It is cancel of sorts. It is a called a perfin. They were used to mark the stamps by the company that used them to help prevent theft by employees. It is an interesting side hobby. Most collectors don't value them because it ruined the appearence of the stamp. Each company would generate their own combination of letters or numbers. There is alot of different perfins out there. They were also used Internationally and also used to some Official stamps. William
"Perfins" are very collectible by some specialists. I have many of them. The "TRAV" was used by the Traveler's Insurance Company and is quite common. There is even a dedicated web site to collecting these "Perfin" examples at this link:
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