CONTENTS 
PAGE 
Annual Statistics of Industrial Conditions . . . . E156 
The Calendar Year Group. . . . ; Ar AS 
The Fiseal Year Group’ ol. 1, : 58 
Method of Interpreting the Accompanying Charts . . . ji 58 
Depression Years ls . . 59 
Pig Iron Production and a Composite Index of Business Cycles NG 
Indexes of Employment by Months . . . RN 
The Census of Manufactures . : { A 2 : NGO 
Other Available Monthly Statistics . J , a. . oe WT 
Previous Studies in Employment Fluctuations . . . . G3 
Indexes of Factory Employment, by Months, 1889-1923 . SEA G0 
The Numerical Volume of Employment and Unemployment . AA 
Chapter Summary . Putte 76 
CHAPTER 1IV 
InmigrATION AND Business CycLes Prior To 1890 2 ile ie RT 
Economic Motives for Migration . i ASIC. ery 
Opinions of Authorities . . . ah Sih 7 
The Periods Selected . . . 78 
Characteristics of the Period Prior to 1890 . 79 
Imports of Men and of Merchandise . . . 79 
Wholesale Price Fluctuations i ro . 83 
The Annual Production of Pig Iron . : , ETS 
The Lag . a a I, Cn REA 
Comparisons Based upon Quarterly Data: 1868-1889 SO A SR 
Chapter Summary . ba IRS 
CHAPTER V 
THE PRE-WAR QUARTER CENTURY: 1890-1914 : . . 89 
Characteristics of the Period. . . vo ASO 
Method of Analysis ST ST Se A . SR a Oy 
Quarter-Century Comparisons  . . To a hl J ha 
Male Immigration and Factory Employment Si a Huet ol 
Other Indexes of Industrial and Commercial Activity . . 93 
Short-Period Immigration and Emigration Studies . . .! 05 
The Period from 1892 to 1902, inclusive. . . . . . 95 
The Depression of 1893-94 . ali ; : yh 05 
The Depression of 1904: 7... Lid. . 100 
Departing Steerage Passengers . . 103 
Net Alien Arrivals, by Months . 4 ; . . 105 
Male Emigration: 1910-1914 . . 07 
The Volume of Unemployment and the Volume of Immigration . 100 
The Depression of 1908 : oh . aii Wa 
The Depression of 1911 . . . ) pe EG 
The Pre-War Decline of 1913 and 1914 . NL ee ll i 
Chapter Summary . a whe Rl pian ery 
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