MIGRATION AND BUSINESS CYCLES 
character of the data and the particular aspect of the problem which 
is under consideration. If the reader will note the type of chart 
used in each instance, it will facilitate his interpretation of the 
facts portrayed. 
Emigration during the Depression of 1893-1804. 
In the preceding discussion of the depression of 1894, we have 
made no allowance for the fact that there is an outgoing as well as an 
incoming stream of aliens. Prior to 1907 there were no official statis- 
ties of this movement, but something of its extent can be indicated 
by comparing the movement of incoming male immigrants with the 
number of outgoing male passengers in steerage, the great bulk of 
whom were doubtless alien emigrants. In the fiscal year 1892 
(ending June 30, 1892) 96,834 male steerage passengers are reported 
as having departed, or twenty-five for each one hundred male im- 
migrants arriving; in 1893, the proportion is 28 to 100; in 1894, 61 
to 100; and in 1895, 79 to 100. While these figures do not give us 
an exact measure of the numbers of emigrants, they are adequate to 
indicate that the volume of net immigration was materially reduced 
by the departure of aliens. We return to these data concerning out- 
going passengers at a later point in this chapter. 
Depression of 1904. 
As a background for analysis of the fluctuations of migration in 
the depression of 1904, we have plotted in Chart 16 immigration 
and factory employment for the five years from 1902 to 1906, 
inclusive. In so far as the two curves for male immigration and 
employment, respectively, are concerned, this chart is practically 
a reproduction of a section of Chart 13 to which we turned our 
attention earlier in the chapter, except that in this case the minor 
irregularities of the employment curve have not been smoothed out 
by reducing them to a three-month moving average, after the cor- 
rection for trend and seasonal variation was made. 
As in the depression of 1894, we again note a general similarity 
in the cyclical movements of the two series, with a few months lag 
on the part of immigration, the exact extent of which is rendered 
less obvious by the minor irregularities of the curves. It will be 
noted that the effect of the decline in employment which begins at 
the close of 1902 is not clearly revealed in the immigration curve 
until June of 1903; but that the first recovery movement in 1904 
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