He is quite likelj^ to think that the price of pig iron had all the rapid fluctuations which would be indicated by the changing vertical distances between the pig-iron curve and the bottom line of the chart itself. The amount of fluctuation would look much less if the chart extended to the zero line of the vertical scale.

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There is probably a fallacy in Fig. 100 because of the rise in the general standard of living between 1901 and 1906. It is not fair to the 1901 Princeton men to expect that they would earn as much immediately after graduation as men who graduated in a period of time several years later. In addition to this there is probably another serious fallacy which affects all three curves shown on the chart. The income figures from which the curves are plotted may not all be shown on the same basis. Men working on a salary have as net cash all the money they receive. Men in professions such as law, medicine, etc., where office rent and other expenses are likely to be very heavy, may report, as earnings, the total amount of money received without making corrections for the expenses of conducting their business.