INFLUENCE OF ECONOMIC CONDITIONS 175 
TABLE 48—CycLEs IN EcoNomic CONDITIONS AND IN [[MMIGRATION TO THE 
UNITED STATES: 1870-1913s 
Percentage deviations from smoothed seven-year moving averages, expressed in 
‘multiples of their standard deviations 
INDUSTRIAL COMPOSITES EMIGRATION TO THE UNITED STATES 
U> UNIT 
YEAR aaa | GERMANY | ITaLy BoD | GERMANY | ITALY 
a B Cc Dp  E _ F 
1870 —0.67 rl id —2.72 30.33 Nr —0.69 
1871 +0.55 —0.53 —0.07 40.30 —0.24 —0.69 
1872 | +1.75 +1.18 +1.56 +0.91 +1.74 +2.40 
1873 +1.48 +1.81 +1.58 f +1.81 “+1.32 +2.29 
1874 +0.20 +0.22 +0.40 i +0.16 —0.76 +0.74 
1875 +0.17 -+0.08 0 —0.91 —1.35 —1.06 
1876 —0.17 —0.53 +1.66 | —2.09 —1.59 —1.46 
1877 —0.26 —0.63 —1.24 —2.67 —1.89 —1.46 
1878 —1.06 —0.66 —1.22 —2.41 —1.89 —1.20 
1879 —1.93 —1.16 +0.12 —0.94 —1.81 —0.69 
1880 +0.39 +0.23 —0.12 +1.60 —0.03 —0.32 
1881 +0.80 +0.18 +0.61 +1.19 +2.17 +0.53 
1882 +1.11 40.77 +0.23 -+0.88 —+1.55 +1.41 
1883 +1.08 +0.81 +0.45 +0.87 -+0.80 +0.86 
1884 —0.11 -+0.40 —0.56 —0.52 +0.33 —1.30 
1885 —0.82 —0.50 +0.72 —1.13 —0.50 —1.40 
1886 —1.29 —1.10 +0.14 —0.65 —1.05 —0.24 
1887 —0.66 —0.47 +1.48 +0.97 —0.40 +0.71 
1888 +0.20 +0.34 —1.30 +0.84 —0.27 +0.44 
1889 +1.02 +0.44 +0.26 +0.03 —0.37 —1.01 
1890 +1.20 +0.93 —0.14 —0.37 +0.04 +0.77 
1891 | +0.60 +0.68 —1.11 40.09 +1.21 +0.85 
1892 —0.56 —0.28 —0.26 +0.24 +1.63 +0.21 
1893 | —1.34 —0.48 +0.18 +0.63 +0.69 +0.56 
1894 —0.63 —1.12 —0.08 —0.92 —1.02 —1.02 
1895 —0.38 —1.02 —0.41 +0.65 —0.89 —0.86 
1896 +0.20 —0.31 —0.78 —0.34 —0.72 —0.03 
1897 —0.21 —0.28 —1.00 —0.83 —1.12 —0.66 
1898 —0.56 —0.02 +0.02 —0.98 —1.09 —0.53 
1899 +0.85 +0.60 +0.98 —0.21 —0.85 —0.56 
1900 +1.25 +1.05 +0.44 40.16 —0.79 —0.25 
1901 —0.33 —0.49 —0.04 —0.17 —0.72 —0.13 
1902 —0.29 —0.84 —0.34 —0.29 +0.35 +0.54 
1903 —0.44 +0.17 0.26 +0.08 -+0.85 +0.78 
1904 —0.88 —0.78 —0.98 +0.83 +0.01 —0.56 
1905 | —0.29 —0.64 —0.44 —0.34 +0.02 +0.95 
1906 +0.87 +0.51 +0.84 -+0.61 +0.48 +1.19 
1907 +1.51 +1.71 +1.14 +1.71 +0.73 +0.89 
1908 I —0.76 —0.45 —0.77 —1.40 —0.68 —2.16 
1909 —0.89 —0.88 —0.52 —0.79 —0.32 +0.01 
1910 —0.06 —0.42 —0.08 +0.33 +0.25 —0.01 
1911 +0.13 —0.08 +0.06 —0.06 —0.12 —0.88 
1912 —0.21 +1.24 -+0.80 —0.26 —0.74 —0.29 
1913 +1.18 +1.88 +0.74 +0.24 +0.45 +1.16 
aSources: y 
A. United Kingdom Industrial Composite. Computed from: (1) wholesale prices of ‘total materials" 
(Statist); (2) the value of exports of British and Irish produce; (3) the production of coal; (4) the produc- 
tion o pig iron from British and foreign ores; and (5) the per cent unemployed in trade unions (signs re- 
versed). 
: B. Germany Industrial Composite. Computed from: (1) wholesale prices, according to series pub- 
lished by Otto Schmitz, in Bewegungen der Warenpreise; (2) production of pig iron; (3) production of an- 
thracite coal (Steinkohlen); and (4) the value of exports. 
C. Italy Industrial Composite. Computed from the value (1) of imports and (2) of exports. 
D. Great Britain, Commercial Labour and Statistical Department, Emigration and Immigration— 
Copy of Statistical Tables relating to Emigration and Immigration from and into the United Kingdom, 1892, 
and 1899 to 1909. These statistics pertain to the emigration of persons of British and Irish origin. 
E. Kaiserliches Statistisches Amt, Vierteljahreshefte zur Statistik des Deutschen Reichs. 
F. Computed from quarterly data of Immigration from Italy to the United States, 1870 to June, 1888, 
and monthly data from July, 1888, to 1913 inclusive. (Table 49, footnote a!Ty,