_Profits in agriculture._—The profits in agriculture are subject to the same laws. Many influences operate in both directions. The limitation of land fit for agricultural purposes has a tendency in itself to increase the profits of land-holders, under the principle of monopoly, though its chief effect is on land values. The increasing wealth of the world, and the greatly increased wants of the civilized community, multiplying manufactures, limit competitors more and more. The relative number of farmers in our country is gradually diminishing, while the demand for food is actually increasing beyond the increase in population. Men are predicting every year a scarcity price for wheat,—unwisely, probably,—through the limited range of possibilities in wheat raising. The introduction of labor-saving machinery enables enterprising farmers to greatly increase their product for the same number of acres, and still further to increase the range of management so as to make larger farms a possibility. The rapid advance of means of transportation has so widened the range of competition as to make the farmer in one part of the world compete with the farmers of every other part. The staple products, especially wheat, being so easily adapted to new countries, are constantly liable to over-production. At the same time the effects of a bad season in any particular region, while reducing the crop, are not likely to advance the price to the same extent as formerly. The opening of vast regions once considered deserts to a rapid settlement by farmers for the sake of the profits in land speculation has again and again wrought changes in the entire business of agriculture. Similar effects may be expected still with the development of South America, South Africa and Siberia. All these facts tend now to make the profits in agriculture decline, and the fact that farm life has certain attractions in establishing permanent homes for families and life-time associations, contributes to this tendency by holding people to their place as farmers for at least a generation. The possibility of independent enterprise, even with small profit, and the freedom of family life from interference of neighbors make large numbers of farmers willing to continue their business in spite of the reduced earnings. _Fluctuation in profits._—It is proper to call attention to the rapid effects of any change in market upon the profits of any enterprise. Wages are in large measure an anticipation of profits, and so far as they are affected by changes in market prices, it is largely through estimates upon averages. Custom has much to do with wages demanded and paid, but profits are fluctuating constantly with the fluctuation of prices, with every change of methods affecting competition, with every introduction of improved machinery and with every accident of fortune.