Notes in circulation

In accordance with its concession the bank had to publish an abbreviated balance sheet every month in the official bulletins of both state and federal governments. We therefore have the following details for the value of notes in circulation.

The value of notes in circulation was the value of notes issued to date, less the sum in the bank’s own holding, less the value of multilated notes withdrawn and destroyed.

 18981899190019011902190319041905
Jan   548,500 1,029,000 1,272,975 2,033,425 2,179,515 2,458,375 2,527,745
Feb   565,000 985,000 1,298,975 2,043,785 2,200,535 2,460,390 2,664,735
Mar 33,500 605,000 1,048,000 1,365,975 1,989,955 2,237,195 2,504,950 2,800,115
Apr 80,200 655,000 1,078,000 1,417,975 2,081,405 2,267,255 2,450,695 2,772,305
May 177,000 715,000 1,078,000 1,472,000 2,089,020 2,315,315 2,428,175 2,738,690
Jun 242,000 740,000 1,108,000 1,500,000 2,110,195 2,407,725 2,389,690 2,837,210
Jul 288,000 750,000 1,130,000 1,500,000 2,047,590 2,492,800 2,429,415 2,757,670
Aug 317,000 778,500 1,141,000 1,550,000 2,094,765 2,538,905 2,495,965 2,730,530
Sep 377,000 808,000 1,182,000 1,572,000 2,066,875 2,444,485 2,497,910 2,698,415
Oct 418,000 862,000 1,207,000 1,713,870 2,100,295 2,541,605 2,615,970 2,607,810
Nov 482,000 961,000 1,215,000 1,854,100 2,090,280 2,379,635 2,581,975 2,698,475
Dec 515,500 1,004,500 1,255,975 1,872,680 2,157,225 2,536,230 2,572,585 2,703,030

 

 19061907190819091910191119121913
Jan 2,560,460 2,516,575 2,399,360 2,296,635 2,421,575 2,437,865 2,789,420 3,069,690
Feb 2,584,235 2,601,910 2,364,295 2,433,850 2,536,945 2,491,160    
Mar 2,594,020 2,663,310 2,378,030 2,358,815 2,557,490 2,598,985    
Apr 2,541,245 2,430,835 2,387,670 2,342,165 2,616,255 2,785,775 3,026,270  
May 2,450,735 2,623,700 2,458,635 2,302,240 2,479,150 2,815,045 2,884,380  
June 2,428,465 2,527,405 2,458,745 2,434,275 2,502,415 2,816,190 2,978,680  
July 2,388,045 2,526,275 2,500,795 2,418,775 2,589,885 2,796,420 3,235,805  
Aug 2,427,655 2,456,690 2,299,530 2,298,260 2,509,355 2,700,620 3,080,700  
Sep 2,425,545 2,524,255 2,228,900 2,321,935 2,363,010 2,689,860 2,871,230  
Oct 2,409,475 2,420,635 2,292,625 2,219,895 2,307,645 2,706,545 3,033,865  
Nov 2,480,630 2,421,300 2,222,900 2,246,520 2,423,690 2,740,520 3,048,985  
Dec 2,546,845 2,408,485 2,306,690 2,218,100 2,389,210 2,770,515    

For the first few months of its existence the bank had to rely on coins as it did not have notes to put into circulation until the end of March 1898. When the bank finally issued its first notes they were so eagerly accepted that the bank, at first, could not satisfy demand and in October 1898 had to ask its shareholders for their second callAGHES, Fondo Oficialidad Mayor, tomo 1790. By 1900 the rate of increase in issue dropped, because the bank was approaching its then limit of $1,500,000.

Incinerations

Notes that had been mutilated or deteriorated were taken out of circulation and destroyed. Thus, on 20 December 1904 $300,000 in notes were incinerated.

After the revolution the bank withdrew and destroyed its notes, though records are patchy. On 14 December 1921 $515,000 was incinerated at the Banco de Sonora headquarters in Hermosillo in the presence of bank and government officialsTucsonense, 15 December 1921 and another half million pesos was destroyed in the same way on 14 April 1922Tucsonense, 15 April 1922.

Outstanding notes

The report of his Comisión Reguladora de Bancos on 8 March 1916 showed that, as at 13 November 1915 the Banco de Sonora had 2,286,320 pesos in notes in circulation. We also have the figures for the value of notes still outstanding for a few years after the revolution.

YearValue
1921 1,214,485
1922 824,215
1923 674,030
1924 552,565
1925 467,405
1926 397,750

The value of notes in circulation was dropping because the bank was buying up and redeeming its own notes at a discount.