New Britain herald., 1923-12-26
YOUNG WOOD AT 26
 HAS MADE FORTUNE
Gov. of Philippines Son Admits S7OO,OOO to SSOO,OOO Profits
CIRCULATED BY CABLE
Denies Investments Were in Philip
 pine Sccuritics-Wil Retire From
 Career, Since He's Financially Able.

Career, Since He's Financially Able.
 New York, Dec. 26.-Lieutenant Osborne Cutler Wood, 26-year old son of Governor Wood of the Philippines, has admitted making between $7OO,- coo and $S00,000 in Speculation ir. Wall street securities conducted by cable from Manila, where he is an aid of his father, says a copyrighted dispatch to the New York Times, to- day
 Copy of Dispatch.
 The dispatch. by Richard V. Cula- han, in part follows:
 Copyright 1923, by the New York
 Times company.
 By permission of the New York Times
 Manila, Dec. 24.-Lieutenant Os- borne Cutler Wood, son and aide of Governor Leonard Wood, will return to the United States soon, probably by the end Of January. with the inten- tion of resigning his commission and entering the diplomatic service.
 rhs step is not only in accord with his iuclinations, but he is better able to take it for tho reason that he has accumulated enough money through fortunate investments to enable him to follow diplomatic career inde- pendent of salary consideration.
 Bought Oil Stock.
 Lieutenant Woods streak of good fortune began in September or octo- Der of last year when he bought stock of the Standard oil company of New Jersey just prior to its sensational rise. Althor..l his capital was ex- tremcly small then, t~ he told me today, the fact that lnis stock rose approximately GO points gave him profits which placed him in a posi- tion 10 make further investments on a large scale. Practically all of them were profitable.
 While Lieutenant Wood said today that he did not know off-hand the exact amount of his profits he esti- mated them at between s70o,000 and. sS0O,O00.
 For some time stories have been in circulation in New York. Washing ton. Chicago and Manila that lieu- tenant Wood had engaged in heavy investments in securities and it was reported that he had made deposits in New York aud Chicago aggrcgat- ing s2.750,O00 xM
 Iiunr Involved Governor.
 In the course of ifs circulation the story sometimes took the phase that these large sums had been sent from tho Philippines by Governor General Wood. xxx Nothing ever appeared Ia laH tna .Sff frtf tnn hnrr to bear out such an insinuation. On the contrary, according 10 what l am assured in the best-informed sources. Governor General Wood re- mains man Of small means. which 1 lie is obliged tn conserve with true, | frugal methods.
 lt was General Wood also who put l an end 10 Lieutenant Woods financial ventures when he learned Of them. | This attitude on his part Is under stood ta bc moi duo to any feeling | that Lieutenant Woods transactions | weer not legitimate. but 10 the belief that it was unNise that such young man should accumulate a fortune SO rapidly and to desire to afford no ground for gossip that Lieutenant Woods investments were in the Phil ippines 1xx.
 Asks All Details.
 The matter Of Lieutenant Woods financial operations was brought to General Woods attention on his re- turn from his Java trip to Manila in connection with the resolution Of Representative Frear calling for s congressional investigation Of the Philippines. xxx General Wood immediately 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.
 "1 want nothing concealed.' said General Wood.
 Lieutenaat Wood said it was true that he had made considerable profits dealing in American securities. but said they did not approach anything like the sum of s2.750,O00, the amount I had mentioned as the ag- gregate reported deposited to his credit in New York and Chicago. His profits, he said. were between s70o. 900 and sS0n.000 x \.
 While I regard these transactions as private matters" asid Lieutenant Wood to me, T am perfectly willing to tell the story without going into Intimate details Of my personal af- fairs. None of these transactions had anything 10 do with Philippine ens terprises. Efforts were made by peo- ple here 10 have me invest in en- terprises in the islands, but de- clined to do so. Mine were all Amer jean transactions.
 Explains Dcalings. While I 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 n t made practice Of transferring the same amount back and forth be- , tween Manila and New York as often i as occasion demanded. Favorable : exchange rates governed me in this. i, When there was a chance to make a I profit through transfer l did so. it "If the banks know you have gold q they will make vou a good offer for I it and through that fact ! transferred T fhe same amount frequently. IT T. had gold deposited in New York and he exchange rate made It desirable To transfer t to Manila I did co. It n s absolutely untrue that ! fncorpo- , lated" NxN. n
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