| Levant | Give us refusal. |
| Leverage | We give you refusal. |
| Lewdly | Including all charges. |
| Lewdness | Cannot give refusal. |
| Libation | If foreign advices steady. |
| Libelous | If foreign advices higher. |
| Liberator | If foreign advices lower. |
| Libretto | If you think best. |
| Lifeboat | At ____ above your limit. |
| Limpidly | At ____ under your limit. |
| Lingo | At no premium or discount on. |
| Linguist | At no premium or discount over. |
| Liquefy | At no premium or discount under. |
| Listening | Advance price all grades Wheat. |
| Literary | Advance price on all grades Corn. |
| Lithium | Advance price on all grades Oats. |
| Liturgy | Advance price on ____ |
| Loathful | Reduce price on all grades Wheat. |
| Lobbyist | Reduce price on all grades Corn. |
| Lobelia | Reduce price on all grades Oats. |
| Localism | Reduce price on ____ |
| Lodgment | Think now good time to buy. |
| Loftiness | Impossible to buy any cheaper. |
| Logwood | Expect to be able fill your offers. |
| Longing | Have refusal for to-day. |
| Lookout | Have refusal until ____ |
| Loophole | Have given close figures. |
| Loosen | Too scarce to offer. |
| Loosened | We are working on your offer. |
| Lovable | Samples mailed you are still unsold. |
| Lukewarm | Work on balance samples. |
| Lunacy | Sell subject to being unsold on receipt your telegram. |
| Lurch | Sell only to parties who will pay Drafts promptly. |
| Lurched | Sell if necessary to compete. |
| Lurching | You ought to be able to sell. |
| Lustfully | This is a close price. |
| Lynch | Can sell elsewhere to better advantage. |
| Macaroni | Sell any of the samples. |
| Madcap | Prices named good till tomorrow. |
| Madrigal | Think can sell more at same price. |
| Magdalen | Sell more at same price. |
| Magenta | Sell at best advantage. |
| Magic | Quote everything as last quoted. |
| Magical | The lowest we can quote is ____ |
| Magically | Cannot offer at same price. |
| Magnesia | Cannot replace at prices offered. |
| Magneto | Continue working on samples at last prices given. |
| Magnitude | Offer at prices named in letter. |
| Mainmast | Withdraw all quotations. |
| Malapert | Market too excited to make sales. |
| Malaria | Have no Wheat to offer. |
| Malay | Have no Corn to offer. |
| Malefactor | Have no Oats to offer. |
| Malice | Have no ____ to offer. |
| Malicious | Samples all sold. |
| Malign | Samples all sold except ____ |
| Maltese | Have sold following samples. |
| Maltreat | Have on hand unsold ____ |
| Mamaluke | Your order by wire is filled. |
| Mammal | Your order by mail is filled. |
| Mammoth | All sales subject to delay in transfer. |
| Manakin | Subject to our confirmation by wire. |
| Mandamus | Subject to reply by wire. |
| Mandarin | Subject to reply by cable. |
| Mandatory | ...... |
| Mandolin | ...... |
| Mandrake | ...... |
| Mandrel | ...... |
| Mangle | ...... |
| Mangrove | ...... |
| Manicure | ...... |
