SAGINAW-ST. CLAIR. 



419 



and receiving upon deposit as bailees, for safe keep- 

 ing and storage, jewelry, plate, money, speeie, bul- 

 lion, stocks, bonds, securities and valuable papers of 

 any kind, and oilier valuables, and guaranteeing 

 their safety on such terms and for compensation to 

 be agreed upon between them and their patrons. 

 They were also authorized to construct and let out 

 safes, vaults, and other receptacles necessary for the 

 purposes of their business. Their affairs are man- 

 aged by trustees, elected annually by the stockhold- 

 ers, the latter being jointly and severally liable for 

 all debts to an amount equal to the par value of 

 stock held over and above such stock. In the State 

 of New York these corporations are under the su- 

 pervision of the bank superintendent, to whom they 

 make semi-annual reports and are subjected to an- 

 nual examinations by him. 



The Safe Deposit Company of New York, char- 

 tered April 15, 1801, with capital of one hundred 

 thousand dollars, is said to have been the first dis- 

 tinct corporation formed for the sole purpose of 

 safely keeping valuables and jiersonal securities 

 under guarantee, and the renting of fire and burglar 

 proof vaults. January 1, 1888, the combined capi- 

 tal of the safe deposit companies of New York State 

 alone was nearly three millions of dollars. 



Prior to the organization of safe deposit com- 

 panies, the vaults of banks of deposit and discount, 

 particularly those located in cities, were burdened 

 with boxes and valuable packages of stockhold- 

 ers and dealers to so great an extent as to be a 

 source of serious inconvenience. Where such ser- 

 vice was rendered by banks it was at best a disagree- 

 able and unwilling one, involving risk without com- 

 pensation, and the acceptance of trusts without 

 responsibility. For this reason the forming of 

 separate companies for the erection of substantial 

 fire and burglar proof vaults on an extensive scale 

 became necessary. The large capital employed by 

 these corporations, ringing as it does from one hun- 

 dred thousand to live hundred thousand dollars, 

 admits of securin<; expert workmanship and the best 

 of materials together with all improvements me- 

 chanical skill has devised for insuring strength and 

 security in the construct!' >n of safety vaults, which 

 are mostly built of combinations of metals such 

 as welded plates of steel and iron, and homogeneous 

 plates of hard and soft steel, Franklinite and chro- 

 mic steel, etc., the quality of resistance lacking in 

 one being supplied by the others. Not alone arc the 

 vaults securely built, but they are generally so con- 

 structed that they may be examined on all sides 

 externally. The interiors nre fitted up with tiers 

 of safes and deposit boxes of sizes suitable for all 

 requirements, enabling these corporations to offer 

 their patrons not only a safe, but a safe within an 

 impregnable fire-proof vault under surveillance of 

 armed watchmen both day and night. 



In books kept for the purpose are entered minute 

 personal descriptions of their patrons together with 

 mutually agreed upon private passwords to be used 

 for identification. A person on renting a safe is 

 furnished with the only key that will fit its lock, no 

 two being alike. A safe-renter is not permitted to 

 enter the vault until identified, nor can he open his 

 safe without the assistance of a vault attendant, 

 who first partially unlocks it to admit the key ; 

 various systems are employed by the different com- 

 panies, such as the master-key and locked escutcheon 

 coverinz keyhole. A safe-renter has the option of 

 appointing a deputy to act in his stead, or of making 

 one or more persons joint owners with himself. In 

 the event of the death of a safe holder, no access is 

 permitted to his safe, except on the production of 

 lesal authority, thus affording protection to the in- 

 terests of lawful heirs. 



Deposits may be made with these corporations in 

 many forms aud deliverable on such conditions us 



may be agreed upon. Among others, by a person 

 in his own name and for his individual account in 

 the name and for the account of another or others, 

 of another or others with himself, deliverable wholly 

 or in part, only to the party in whose name and for 

 whose account deposited, or also to another ; or if 

 coupon bonds, and so desired, the bonds to himself 

 alone and the coupons to another, or to either of 

 several others as well as to himself, and then, if de- 

 sired, only in the joint presence of two or more of 

 j them ; a deposit may be made, delivery contingent, 

 j as " in escrow." A married woman may make, or 

 i have another make for her, a deposit in her own 

 name, deliverable to herself only, or as she may 

 direct ; or a deposit of securities or valuables may 

 be made under guaranty, the corporation assuming 

 full and absolute liability for their value, guarantee- 

 ing safe keeping and delivery wholly or in part in 

 I ai cordance with the terms of agreement, whenever 

 ; called for by the depositor or his legal representa- 

 j tive. Safe-renters have access to the vaults as often 

 i as desired during business hours, and are furnished 

 j with private rooms in which papers or securities 

 may be examined without fear of molestation. As 

 a rule the officers and all employes of this class of 

 corporations are pledged not to impart any informa- 

 tion respecting their patrons, or of transactions had 

 with them, except under compulsion of law. 



The convenience and security combined with 

 ! privacy and seclusion afforded by safe deposit com- 

 panies has secured to them large aud rapidly im reas- 

 ' ing patronage. (E. A. TV.) 



SAGINAW. See EAST SAOESTAW. 

 ST. CLAIU, ARTHUR (1734-1818), pioneer and 

 general, was born at Thurso, Caithness, Scotland, 

 in 1734. He was a grandson of the Earl of Roslyn. 

 and was educated at the University of Edinburgh. 

 He had entered on the study of medicine with the 

 celebrated surgeon, John Hunter, of London, when 

 his receiving a large sum of money from his mother's 

 estate in 1757, caused him to change his purpose 

 and seek adventures in a military life. Purchasing 

 an ensigncy in the COth Foot he sailed with that 

 regiment for America. Here he took part in the 

 capture of Louisburg, and in 1759 being made lieu- 

 tenant, distinguished himself under Wolf at Quebec. 

 In 17(50 he married at Boston Phosbe Bayard, a 

 lady of Huguenot descent. He resigned his com- 

 mission in 1762, and led a colony of Scotch settlers 

 to the Ligonier Valley, Pa., where he had purchased 

 a large tract of land. Here roads were cut, farms 

 i laid out, mills erected, and other improvements 

 ! made. Besides holding various local offices, civil 

 and judicial, St. Clnir was a member of the pro- 

 prietary council of Pennsylvania, and in 1775 he 

 was made colonel of militia. Early in the next 

 year resigning his civil offices, he led the Second 

 Pennsylvania Regiment in the invasion of Canada. 

 In this unfortunate campaign St. Clair's skill waa 

 displayed in helping to save Sullivan's army from 

 capture. He was rewarded by promotion to be 

 brigadier-general, Ausr. 9, 1776. The rank of 

 major-general was conferred Feb. 19, 1777, for his 

 services at Princeton, and later when Burgoyne's 

 army was threatening Northern New York St. 

 Clair was placed in command at Ticonderoga. But 

 he was compelled to evacuate this stronghold on 

 j July 4, since the British engineers had found means 

 to gain the crest of Mount Independence and thus 

 j command the fort below. A clamor was raised 

 against him, especially in New England, where the 

 importance of Ticonderoga was greatly overrated. 

 St. Clair was suspended from command until a court 

 of inquiry could examine the case, yet he retained 

 Washington's favor, and was a volunteer aide at the 

 battle of Brandy-wine. The military court in Sep- 

 tember. 1778, declared that "Maj.-Gen. St. Clair 

 la acquitted with the highest honor of the charges 



