favorable ex-
change rates governed me in this
When there was chance to make
q profit through transfer / did SO.
Transferred Frequently.
'1f the banks know you have gold
they will make you good offer for it
and through that fact / transferred the
same amount frequently, If / had gold