The Providence news. (Providence [R.I.]) 1891-1906, 1902-05-14
LIFE, MONEY
and HONOR.
Malcolm Surrendered Property
to Make Good Clerical Error.
MISTAKE NOT HIS FAULT
cir TDasuTtr Also WIshst 10 Project
Investors in a Loan and Building
Association
MISTAKE NOT HIS FAULT

New York, May 14-Because of an error
in bookkeeping committed 20 years ago
and for which he was not personally re-
sponsibe City Treasurer William Nal
colin. Of Passaic, ~ j., yesterday turned
over to the county clerk at Paterson deeds
and securities Tor every penny OF his own
and his wifes property.
This property is valued at $1,000 IL
includes the house he and his wife, live
in. his other real estate holdings and all
his stocks, bonds and cash In bank. all
of which represented the savings OF a
lifetime
MIR. Malcolm gave as the reason for
his act OF sacrifice the wish 10 protect
from loss the thousands OF poor persons
who had invested their savings in the
Mutual Loan and Building association,
IN connection with which the error in
bookkeeping occurred. The shortage
caused by the error amounted TO $4,000.
DOES NOT REGRET ACTION
MIR. Malcolm said yesterday that he
did not regret having ruined himself and
his family by renouncing his property
He said IL was the only course open TO
him as an honest man.
1T is all my misfortune. and / am a
loser. while the stockholders are the gain
ers," he added
The Malcolms have been conspicuous
in the social and business life of Pas
sale. He Is treasurer Of the city and has
been secretary and treasurer of the Build
ing and Loan association, one of the
strongest institutions OF the kind i'm New
Jersey. for 20 years. ''.'.'--
No court action of any kind had been
taken. nor was any contemplated. Mr.
Il. L..
incidental to the discovery OF the error
has seriously affected his health.
HOW THE ERROR OCCURRED.
The error made 20 years ago and for
which Mr.. Malcolm now makes redress
occurred in his first annual report, when
the amount of dues owed by stockholders
OF the association was credited as assets.
This has been done every year until the
present month. when the amount reached
SCI, 900 J. c. Conking, Of the state board
of examiners, discovered the shortage
and quickly ascertained the error respon-
sible.
Mr.. Malcolm was notified and the reve-
lat.on nearly prostrated him. He sur
rendered yesterday all his worldly pos
sessions 10 Fred G. Streckfuss, president
of the city council. and Mayor Gilbert
d. Bogart. who filed the deeds and docu-
ments with the county clerk.
The rumor of a deficiency quickly
spread among the poor people in PassaiC
and they gathered about the offices of
the association. Rumors that the city
has lost more than 100000 are denied
by the officials. Mr. Malcom's accounts
will be audited. however.
Mr.. Malcolm conducted a large sta
tionery and toy store on Main avenue.
He Is leader i'm many lodges and So
cieties and acted as treasurer for several
His accounts in all of them are reported
as correct. lie says the stockholders OF
the association have reaped the profits
OF the error by receiving larger dividends
than their stock warranted. the extra
interest accounting for the money loss
His action Is receiving the commenda
tion of his friends. who are high in praise
of his integrity.