El Banco Mercantil de Monterrey

Banco Mercantil de Monterrey

This bank opened its doors  on 6 December 1899. The concession had been sought by Enrique C. Creel and Tomás Mendirichaga on 19 May 1899 and approved by President Díaz on 14 October.

The bank's capital was originally $500,000 but increased in November 1899, before opening, to $2,500,000. The Presidente was Tomás Mendirichaga and other officers were Enrique C. Creel, Mariano Hernández y Mendirichaga, L. González Treviño and V. Rivero y Gajá, José A. Muguerza, Francisco G. Sada and José L. Garza. The board named Antonio V. Hernández manager, José L. Garza contador and Enrique Miguel cajero.

American Bank Note Company print runs

The American Bank Note Company produced the following notes. It engraved several special vignettes: a portrait of Mariano Escobedo (C232) for all the faces, a mountain peak (C 717) for the $5 note, a railway station (C 721) for the $10, the cathedral in Monterrey (C 720) for the $20, the theatre in Monterrey (C 722) for the $50, the Municipal Palace (C 718) for the $100 and the Government Palace (C 724) for the $500.

The original plates had the titles "Gerente", "Presidente" and "Interventor del Gobierno" and the text included "EN MONEDA DE PLATA".

Mercantil Monterrey 50 specimen

Mercantil Monterrey 500 specimen

Date Value Number Series from to Comment
October 1899 $5 70,000 A-G 1 70000  Series changed every 10,000 notes
$10 35,000  H-N 1 35000  Series changed every 5,000 notes
$20 20,000 O-R 1 20000  Series changed every 5,000 notes
$50
8,000 S-V 1 12000  Series changed every 2,000 notes 
$100
2,500 W-Y 1 2500  Series changed every 1,000 notes 
$500 500  Z 1 500  

 

For the subsequent runs the title "Presidente" was altered to "Consejero", the text to "EN MONEDA CORRIENTE" and "Monterrey" and "19" erased.

Mercantil Monterrey 5 N 133110

Mercantil Monterrey 10 R 70400

Mercantil Monterrey 20 specimen

Mercantil Monterrey 20 specimen reverse

Mercantil de Monterrey 50 X 00000

Mercantil de Monterrey 50 X 00000 reverse

Mercantil Monterrey 100 specimen

Date Value Number Series from to Comment
June 1906 $5 40,000 H-K 70001 111000 Series changed every 10,000 notes
$10 30,000 O-Q 35001 65000 Series changed every 10,000 notes 
$20 20,000 S-T 20001 40000 Series changed every 10,000 notes 
$50
10,000 W-X 8001 18800 Series changed every 5,000 notes 
$100
4,000  Z 2501 6500  
$500 400  Z1 501 900  

 

Date Value Number Series from to Comment
July 1910 $5 60,000 L-Q 111000 170000 Series changed every 10,000 notes 
$10 20,000 R-S 65001 85000 Series changed every 10,000 notes

 

 In April 1914 the ABNC produced the following notes. However, they were never delivered and were all destroyed in October 1924.

Date Value Number Series from to Comment
April 1914
 
$5 70,000 R-Y 170000 240000 Series changed every 10,000 notes 
$10 50,000 T-Y 85001 135000 Series changed every 10,000 notes
$20 30,000 T-V 25001 55000 Series changed every 10,000 notes
$50 12,000 X-Z 10001 22000 Series changed every 5,000 notes
$100 6,000 Z 4501 10500  
$500 700 Z 701 1400  

Signatures

Gerente

Antonio V. Hernández was the first manager of the Banco de Nuevo León. He left that bank on 31 August 1899 after certain disagreements and went to work for the Banco Mercantil de Monterrey. He resigned on 28 February 1904 for personal reasons.

sig Hernandez
Jose GarzaJosé L. Garza was in the beginning the bank's accountant (contador). sig Garza

Interventor

Manuel G. Rivero sig Rivero
Manuel F. Gómez sig Gomez

Presidente

Tomas MendirichagaTomás Mendirichaga sig Mendirichaga

Consejero

board 1909

RiveroV. Rivero y Gaja sig Rivero
MuguerzaJosé A. Muguerza sig Alleagertte
HernándezMariano Hernández sig Hernandez
SadaFrancisco G. Sada sig Sara

 

The bank refused to produce its documents to Carranza's Comisión Reguladora e Inspectora de Instituciones de Crédito but the commission based its decision on the balance dated 31 December 1915, which showed that it did not comply with the Ley General, and so, on 8 March 1916, the commission nullified the bank's concession.

Somone who was a bank teller in Brownsville, Texas, from 1912 until his bank failed in 1929 reported that after the Mexican banks closed in 1916 the American banks, along the border at least, continued to honour Banco Nacional and Banco Mercantil de Monterrey notes for quite a lengthy time afterwards. Apparently the banks had built up quite healthy credits in American funds in various banks on the American side. The Brownsville banks forwarded the banknotes to Laredo for collection and continued to do this until the Laredo bank notified them that funds were finally exhaustedletter R. O. Bork, 10 September 1972.