Thus, whatever the cause of the decline in the price of wheat may be, it cannot be attributed solely to the fall in the rate of rail or ocean freights. Incidental charges are lower than they were in 1870; handling charges, brokers' commissions and insurance premiums have been in many instances reduced, but all these economies when combined only amount to about 2s. per quarter. Now if we add together all these savings in the rate of rail and ocean freights and incidental expenses, we arrive at an aggregate economy of 8s. per quarter, or not one-third of the actual difference between the average price of wheat in 1872 and 1900. To what the remaining difference was due it is difficult to say with certitude; there are some who argue that the tendency of prices to fall is inherent, and that the constant whittling away of intermediaries' profits is sufficient explanation, while bi-metallists have maintained that the phenomenon is clearly to be traced to the action of the German government in demonetizing silver in 1872.
[1] Valuable information will also be found in Bulletin No. 38 (1905), "Crop Export Movement and Port Facilities on the Atlantic and Gulf Coasts"; in Bulletin No. 49 (1907), "Cost of Hauling Crops from Farms to Shipping Points"; and in Bulletin No. 69 (1908), "European Grain Trade."