MIGRATION AND BUSINESS CYCLES
the other series, have been taken as the primary determinants of
which years should be designated as depression years.
Calendar Years.
From Chart 6, page 59, in which calendar year totals are plotted,
we note that in the period since 1870 the slack years appear to be
TABLE 12-A—INDICES OF Economic CONDITIONS,
BY CALENDAR YEARS, 1870-1923
PRODUCTION WHOLE- PRODUCTION WHOLE-
(MILLION TONS) SALE (MILLION TONS) SALE
YEAR|—— - —- — PRICES? YEAR|— — — ~——— -———fm - __—— PRICES®
, Pic! Brrumin- | ANTHRA- 1913 =100 Pic Broun | ANTHRA- 1913 =100
- IrRoN® 10Us CoAaLb IciTE CoALP | IRON®* ‘ous CoALP|ciTE CoALbP
1870, 1.67 17.4 15.7 122 [1900 13.79 212.3 57.4 81
1s 17 27.5 19.3 118 [1901 15.88 225.8 67.5 nn
1872 2.55 | 8702 242 123 i 17.82 + 260.2 41.4 $4
1873 | 2.56 31.4 26.2 118 [1903 18.01 : 282.7 74.6 86
1874 2.40 27.3 24.8 114 [1904 16.50 273.7 73.2 86
1875 2.02 29.9 22.5 110 [1905 22.99 315.1 7757 86
1876 1.87 | 30.5 22.8 100 [1906 25.31 342.9 71.3 89
1877 2.07 34.8 25.7 99 [1907 25.78 394.8 85.6 94
1878 | 2.30 | 36.2 21.7 85 E 15.94 332.6 83.3 90
1879 | 2.74 37.9 30.2 81 [1909 25.80 379.7 81.1 97
1880 3.84 42.8 28.6 94 [1910 27.30 417.1 84.5 101
1881 4.14 54.0 31.9 97 [1911 | 23.65 405.9 90.5 93
1882 4.62 68.4 35.1 103 i | 20.73 450.1 84.4 99
1883 4.60 , 77.3 38.5 91 [1913 , 30.97 478.4 91.5 100
1884 4.10 83.0 37.2 83 [1012 | 23.33 422.7 90.8 98
1385004 [040 Nii72 3 33:3 77 [1915 | 29.92 442.6 89.0 101
1886 5.68 74.6 © 39.0 74 [1916 | 39.43 502.5 87.6 | 127
1887 6.42 88.6 42.1 73 [i 38.62 551.8 99.6 177
1888 6.49 102.0 46.6 81 [1918 | 39.05 579.4 98.8 194
1889 7.60 95.7 45.5 79 1919 | 31.02 465.9 88.1 206
1890 9.20 111.3 46.5 78 i 36.93 568.7 80.6 226
1801 8.28 117.9 50.7 80 {1921 16.69 415.9 90.5 147
1892 9.16 126.9 52.5 75 [1922 , 27.22 422.38 54.78 149
1893 7.12 128.4 | 54.0 77 11923 40.36 545.4 95.48 154
1894 6.66 118.8 51.9 69
1895 9.45 13510 53.0 70
1896 | 8.62 137.6 54.3 6?
1897 9.65 147.6 52.6
1898 ' 11.77 166.6 53.4 7
1899 | 13.62 193.3 60.4 | ‘
aStatistical Abstract of the United States, 1923, pp. 264-265, 272.
bUnited States Geological Survey, Coal in 1919, 1920 and 1921, p. 482. ;
°Based, prior to 1891, upon the index number compiled by Joseph L. Snider, ‘Wholesale Prices in the
United States, 1866-91", in the Review of Economic Statistics, April, 1924, pp. 93-118, especially p. 112,
converted to 1913 base; for 1891 to 1923, upon the index number of the United States Bureau of Labor
Statistics, Bulletin 335, p. 9. and Survey of Current Business, Feb., 1923, p. 135.
as follows: first, a slump in the late seventies, the exact year differing
in the several series; then 1885, 1888 (slight), 1893 and 1894, 1896
or 1897, 1902 in anthracite coal, due to strikes, 1904, 1908 (severe),
1911 (relatively mild), 1914 and to a lesser extent 1915 and 1919,
1921 (severe), and 1922. Further indication of the depression
characteristic of these years is found in Chart 8 on a subsequent
60
