Initials.

Chambers's Encyclopaedia, Volume 6: Humber to Malta, p. 143

Initials. Though in general it is usual and regular in all legal deeds and writings for a party to write his ordinary signature in full, yet in many cases, especially in documents of a mercantile nature, signature by initials will bind equally with the full signature. If, however, the subscription to a bill of exchange be by initials or marks it will not warrant summary execution; and the pursuer of an action on the bill will have to prove that such initials or marks are the party's usual mode of subscribing.

Source scan(s): p. 0154