SPECULATOR RESIGNS.
GENERAL WOOD'S SON, FORTUNE IN OIL STOCK. A. and N.Z. WASHINGTON. April 12. The War Department announces that the President, Mr. Calvin Coolidge, has accepted the resignation of • Lieutenant Wood, son of General Wood, who is reputed to have made 800,000 dollars in stock speculations during the past 18 months while in the service of the Philippine Department.
The Manila correspondent of the New York Times stated on December 15, that, in order to dispel conflicting rumours, the , Governor-General ; of the Philippines, General Wood, had revealed that his son, Lieut. Osborne Wood, by speculating in Wall Street, though residing in Manila, amassed a fortune of 800,000 dollars. The Lieutenant is only 26 years old. Hi purchased Standard Oil stocks just when they began to mount in price. Reports leaking through the banks where he deposited his funds reached Filipino lead- i ers, who attempted to make capital out of them against the Governor. The United States - War Department investigated, and found that the lieutenant's transactions were all made in New York and were legitimate. General Wood, however, ordered his son, who intended to resign, and enter the diplomatic service, to cease from further speculation.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NZH19240415.2.81
Bibliographic details
New Zealand Herald, Volume LXI, Issue 18685, 15 April 1924, Page 9
Word Count
196SPECULATOR RESIGNS. New Zealand Herald, Volume LXI, Issue 18685, 15 April 1924, Page 9
Using This Item
NZME is the copyright owner for the New Zealand Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries and NZME.
Log in