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CA 1919 USPC
China Merchants Company  
Panama City, Panama Delivered: Y. Preciado & Co., Panama City, Panama via Frank Lapiedra, NY, NY
Frank Lapiedra was in the import-export business in NYC (11 Broadway).  He operated in Panama, Costa Rica and Nicaragua.  "Preciado Panama" was the telegraph cable address of Y. Preciado & Compañía of Panama City, Panama, with whom Lapiedra surely traded (they both traded in drugs and medicines, among other things).  Y. Preciado & Ca. had storefront drugstores and a bookshop in Panama City.
 
The flag on the right in the chip is the national flag of the Republic of Panama.  The flag on the left was the flag of the China Merchants Company--sort of a Chinese merchant navy (aka China Merchants Steam Navigation Company).  There were a lot of Chinese in Panama at this time and a lot of people there were involved in the China trade (and I'm sure the Canal opened up the trade quite a bit). 
 
I haven't been able to find out what the CA stands for, but I think it might refer to a club or professional organization composed of people involved in the China trade in Panama (which may have included Preciado since he probably got Chinese opium for his drug business).  Another possibility:  the Canal Zone was divided into two customs districts, Cristobal on the Atlantic side and Ancon on the Pacific side.
 

Above right is a page which includes an ad for Y. Preciado & Ca. which has an interesting ad just below it:  a Chinese guy named Yip Cang Ming selling opium for export or local consumption.