THE PRE-WAR QUARTER CENTURY 
begins almost simultaneously in the two series, although employ- 
ment suffers a relapse in the middle of the year. 
As to the cumulative immigration during the period under con- 
sideration, whether we start to cumulate from the time the decline 
in employment begins in April, 1903, and continue until the lowest 
point in the employment curve is reached in August, 1904, or 
CHART 16 
DEepPrEssioN or 1904 
Cumulative Male Immigration and Cycles in Employment and Male 
Immigration 
+5 J 000,000 
ALY 606, 00r 
“5! 300000 
00 + 
2 TE |A|S|oIMD 
LE is ow {ius Ju a ; 
Explanation of curves and sources of numerical data: 
A=F actory employment, cyclical fluctuations (Appendix Table ¥). , 
1 BE Teale immigration, cyclical fluctuations, three-month averages (Appendix 
aple . 
C=Cumulative male immigration from beginning of employment decline (number 
of immigrants). See Table 21. 
D=Cumulative male immigration during period employment was below trend 
(number of immigrants). See Table 21. 
cumulate from January, 1904, to March, 1905, during which period 
employment was in all months except one below its computed 
trend—in either case we find that the cumulative number of male 
immigrants mounts into the hundreds of thousands, as graphically 
represented by the vertical bars in Chart 16. 
That this gross immigration was probably offset to a considerable 
extent by emigration is suggested by the fact that in the year ending 
June 30, 1904, the number of outgoing male steerage passengers 
was approximately 209,000. 
The years covered by the immediately preceding discussion were 
included in a study of cyclical fluctuations made by Professor Alvin 
101