What does “what's the word” mean?

said to ask for the latest news

How is “what's the word” used?

In Butch Cassidy and the Sundance Kid (1969), one line is: “- What's the word? - Quietos.”

The clip at the top of this page is from Butch Cassidy and the Sundance Kid (1969).

- What's the word? - Quietos.

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