OPPORTUNITIES FOR IMMIGRANTS |
page, in which are plotted pig iron production and a composite
index of economic conditions, with their trends eliminated.
TABLE 12-B.—InpicEs OF Economic CONDITIONS,
BY CALENDAR YEARS: 1889-1923
VoLUME oF VALUE oF DALY VOLUME oF VALUE oF Rens y
y Manurac- ConsTrUC- | Manvurac-  CoNsTRUC-|
EAR MEN YEAR MEN
TURE TION® (THOUS- TURE . TION (THOUS-,
 1899=100- 1914=100 ANDES): | 1899=100 1914=100, ANDS)
1889 a. ETT 145 [1910 159 116.6 379
1890 | er 4 157 11911 | 153 112.8 363
1891 ul i 164 [1912 177 119.2 357
1892 Ee mA 172 11913 | 184 109.4 377
1893 a i | 180 {1914 169 100.0 337
1894 a 151
1895 po cat * 155 [1915 189 101.5 EE",
1896 TW cee. 170 [1916 225 E127 . 6 SERIE"
1897 2 he 172 {1917 227 103.7 ,
1898 a BE 184 {1918 223 | 92.2 AT
1899 | Ea . + BLANEN202 IB 111919 218 147.0 vy
1900 | 101 a 227 11920 R97 143.3 a,
1901 112 rh 239 221 ; >
1902 122 | 61.8 281 pv 200 a
1903 124 | 66.7 301 gro Fl -
1904 122 77.3 289
1905 143 106.3 311
1906 152 112.0 344
1907 151 103.2 | 367
1908 126 90.5 299
1909 155 1 123.6 | 3.t
aProfessor E. E. Day's index of the physical volume of production in manufacture, unadjusted for
secular trend, Review of F.conomic Statistics, July, 1924, p. 200.
An estimate compiled by Dr. W. I. King, and based, prior to 1909, chiefly upon building permits in
selected cities for which continuous records are available; subsequent to 1908 this index also includes estimates
 based on construction by the Federal Government and by railways.
°Compiled from Interstate Commerce Commission, Statistics of Railways in the United States. Includes
 “‘trackmen other than section foremen’’; as of June 30th of each year.
Fiscal Years.
In many instances migration data are available by fiscal years
ending June 30th rather than by calendar years. Consequently,
It 1s desirable to note what fiscal years are marked by depression
conditions. In Chart 7 are given five series which are available
on the fiscal year basis. The shift to the fiscal year basis does
not make much change in the years which stand out as depression
years. For the data compiled on the fiscal year basis we find that
the relatively low years include the late seventies, 1885, 1894, 1897

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