The Superior times. [volume] (Superior, Wis.) 1870-1912, 1883-07-21
Bank Vault Filled with Opium.

IL rom lne san FRANCISCO tnTOnlCt.l
Since the Chinese opium importers of
thus city began to rush the drug into the
Pacific Coast market, nearly 200 chests
of 1t have been received by consignees
here. The entire stock of opium in this
| city is not over 5000 chests. By the
next incoming steamer the Chinese ex-
pect all the way from $50 to 800 chests
of opium. 1t is estimated that by the
Ist of July 1000 chests will have been
received. the bulk of which Will be on
hand iu stock. Such heavy shipments
of opium as have been made in the past
few months may not be expected again
for years or until some other eXtraoIdi-
nary occurrence arises, IS did in the
present case, and compels the importa-
tion. All the stores IN the Chinese
quarter where opium is dealt IN have a
stock on hand; but taking them alto
gether, they could not or would not carry
one-quarter of the stock which has been
received here. The question arises,
What has become of the opium? Very
little of it has left town. A shipment,
not TO exceed twenty chests, was male
to Portland week ago, but that was ali
of the immense store which has been al
lowed to leave the city.
1t Is not taken to the Chinese quarter
nor to any of the warehouses, but TO the
banks, other than the CONNER cial banks,
and stored in Their vaults. Ii is consid-
| ered the best kind Of collateral security
by those who handle 1t, and ss high as
$500 case is loaned upon it. The Safe
Deposit Company has large quantity
stored. The Auglo-C California Bank, the
| Hong Kong and Shanghai Bank, the
Compton ID Escompte de Paris and Par
rott & Co. each have large quantities Of
the drug stored III their vaults. Many
private lenders have quantities Of it on
hand upon which they have advanced
money. The stock which will be on
hand by July 1st, if the leceipts.irom
now until that time are as large as are
expected, will be valued at not less than
| So 500, 900. The stuff will be worth
1926 a case. The case Is an insignifi-
cent-lCoking box To be of SO great value.
1t contains only forty-one pounds of
opium, but the neat, safe way III which
it is packed, and the very trihiDg incon-
yenlence In handling 1t, enables bankers
to do warehouse business in the arti-
Gle. 1t is received and sent out every
day by the bankers. They all say thev
never have any fixed quantity on hand.
| 1t IS considered very safe security, and
warehouse receipts circulate as money
for nearly the full value of the quantity
| on storage. No man who has not had
| years of experience ever attempts to do
anything Ia this class of business. and
even the most experienced generally have
Chinese experts IN their employ, who
pass upon the quality and quantity of
opium IN tin, the genuineness Of the
trade marks and labels, and generally
who receive and handle the opium.
Bankers baye no peculiar liking for
the business which has been forced upon
them, but the Safe Deposit Company
has already received such valuable sub
stances on storage and the opium
storage Is no new business for
the company. The whole sum of the
various explanation given of the queer
business which the banking corporations
bave undertaken is that it is done as an
accommodation for persons with whom
they have business dealings, who cannot
afford to place any, confidence IN the
public warehouses where such valuable
deposits are to be made. The Chinese
give as their excuse for not patroniziGg
the warehouses that they are afraid of
fires. There would be no more chance
of saving opium from a burning build
ing than there would be of getting out
coal oil or other equally as combustible
material. Their real fear of the public
warehouses is as to the security of their
store from the tamperings of employees,
who might be tempted to substitute one
quality for another, or otherwise defraud
the owner of the stored opium.