MORTON 



3959 



MORTON 



On the expiration of a certain period after 

 the date of maturity the length of time vary- 

 ing in different states and provinces the mort- 

 gagee may file a foreclosure suit, praying the 

 court to debar the mortgagor from his right of 

 nption in order that the mortgagee may 

 have the return of his money. In some juris- 

 dictions the mortgagee may foreclose simply by 

 advertising the fact in the newspapers for a 

 specified number of weeks; and in districts 

 where there is no newspaper, this announce- 

 ment may be made by nailing to the court- 

 house door a notice to the effect that the prop- 

 erty will be sold on a certain date at public 

 auction. With few exceptions, only foreclosure 

 by sale is recognized. This means that the 

 property is sold, and any surplus remaining 

 after the claims of the mortgagee are settled is 

 turned over to the mortgagor. 



Mortgages as Investments. Real estate, since 

 it is not removable, is the most reliable security 

 possible, and for this reason people looking for 

 safe investments buy mortgages from banks 

 and real estate firms which made the loans 

 originally. First mortgages are, of course, the 

 most favored, since they take precedence over 

 second and third mortgages when it comes to 

 repayment through foreclosure proceedings. 

 Where the property has depreciated in value the 

 holder of a first mortgage is generally protected 

 to the extent of his investment; the owner of 

 a second or a third mortgage may lose part or 

 all of what he has invested, for always the first 

 mortgage is paid first. The rural credits system 

 has greatly increased the number of farm 

 mortgages within recent years (see RURAL CRED- 

 ITS). 



Chattel Mortgages. A mortgage given on 

 movable goods called personal property or 

 chattels is known as a chattel mortgage. This 

 may be given on any legal property, even on a 

 planted crop not yet ripe or on a stock of 

 goods which tin mortgagor continues to sell 

 and replenish. Where the holder of the mort- 

 gage has reason to feel that his security is un- 

 safe, he has the privilege of taking possession 

 of the property in a manner prescribed by law, 

 subject to tin mnrtiMKor's right to redeem by 

 paying debt and interest. i n. 



Consult Jones's Treatise on the Law of Mort- 

 uagca of Real Property ; iMngrey'a Treatise on the 

 ' / Mortgages. 



MORTON, JULIUS STERLING (1832-1902), an 



leader and an ardent nature 



; . who deserves credit for having estab- 



li>h.-.l Arbor Day, a tree-planting day which 



now has a wide observance (see ARBOR DAY). 

 He was also a pioneer newspaper man, having 

 founded the Nebraska City News, the first 

 newspaper established in Nebraska. At the 

 time of his death he was editor of the Con- 

 servative. Adams, Jefferson County, N. Y., 

 was his birthplace, but when he was two years 

 old, his parents removed to Michigan. Julius 

 received his early education in the Methodist 

 Episcopal Academy at Albion, now Albion Col- 

 lege. In 1850, at the age of eighteen, he en- 

 tered the University of Michigan, completing 

 his course at Union College in 1854. One year 

 later he went to Nebraska to live. In 1874 at 

 his suggestion Nebraska appointed a day for 

 tree planting throughout the state, a custom 

 which has gained strength with the years. 



In 1856-1857 he served in the territorial legis- 

 lature, the next year was appointed secretary 

 of the territory, and for some time was acting 

 governor. In 1866, and again in 1881, he ran 

 as the Democratic candidate for governor, both 

 times without success. From 1893 to 1897, 

 under President Cleveland, he held the office 

 of Secretary of Agriculture, a post he filled with 

 highest efficiency. He spiritedly opposed Wil- 

 liam J. Bryan in Nebraska politics, and was al- 

 lied with the gold-standard faction of the 

 Democratic party. In 1901 President McKinley 

 appointed him a United States Commissioner 

 for the Louisiana Purchase Exposition. See 

 full-page illustration, in article NEBRASKA. 



MORTON, LEVI PARSONS (1824- ), an 

 American banker and statesman and former 

 Vice-President of the United States. He was 

 born at Shoreham, Vt., and was graduated from 

 Shoreham Academy. In 1850 he removed to 

 Boston and became a member of the firm of 

 Beebe, Morgan & Co., merchants. He settled 

 in New York in 1863 and founded the banking 

 house of L. P. Morton & Co., which later be- 

 came Morton, Bliss & Co., subsequently estab- 

 !hing branches and affiliated firms in London. 

 In 1878 he was elected to Congress by the Re- 

 publicans, and was reflected in 1880. President 

 Garfield appointed him minister to France, and 

 he filled the post acceptably from 1881 to 1885. 

 In 1887 he purchased "Ellerslir," his magnifi- 

 cent country estate at RhinerlifT on the Hud- 

 son i is elected Vice-President of 

 tin- United States on the Republican ticket with 

 Benjamin Harrison in 1888, and in 1805-1896 

 served one term as governor of New York state. 

 After his retirement from official life he con- 

 tinued his business of banking and also became 

 identified with large insurance interests. 



