3 MIGRATION AND BUSINESS CYCLES 
depression exists and relatively low in boom times, this may be 
taken as evidence that net immigration is closely correlated with 
employment conditions. 
In Table 22 and Chart 17 we have this ratio of male steerage pas- 
sengers departing to male immigrants arriving, compared with the 
deviations of pig iron production from its trend (seven-year 
moving average). In interpreting this chart, it must be remembered 
CHART 17 
ReraTioN BETWEEN CycLeEs IN PropucTioN oF Pic IRON AND 
#" RATI030F DEPARTING ALIEN MALE STEERAGE PASSENGERS TO 
MALE IMMIGRANTS: 1870-1909» 
gr Pigs 
.80 ~ 
Pig Iron Production nts I iN 
Ro Migration Ratio od © 1.508 
FA 1d ' Bs 
"60 7 +20 £ 
N A a Dy | $10 
FY A 2 x 2 
40 | RE SO 0% 
' ") =r), 
A N 0 To y- 
20 "76 \i < “gi '04 i 5 
; r 8% I» 2 
Lt WE 
=. O ~ I 0S... ST NS 
§ | zsro-17s | 1880-1089 | 1890-1699 | 1s00-1909 
sThe pig iron curve is computed from data in Table 12-A; the data for the migration 
ratio curve are in Table 22. 
that the pig iron figures are for calendar years, but the migration 
ratios are for years ending June 30th; so that, for example, the low 
point in pig iron production in 1908 represents the pig iron produc- 
tion for the twelve months ending December 31st, and the 1908 
migration ratio refers to the twelve months ending June 30, 1908. 
Though the limitations of the data prevent precise comparisons, 
it is obvious from an examination of Chart 17 that there is a high 
degree of inverse correlation between industrial conditions as 
measured by pig iron production and the ratio of departing male 
steerage passengers to male immigrants. When pig iron production 
is at low ebb, as in the late seventies, the middle eighties, the middle 
nineties, and in 1904 and 1908, then the outgoing flow is large 
relative to the incoming flow. 
104