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 Pimental y Fagoaga, Pedro S. de Azcue, Florencio Sanchez, E. Monjardin and Angel Alvarez, who held most of the stock representing the bank's $1,000,000 share capitalThe Mexican Herald, 7 February 1903.

The main office was in Cuernavaca and the bank had permission to open a branch in Acapulco, in the neighbouring state of Guerrero. 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 C 084491

Morelos 10 E 49453

Morelos 20 D 01894

Morelos 50 F 3866

Morelos 100 specimen

Morelos 100 specimen reverse

Morelos 500 specimen

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
$50
6,000 A 1 3000
F 3001 6000
$100
2,000 A 1 1000
G 1001 2000
$500 200 A 1 100
B 101 200

Signatures

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.

Gerente

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.
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.

sig Carreon
J. Zorrilla  

 Consejero

lgnacio Robles sig Robles
Marcelino Velázquez sig Velasquez
José Díaz sig Diaz
Fernando Güernes sig Guernes
Juan Posada  

Interventor

Ventura Martínez del Río sig del Rio 1sig del Rio 2
R. Martínez Freg sig Freg
Néstor Rubio Alpuche was appointed interventor in late May 1905CEHM, Fondo CDLIV Colección José Y. Limantour, 2a. 1905, carpeta 9, legajo 25. sig Rubio
1914 sig

 

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.

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.