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El Banco de Morelos

The concession for this bank was granted on 17 September 1902 to S. Robert y Compañía, Meyran Donnadieu y Compañía, M. Bellon y Compañía Sucesores, Valeriano Salceda, Florencio Sánchez, José Díaz and Ignacio Robles, and the bank opened on 1 February 1903The Mexican Herald, 7 February 1903.

The local board of directors consisted of José Díaz, Ignacio Robles and Juan Posada, all prominent businessmen in Cuernavaca while the Mexico City board consisted of Emilio Meyran, Antonio Donnadieu, Fernando Pimentel y Fagoaga, Pedro S. de Azcue, Florencio Sanchez, E. Monjardín and Angel Alvarez, who held most of the stock representing the bank's $1,000,000 share capitalThe Mexican Herald, 7 February 1903: Periódico Oficial, 2 May 1903.

The main office was in Cuernavaca and the bank had permission to open a branch in Acapulco, in the neighbouring state of Guerrero. This branch was opened on 14 September 1903, and the bank assigned it 10,952 notes with a total value of $99,970informe of interventor Martínez, 24 January 1904 in Memoria de las Instituciones del Crédito, 1903. It also established branches in Cuautla, Morelos and Iguala, Guerrero.

American Bank Note Company print runs

In October 1902 the American Bank Note Company produced the following notes. The company engraved a special portrait of José María Morelos (C 259).

Morelos 5 00000

Morelos 5 00000 reverse

Morelos 10 00000

Morelos 10 00000 reverse

Morelos 20 D 01894

Morelos 50 00000

Morelos 50 00000 reverse

Morelos 100 specimen

Morelos 100 specimen reverse

Morelos 500 B 00000

Morelos 500 B 00000 reverse

Date Value Number Series from to
October 1902 $5 100,000 A 1 50000
C 50001 100000
$10 60,000 A 1 30000
E 30001 60000
$20 15,000 A 1 7500
D 7501 15000
6,000 A 1 3000
F 3001 6000
2,000 A 1 1000
G 1001 2000
$500 200 A 1 100
B 101 200


The (identifiable) signatures are Emilio Bersinger, Juan N. Carreón and J. Zorrilla as Gerente, lgnacio Robles, Marcelino Velázquez, José Díaz and Fernando Güernes as Consejero, and Néstor Rubio Alpuche and Ventura Martínez del Río as Interventor.


Emilio Bersinger was formerly a director of the Banco Internacional é Hipotecario de MéxicoThe Mexican Herald, 7 February 1903.

From January 1910 to August 1912 he was subgerente of the Compañía Bancaria de Paris y México, S. A.

He signed notes dated 1903 and 1904.

sig Gerente 1

Juan Nepomuceno Carreón was originally from Chihuahua, and became manager in 1905.

Surprisingly, on 2 June 1911 he accepted the post of provisional governor of Morelos from Zapata as he had sympathised with the revolution as a patriotic duty ARD, 4, 17, 63 letter Carreón to Robles Domingúez, 31 May 1911.

He signed notes dated 1910.

sig Carreon


José Díaz

He signed notes throughout the history of the bank, from 1903 to 1910.

sig Diaz

lgnacio Robles

He signed notes dated from 1903 to 1910.

sig Robles

Juan Posada

He signed notes dated 1903.

sig Posada

Marcelino Velázquez

He signed notes dated from 1904 to 1910. He died in Mixcoac, Federal District, on 7 May 1911, while still serving as a consejero of the bankSemanario Oficial, XXI, Núm. 19, 11 May 1912.

sig Velasquez


Ventura Martínez del Río Pedemonte

José Ventura Martínez del Río y Pedemonte was born in 1866, a member of one of the most prominent families in Mexico.

In May 1898 he received a federal concesión to construct a tramline from Ciudad Lerdo to Torreón, passing through Gómez PalacioEl Tiempo, 28 May 1898.

He was the bank's first InterventorEl Popular, Año VII, Núm. 2244, 26 March 1903.

He married Rosa Bermejillo Martínez-Negrete.

After suffering for several weeks from serious stomach trouble he died on 18 December 1906 from hear failure at his home at 3a calle de las Fuentes Brotantes, no. 1629The Mexican Herald, 19 December 1906.

sig del Rio 1sig del Rio 2

R. Martínez Freg took over as interventor on 22 September 1903informe of interventor, 24 January 1904 in Memoria de las Instituciones del Crédito, 1903

sig Freg

AlpucheNéstor Rubio Alpuche was appointed interventor in late May 1905CEHM, Fondo CDLIV Colección José Y. Limantour, 2a. 1905, carpeta 9, legajo 25 on the recommendation of Joaquín Casasús, after the current Interventor, Teodoro Rivera, was elected as a deputy to CongressCEHM, Fondo CDLIV Colección José Y. Limantour, 2a. 1905, carpeta 7, legajo 48 letter Casasús to Limatour, 9 May 1905.

He signed notes dated 1910.

sig Rubio


The bank did not produce the necessary documentation to the Comisión Reguladora e Inspectora de Instituciones de Crédito so Rafael Torres was instructed to investigate the offices in Mexico City. He reported that Juan N. Carreón had told him that their records were in Cuernavaca but as soon as it was possible to compile the information and hear from their branches in Iguala and Acapulco they would produce a balance sheet. The same day Carreón asked the Secretaría de Hacienda for an extension. The Comision felt that circular núm. 46 categorically declared that any bank that had not produced its documentation by the due date would have its concession cancelled, and on 12 January 1916 so decided.

In a report to Congress on 1 September 1917 Carranza said that in accordance with the reglamento of 8 March 1916 $94,130 in notes of the Banco de Morelos had been incineratedPeriódico Oficial, Tamaulipas, Tomo XLII, Núm. 75, 19 September 1917.

Under Obregón decree of 31 January 1921 the bank was placed into Class B (for banks whose assets and liabilities were about equal and which were given a short time in which to obtain the necessary funds to resume) and allowed to resume all customary operations except the issue of bank notes.

The bank was finally liquidated in 1930. On 9 July 1931 ABNC’s Resident Agent in Mexico City, Charles T. Blackmore wrote that he had written to the Banco Nacional de Crédito Agrícola, S. A.for authorization to destroy the plates of the Banco de MorelosABNC.