Traps

A Wall Street colloquialism meaning worthle securities; same as cats and dogs or junk. Traveler’s check or cheque. A check for a specified amount i ued by a banker and payable by any correspondent of the banker. The traveler purchases a number of these checks for, say, $50 each and indorses each as he presents it for payment. These checks are largely used in place of letters of credit. Traveler’s letter of credit. The name commonly used for a circular letter of credit; see Circular letter. of credit.