A Guide to the H. P. Drought and Company Records, 1883-1966

Historical Note

Henry Patrick Drought was born in 1858 in County Clare, Ireland. When he was seven years old, his family relocated to London, Canada. He graduated from Toronto University. His first experience in Texas was as a member of a land surveying party which he partook in shortly after graduation. He eventually settled in San Antonio, Texas to take the Bar examination and establish a law practice.

Drought became the attorney for Francis Smith, Caldwell and Company, the San Antonio branch of an investment firm that was run by Francis Smith, Drought's eventual partner. The company acted "as a financial liaison between Texas farmers and ranchers seeking money to expand their land and agriculture operations, and British and Scottish financiers who had money to lend and were looking for greater returns on their investments than European markets could."

Though it was originally founded under the name Francis Smith, Caldwell and Company, Francis Smith would ultimately buy out his original partner and rename the company "Francis Smith and Co." with H. P. Drought as a co-partner. In 1900, Francis Smith retired and H.P Drought became sole owner of the company, which he renamed H. P. Drought and Company. Under his guidance, the company became one of the most successful investment firms in San Antonio. Prior to his death, Drought's son, Henry Patrick Drought, Jr. became a partner. He became the managing partner upon his father's death in 1917.

Scope and Content Note

The H. P. Drought and Company Records consists of mortgage investment records made between the company and local and international investors from 1884 to 1969. This records include financial ledgers, correspondence, abstracts of title, and contracts documenting mortgage and loan transactions. Of note are descriptions of property and the names of investors, landowners, and businesses in San Antonio, Texas. The collection is arranged into three series: Letterpress Books, Loan Registers, and Financial Ledgers.

The Letterpress Books date from 1884 to 1930 and contain copies of outgoing letters bound in books. The volumes are divided into General Letters, Investor Letters and Opinions. Volumes in General Letters are arranged chronologically and volumes of Investor Letters are arranged alphabetically by first word of company. The Opinion Letters include title and legal opinions. The General and Investor letters cover topics about loans, land sales, descriptions of land, economic conditions, character references, and statements or reports of the financial status of particular companies.

The Loan Register volumes date from1883 to 1966 and consist of volumes recording individual loans made first by Francis Smith, Caldwell & Company and later by the H.P Drought Company, to assignees on behalf of several investors. Most of the investors are British, but there some American companies as well. The volumes are arranged in chronological order. Since both the former company – Smith and the latter company – Drought, had business with various investors, the Registers are usually grouped according to investor. When possible, the name of the company associated with a particular volume is listed. Within each volume, the loans are listed by date of note. In most volumes, there is an alphabetical index, in the beginning, linking assignee names with loan numbers. The information on each loan register includes name and address of the borrower, the name of the lender/investor, the date, amount and interest of the loan, and a record of payments. Occasionally correspondence is inserted into the pages.

The Financial Ledger series contains ledgers, a collection register and a note register. There are seven numbered company ledgers dating from 1897 to 1941 (#1 is missing), one volume dated 1904-1905, and two volumes dating 1943-1962. These volumes list various account balances, salaries and commissions. The Collection Register, 1924-1959, lists dates of when principal and interest payments were received on various loans. The Note Register, 1919-1956, lists dates when principal and interest payments were due and to whom the notes were sent.

Restrictions

Access Restrictions

This collection is housed at UTSA's Main Campus and must be accessed via the John Peace Library Special Collections reading room. To request access, please use the Collections Request Form.

Use Restrictions

Permission to publish materials from the Drought Company Papers must be obtained from University of Texas at San Antonio Libraries Special Collections.

Administrative Information

Preferred Citation

[Identification of item], H. P. Drought and Company Records, 1883-1966, MS 69, University of Texas at San Antonio Libraries Special Collections.

Acquisition Information

Received as a gift from Thomas Drought in December 1988 (Acc. 1988-002).

Processing Information

Processed by Jose Javier Franco Garza, Library Assistant II, 2004, and Gerrianne Schaad, Head of University of Texas at San Antonio Libraries Special Collections, 2005.

Detailed Description of the Collection