El Banco Oriental de México
This bank opened its doors on 1 March 1900, under a concession granted on 19 September 1899 to Leopoldo Gavito, Soto y Compañía, Ignacio Rivero é Hijos, Agustín Mora, Lions Hermanos, S. Letona y Compañía and Ignacio Morales y Benítez.
The principal shareholder was Manuel Rivero Collada, together with a group of Spaniards. The bank’s original capital was $3,000,000 and its growth was so notable and rapid that on 25 July 1904 it saw the need to increase its capital to $6,000,000, and the new issue was completely subscribed. Another sign of the sound reputation it enjoyed is that its stocks were quoted on the Spanish Stock Exchange.
The bank had two branches in the state of Puebla, in Tezuitlan and Tehaucan and had correspondents throughout the country and abroad.
American Bank Note Company print runs
The American Bank Note Company produced the following notes. The ABNC engraved six special vignettes, charging the bank for just three as a discount on the total price. These were a portrait of Estevan de AntuñanoEstevan de Antuñano introduced the textile industry to the Puebla-Tlaxcala region, which reached a high point in the first decades of the nineteenth century (C 233), the Palacio Municipal (C715), the statue of Independencethis statue was unveiled in the old Paseo Bravo and is now situated at the junction of Avenida Juárez and (C719), the cathedral at Puebla (C 716) and a bird’s eye view of Puebla (C 723). The city’s coat of arms, granted by Charles V, is engraved on all the reverse plates.
In 1902 the ABNC altered the plates by erasing “de de 19 “ making the dateline just “Puebla”.
Following Huert's relaxation of the Ley General in March 1914 the bank added a 50c value.
The bank also ordered some $1 and $2 notes. These were printed in July 1914 and the ABNC engraved a special vignette of the bank building (C 1387). However, they were never delivered to the bank before it lost its concession and were destroyed in December 1924.
In December 1913 notes of the Banco Oriental de México, which were the commonest out-of-town banknotes in Mexico City, were being exchanged by the Descuento Español, a subsidiary, on about the same terms as the other state banks with the Banco Central MexicanoThe Mexican Herald, 19th Year, No 6682, 17 December 1913so there was less difficulty experienced in handling them than with the notes of the other state banks. One central commercial establishment had a notice posted to the effect that it would accept notes of the Banco Oriental de Mexico in payment of purchasesThe Mexican Herald, 19th Year, No 6,683, 18 December 1913.
When Carranza’s Comisión Reguladora e Inspectora de Instituciones de Crédito inspected the bank, the bank declared that it had a little more than $16,600,000 in metallic funds and so was within the limits of the Ley general but in September 1915 the Comisión’s inspector disagreed and two months later withdrew its concession, despite the efforts of major military and political dignitaries. This was a major loss for the Spanish colony and businesses in central Mexico, as well as for the Banco de Descuento Español and the Banco Español Refaccionario, and the numerous branches in Oaxaca and Chiapas.
On 30 December 1915 the Procurador de Justicia Militar, en funciones de Procurador General de la Nación, General Ignacio Noris, consigned to the Juzgado 3o. de Instrucción Militar, under the charge of Coronel Moisés Huerta, the casework concerning the fraudulent balance that the bank had presented to the Secretaría de Hacienda y Crédito PúblicoEl Pueblo, Año III, Timo I, Núm. 430, 1 January 1916.
Among the agreements that the Secretario de Hacienda, Alberto Pani, made with the representatives of the various Antiguos Bancos de Emisión was one to unify the operations of the Banco Oriental de México, Banco de Descuento Español and Banco Español Refaccionario, since they shared directors and shareholders. Then , on 18 December 1925, Pani signed an agreement with Juan de Dios Robledo, manager of the Banco Oriental de México, to redeem the federal government’s debt with the bank with government bonds and resolve outstanding disagreements and claims.
Finally, on 30 August 1930 president Pascual Ortiz Rubio issued his decree for a Comité Liquidador to dissolve the old banks of issues.