MORTGAGE BANKS. Banks designed pri naarily furnish credit on land, houses, mines, and other immovable property. The loans are usually for periods from ten to seventy-five years, and are secured by mortgage. The loan contract provides for the extinguishment of the debt by means of equal annual payments. coin prising interest and amortization; lint the debtor has the option of paying the principal in anticipa tion, and. as a matter of fact, a large percentage of the loans made by mortgage banks are can celed before maturity. The bank secures funds by selling its obligations or mortgage pledges, the difference between the interest on the loans made by the bank and the interest which it pays on its obligations constituting its profit. gage banks are found in many European coun tries. The tirst important one was the Credit Foncier of France, \Odell has been in existence since 1852 and has had an organization similar to that of the Bank of France since 1854. it can make loans on first mortgages to the amount of ono-half of the estimated value of houses and farms. a111(1 one-third of that of vineyards and other plantations. The rate of interest on loans must not exceed the rate paid by the bank on its obligations by inure than six-tenths of one per cent, The Credit Foncier of Algeria and the Credit Fancier Colonial were formerly branches of the Credit Fourier of France, lint are now inde pendent. Instead of one large national organiza tion, Germany has forty mortgage banks, fourteen of which are in Prussia. In 189S these institu tions had an aggregate capital of 554,297,256 marks and held mortgages to the amount of 6,207,889,143 marks. Sonic. of them, however, issued other forms of credit. In Belgium the only bank which deals in mortgages exclusively is the Credit Fancier, but. there are banks at Brus sels and Ant werp which deal largely in land eredit. Similar institutions are found in Austria Ilungary, Holland. Italy, Spain, Portugal. Swe den, and Russia. The chief service of mortgage banks consists in making mortgages negotiable. In Europe, the owners of bind and houses are able to get loans at a low rate of interest—less than 3 per (Tut. in France and 4 per cent. in Germany. They can pay their debts in small yearly installments from the produce of their capital. In the United States, where there is no legislative provision for the establishment of mortgage banks. the lender and the property owner can be brought together only by a form of brokerage, and the terms of the debt usually re quire the payment of the principal in a few years. Consult the artiel( on "Hypotheken
banken." in Conrad, Handlearlerbuch (ler Straits seissensellaften (Jena, 1S9S-1901); Taft. "Mort gage Banks," in Journal of Political Economy (September, 189s), MORTIER, 1114)1.1y:1', Fool:Ann AuoLettE CASI MIR Joslien, Duke of Treviso (17t'3-1835). A French marshal. Ile was born at Cateau-Cam bresis, February 13, 176S. llis father was a Deputy to the States-General in 1789, and though Mort ter was educated for a business career•, he entered the service of the Republic as a lieu tenant of carbincers in 1791. lie rose rapidly, and in 1793 became adjutant-general. After greatly distinguishing himself under Moreau and KlAer, he was made a general of division in 1799. in 1803 he was in command in Hanover, and in the administration of that country showed the utmost probity and sagacity. Created a marshal of the Empire in 1801, and placed in charge of an army corps in 1S95. \lortier showed his mili tary genius by holding in cheek a superior force of Russians at 1,4.0am. In 1806 he occupied Han over. ilcsse.(•as'ol. and Ilamburg. and defeated the Swedes in several eneounters. Ile emu minded the left wing of the French army at Friedland, and after the Peace of Tilsit was in trusted with the government of Silesia and created Duke of Treviso. Sent to Spain in 1808, he took part in the siege of Saragossa and de feated the Spaniards at Ocafia (November 19. 1809). After sharing in the Russian campaign of 1812 Mortier took a decisive part in the battle of Liitzen (May 2. 1813 ? and in all the subsequent military events of 1813-14. When Napoleon's calls° was lost. Mortier at last gave in his ad hesion to the Gmernment of Louis XVIII. Dur ing the period of the Hundred Da3s Mortier first saw the King safely out of France and then joined his old leader. After the second Bourbon restoration. he was crossed off the list of peers foi refusing to sit on the court martial of Ney. Ile became a member of the Chamber of Deputies in 1816. and gas restored to the Chamber of Peer,, in Is19. After the Revolution of 1830, he was made Ambassador at Saint Petersburg. be came Grand Chancellor of the Legion of Honor in 1833, and Minister of War and president of the Council in 1834-35. The was killed on the Boulevard du Temple. July 28, 1835, by a missile from the infernal machine of Fieschi (q.v.).