Signatures on Banco Nacional de México notes


The Banco Nacional de México notes carried two symbols, where it states SERIE, which were really controls.

On the left the letter corresponded to the initial of the branch from which the notes were issued, thus: M - Mérida, V - Veracruz, P - Puebla, G - Guadalajara, G2 - Guanajuato, CH - Chihuahua, M2 - México, M3 - Central en México, L - San Luis Potosí, O - Oaxaca and M4 - Monterrey.

On the right a capital letter, either alone or with a number, indicated which consejero (board member) signed the notes.

So combinations of codes fall into the hundred or even thousands: there are around 400 combinations for the $5 note alone.

This system seems to have broken down during the revolution.

Letter Consejero date range   
A Bénito Arena Bermejillo 1885 - 1890 sig Arena
A Carlos Arellano 1911 - 1913 sig Arellano
B José María Bermejillo 1885 - 1902 sig Bermejillo
B José María Roa Bárcena 1905 - 1906 sig Barcena
B Eduardo N. Brown 1911 - 1913 sig Brown
C Félix Cuevas 1885 - 1897 sig Cuevas
D Francisco Cortina é Icaza 1886 - 1897 sig Cortina

Maurice Armand Delille

1911 - 1912 sig Consejero 1913 1
 E Antonio Escandón y Estrada 1885 - 1890 sig A Escandon
E José G. Escandón 1901 - 1902 sig J Escandon

Escandon y BarronPablo Escandón y Barrón was born in Morelos in 1857. He was educated in England until 1875. On his father’s death in 1878 he returned to Mexico and inherited a fortune of almost five million pesos. He belonged to the Científicos and owned two haciendas in Morelos, Xochimancas and San Diego Atlihuayán. As a member of the Mexican polo team he won a bronze medal at the 1900 Olympics, Mexico’s first Olympic medal.

He was a career soldier and became a brigadier general and Porfirio Díaz; Jefe de Estado Mayor. He was a deputy for Guanajuato from 1894 until 1912 and was governor of Morelos from 15 March 1909 until May 1911, but abandoned the governorship and went to the United States on Díaz’ resignation. He came back to support Huerta but on his defeat, returned to exile. He came back after 1920 and died in Mexico City on 31 March 1926.

1906, 1909, 1910 sig P Escandon
E Luis Elguero was a “senator, capitalist, politician, lawyer of note”SD papers, 812.00, 11914. He was chair of the board of directors of the Ferrocarriles Nacionales (National Railways). As a distinguished jurist he was part of Huerta’s peace delegation to the United States in 1914. 1908, 1911 - 1913 sig Elguero
F Genaro de la Fuente 1885  
F Carlos Friederichs 1909 - 1913 sig Friederichs
G José Gargollo was a Spaniard, a director of Diligencias Generales and member of the Convención Española 1885 - 1897 sig Gargollo
G Agustín García 1902 - 1912 sig Garcia
H Manuel Romano Gavito 1905 - 1908 sig Gavito
H The older Hugo Scherer probably came to Mexico in 1869 as part of a wave of German industrialists from Hamburg and Bremen and worked at first in the mining industry. With Hugo Scherer Pino (Hugo Scherer Jr.) (his cousin and brother-in-law) he founded Hugo Scherer y Compañía (finance) and then moved on to manufacturing with shares in the Compañía Industrial Manufacturera (cotton), the Compañía Compresora de Algodón in Torreón, El Buen Tono (cigars) and the Compañía Nacional Mexicana de Dinamita y Explosivos y de la Fundidora Monterrey.

Scherer Jr

Hugo Scherer, Jr. (cousin of Hugo Sr. and younger brother of his wife) was the director of Hugo Scherer y Compañía and on the board of the Compañía Maderera de la Sierra de Durango (land and timber), the Compañía Minera Dos Estrellas,the Agujita (coal), the Transportes de Guadalajara (trams), Ferrocarriles Nacionales de México and the Banco Internacional Hipotecario. Thanks to his international banking contacts he was director of the Société Financière pour l’industrie au Mexique and in charge of the Caja de Préstamos para Obras de Irrigación y Fomento de la Agricultura, which made a fifty million pesos bond issue in 1908. Thanks to his connections to José Yves Limantour he was also a member of the Comisión de Cambios y Monedas, which determined monetary policy and the exchange rate.

1910 sig Scherer

José A. Signoret

José A. Signoret was the fifth Presidente of the Consejo de Administración from June 1915 until 1934.

1909 - 1913 sig Signoret

Sebastian CamachoSebastián Camacho was born in Jalapa, Veracruz in 1823. His father was a distinguished diplomat, governor and statesman who accumulated a large fortune in business with Angel Lerdo de Tejada. Sebastián gained a civil engineering degree from the National School of Mines and owned various mining and industrial businesses, as well as being assayer at the Mexico City mint and publisher of La Libertad.

He was alternate senator from Jalisco (1888-1894, 1896-1898), deputy from Guanajuato (1894 – 1898) and senator from the Federal District (1900-1914).

Camacho was the fourth Presidente of the Consejo de Administración from from May 1904 until 1914.

1890 - 1913 sig Camacho

 Luis G. Lavie was a French investor. He was on the board of the Banco Mercantil Mexicano.

He died on 21 June 1908.

1890 - 1908 sig Lavie

Antonio de Mier y CelisAntonio de Mier y Célis was born in Mexico City on 3 October 1834. The son of Gregorio de Mier y Terán, a businessman and man of letters, Antonio inherited a large fortune and was one of the richest men during the Porfiriato. In 1881 he joined with some French investors to create the Banco Nacional Mexicano and was the first president of the Consejo de Administración after the merger of the Banco Nacional Mexicano and Banco Mercantil Mexicano. He held this office from April 1882 until 1898.

On 29 October 1894 he was appointed Mexico’s envoy to France, a post he held until his death in Paris, France on 13 December 1899.

His widow, Isabel Pesado, donated her husband’s library of 7,526 books to the Biblioteca Nacional de México.

Antonio de Mier y Célis was Presidente of the Consejo de Administración from April 1882 until 1898.

1885 sig Mier
M Pablo MachedoPablo Macedo González de Saravia was born in Mexico City in 1851, the son of a Supteme Court justice. He studied law and later practiced and taught it. He was a director of the Fundidora de Fierro y Acero of Monterrey (1907), cofounder of El Boleo Copper Company, Baja California, president of the Banco Mexicano de Comercio y Industria, vice-president and lawyer of the Banco de Londres y México, lawyer of the Banco Nacional de México. He owned 3,620,532 hectares of land in Baja California.

He was a federal deputy from the Federal District from 1892 through to 1912.o 1896, from Puebla 1896 to 1902 and from the Federal District 1902 to 1911.

He died in exile in Madrid, Spain, on 25 December 1918.

1902 - 1913 sig Consejero M
N Pedro Martín 1885 - 1889 sig Consejero N
N Roberto Núñez Castañares was born on 1 December 1859 in Mexico City. He married Josefina Prida y Arteaga, the daughter of industrialist and banker Francisco Macario de Prida Palacios.

He was a member of the Mexico City council from 1886 to 1888, a federal deputy from the Federal District 1886 to 1896, from Puebla 1896 to 1902 and from the Federal District 1902 to 1911. A bureaucrat, he served as a judge, ambassador, Oficial Mayor of the Treasury 1893 to 1900 and Subsecretario from 1900 to 1904 and from 1905 to 1911. He accompanied Porfirio Díaz to exile in Paris in 1911, and died on 27 December 1912.

1905 - 1911 sig Nunez

Rafael OrtizRafael Ortiz de la Huerta was the second Presidente of the Consejo de Administración from 1889 until 1902.

1885 - 1902 sig de la Huerta
 O Ernesto Otto 1908 - 1913 sig Otto
P Francisco M. de Prida, founder of Circulo Mercantil de Veracruz, was on the board of the Banco Mercantil Mexicano 1885 - 1897 sig de Prida

PugibetErnest Pugibet was born in the Garonne, near to Toulouse, France in 1855. He was the prototype of French investors in Mexico. He arrived in the country in 1879, after a long stay in Cuba, and founded the cigar factory, El Buen TonoThe Compañía Manufacturera El Buen Tono, founded by Ernest Pugibet as a family enterprise, was the largest of Mexico’s cigarette manufacturers. In 1894 Pugibet, seeking to raise additional capital to expand production and control the market, reorganized the firm as a joint-stock company, with a capitalization of one million pesos. The firm’s other major stockholders were Mexico City’s most important merchant-financiers, including Henry C. Waters, Thomas Braniff, José V. del Collado, Hugo Scherer, and Henri Tron. They were joined on the board of directors by influential members of the government including Roberto Núñez (undersecretary of the treasury), Pablo Macedo (president of congress), Manuel González Cosio, (secretary of war), and Porfirio Díaz, Jr. Through a process of additional stock issues and the reinvestment of profits, the subscribed capital of the company quickly grew to 6.5 million pesos by 1907.
With a controlling interest in Mexico’s second largest cigarette company, La Cigarrera Mexicana, El Buen Tono controlled roughly 50 per cent of national production.
. Together with Henri Tron and Auguste Genin he organised the Société Financière pour l'Industrie au Mexique and was on the board of several companies, e.g. El Palacio de Hierro, la Cervecería Moctezuma, la Compañía Nacional Mexicana de Dinamita y Explosivos, the textile factory of San Ildefonso, and the Banco Nacional de México.

1908 - 1913 sig Pugibet
Q Pedro Peláez 1887 - 1905 sig Palaez

Gustavo Strück

Strück died in February 1906.

1885 - 1905 sig Struck
R Hugo Scherer, Jr. (see H above)
1910 sig Scherer
S León Stein 1885 sig Stein
S Saturnino A. Sauto 1890 - 1906, 1910 sig Sauto
S Hugo Scherer, Jr  (see H above) 1910 sig Scherer
T Nicolás de Teresa came from Llanes, Asturias, Spain, and , together with Manuel Ibañez , was one of the principal drivers behind the Banco Mercantil Mexicano. He had his own successful banking house and subscribed for 2,000 shares in the Banco Mercantil Mexicano,. He married Dolores Miranda, the daughter of the Spanish vice-consul, and his son, José de Teresa Miranda married the daughter of Manuel Romero Rubio (above). 1885 - 1890 sig de Teresa
V ColladoJosé V. del Collado was a director from 1885 until 1891.    

BasagoitiAntonio Basagoiti arrived in Mexico around 1870 and was at first an import merchant, later a very successful merchant banker, then a director of the Banco Nacional de México, and eventually on his return to Spain in 1900 founder and president of the Banco Hispano Americano.

He began his career as an employee in the firm of Antonio Escandón but soon established firm links to the Zaldo family, which operated out of Veracruz and specialised in both textiles and tobacco production and imports. Basagoiti early on set up a textile factory in the provincial capital of Xalapa. Years later he moved to Mexico City where he set up the merchant banking firm of Basagoiti/Zaldo.

His prestige in the Spanish merchant colony in Mexico, helped his business as he generated much confidence in clients. By moving from merchant and importer to financier, Basagoiti was able to consolidate his networks of contacts and correspondents and clients.

But Basagoiti also began to diversify his investments, particularly in the new banking institutions in the capital and provinces (Banco Nacional de México, Banco de Londres y México, Banco Oriental in Puebla and BancoMercantil de Veracruz, among others.)

In the first place he discounted bills or letters of exchange issued by a multitude of merchants. This allowed him to build up a very broad network of clients and correspondents and facilitated a great variety of local and trade operations. In the second place he became a specialist in the discount of bills of exchange on other cities and ports abroad, particularly those in Cuba and Spain. In the third place he began directly to lend money in short, medium and long term credits to merchants, industrialists and landowners. In the fourth place, he helped manage the fortunes and business of other Spanish entrepreneurs, some of whom had returned to Spain. He married the daughter of one of the wealthiest Spanish merchant bankers, Manuel Ibañez, who had developed the business of remittances to Spain.

Basagoiti not only developed his merchant and financial business, but also became a prime leader in the early industrialization of Mexico. He set up tobacco and textile firms, but most important was his participation as 25% owner of the first steel firm in Mexico and Latin America, Fundidora de Monterrey, which began operations in 1900 and was run by Asturian managers for over eighty years.

Basagoiti´s experience in business in Mexico was key in facilitating his reinvestment of profits in Spain in a field he knew well, that of banking, and allowed him to create the Banco Hispano Americano in Madrid in 1901 with capital from Mexico and Cuba.

1890 - 1902  sig Basagoita
W Luis Elguero (see E above) 1909 - 1910, 1912 sig Elguero
Y Manuel Ibáñez 1885 sig Ibanez
Z Juan José Martínez Zorrilla was on the board of the Banco Mercantil Mexicano 1885 - 1889 sig Zorrilla
Z Julio M. Limantour 1896 - 1909 sig Limantour
Z Eusebio González[identification needed] 1912 - 1913 sig Gonzalez

Miguel MacedoMiguel Salvador Macedo y Boubée was born in Mexico City on 17 May 1884 and was the nephew of Pablo Macedo.

He trained as a lawyer and so later served as the abogado of the bank. He was subsecretario de Gobernación from 1906 until 1911 and, for want of a Secretario de Gobernación, in charge of the department at the start of the revolution.

Macedo went on to be a successful financier. He founded the Banco del País, S.A., the Banco Hipotecario Reforma, S.A., La Continental, Seguros, S.A., Almacenes del País, S.A., and from 1943 to 1951 was president of the Latinoamericana life insurance company and responsible for the building of the Torre Latinoamericana.

He died in Los Angeles on 26 September 1959.

1913 sig Macedo
  V [  ][identification needed] 1913 sig Consejero 1913 2
  Gabriel Mancera    


Interventor date range   
Romero RubioManuel Romero Rubio was born on 7 March 1828 in Atzcapotzalco, Mexico City. He was a lawyer and politician holding various offices including deputy from Puebla (1856-1857, 1867-1868), governor of Mexico City (1857). He joined Juárez’ Liberals during the revolution of Ayutla (1855-1856), was captured by the French and exiled to Europe in 1863, as a supporter of Lerdo and his secretary of foreign relations he opposed Díaz’ Plan of Tuxtepec in 1876 and was exiled to New York from 1877 until 1880. He returned to establish an opposition newspaper and became a senator from the state of Tabasco from 1880 to 1895. He eventually collaborated with his former political opponent by serving as Díaz’ Secretario de Gobernación for eleven years until his death (1 December 1884-3 October 1895). He was the father of Carmen Romero Rubio, the second wife of Porfirio Díaz, as well as the father-in-law of the prominent banker José de Teresa. He died on 3 October 1895. 1885 - 1890 sig Romero
Cástulo Zenteno was born in Matamoros, Tamaulipas on 22 May 1837. He owned the El Cristo coal mine in Tempoal, Veracruz, served as a special messenger for Porfirio Díaz in 1876 and attained the rank of colonel in 1878. As well as political offices (deputy for Yucatan (1876-1878), senator for Yucatan (1884-1888) and deputy from Yucatan (1896-1900)), he represented the Mexican government on the Oriental, Internation and Interoceanic Railroads (1881), and was chief tax collector for the Federal District (1884). 1885 - 1890 sig Zenteno
M. Escobedo 1896 - 1897 sig Escobedo
Roberto Nuñez 1896 - 1902 sig Nunez
Y. S. Ponce de Leon 1901 sig Ponce
G. Baranda 1901 - 1902 sig Baranda

Alfredo Chavero

Alfredo Chavero was Interventor of the Banco de Londres y México in 1902, before serving here.

1905 - 1906 sig Chavero
Francisco Rincón Gallardo 1905 - 1911 sig Rincon
Gabriel Mancera 1908 - 1911 sig Mancera

Leandro FernándezLeandro Fernández Imas was born in Nombre de Dios, Durango on 27 February 1851. He studied at the Escuela Nacional de Ingenieros, the Escuela Nacional De Comercio and the Conservatorio Nacional and had a distinguished career as an academic, engineer and architect.

In June 1898 he was appointed Director General of the Casa de Moneda (Mint).

He served as governor of Durango in 1897-1898 and in Díaz’ cabinet as Secretario de Fomento, Colonización e Industria (1901 – 1903) and Secretario de Comunicaciones y Obras Públicas (1903-1911).

He died in Mexico City in 1924.

1912 - 1914 sig Interventor S

Bernabé L. de la Barra

De la Barra lost his job in August 1912El Diario, 31 August 1912 because President Madero wanted to give it to Federico González Garza, who was complaining that he needed to complement his salary as governor of the Federal DistrictCEHM, Fondo CDLIV Colección José Y. Limantour, 2a 1910, carpeta 27 legajo 135 letter Hugo Scherer Jr. to Limantour, 30 August 1912.

1911 -1912 sig de la Barra

Federico González Garza was born in Saltillo, Coahuila, on 7 March 1876, graduated with a law degree on 28 March 1906 and worked as an attorney. He met Francisco Madero while head of the San Pedro de Colonia telegraph office and was a cofounder of the Anti-Reelectionist party, editor of its newspaper, and president of the executive committee for Madero’s presidential campaign in 1910. He was provisional secretary general of the government of Coahuila in 1911, subsecretary of justice in 1911, subsecretary of government in 1911-1912, and governor of the Federal District in 1912-1913.

His brother was Roque González Garza, the Convention president.

He died in 1951.

1912 sig Interventor Q
Fernando de Teresa was appointed interventor on 28 February 1913 to replace González GarzaEl País, 1 March 1913 but only lasted until April 1913. 1913 sig Interventor V

Manuel Mondragón, hijo 

Mondragón signed the reports for May and June 1913.

1913 sig Interventor U

Arturo de la Cueva 

De la Cueva signed the reports from July 1913.

1913 - 1914 sig Interventor T



Cajero date range   
Ramón Usandizaga 1885 - 1896 sig Usandiraga

Manuel Pereda

Pereda was then a director of the bank, from 1901 until 1908.

1897 - 1901 sig Pereda
Joaquin Salas A. 1902 - 1910 sig Sala
Luis Uhink 1911 - 1915 sig Cajero D