114 MIGRATION AND BUSINESS CYCLES 
began in July, 1907, shortly before the signs of the depression began 
to be evident. 
Chart 21 portrays the movement of gross and net immigration 
CHART 21 
CoMPARISON OF CUMULATIVE IMMIGRATION ‘AND EMIGRATION WITH 
Factory EMPLOYMENT IN THE 1908 DEPRESSION: 
Number arriving or departing while employment curve vs below its 
trend 
Employ. Fie "CALE FOR PERSONS Fp Employ- 
JZ IMMIGRANTS AND EMIGRANTS Above zero line ALL ALIENS ARRIVING OR parr | 2227 
After September 1907 =immigration After Septernber [90% 
9 EE lative 200 Thousand ago FT 
TE tw Tima S| 
2 pity ~ L 
© 200 J 200 hes 
ati 600 Thousan 5500 : 
} LE ss. 
Factor 
Employ Blow s8r0 ine ei. 
NN lu 
R250 .. 1909 "190> !' 1898 ETE 
«Plotted from numerical data in Table 26 and computations based upon Appendix 
Table IV. 
during the period of the depression, which is defined as the period 
during which our factory curve remained below its computed trend, 
or from October, 1907, to February, 1909, inclusive. In addition 
to the employment cycle curve, the left-hand section of the chart 
shows the total number of alien immigrants arrived after Septem- 
ber, 1907, to the end of each respective month, and also the net 
alien immigration when the number of emigrants is deducted from 
the cumulative total for immigration. Too much importance should 
not be assigned to the apparent relative magnitude of the employ- 
ment and migration fluctuations as the scales are necessarily some- 
what arbitrary. They are so chosen that the vertical unit for 100,000 
persons is the same as that for a one per cent deviation of employ- 
ment from its computed trend. 
The right-hand section of the chart is similar to the left-hand 
section, except that the movement of all aliens, both immigrant 
and non-immigrant, emigrant and non-emigrant, is shown.