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4<<61  Wkh Qdwlrq lq Ghsuhvvlrq/ Mrxuqdo ri Hfrqrplf Shuvshf0 wlyhv/ Vsulqj/ 7408<1 ^6:` Vxuyh| ri Fxuuhqw Exvlqhvv Vxssohphqw 4<69/ Ghsduwphqw ri Frpphufh/ Zdvklqjwrq/ G1F11 ^6;` Whplq/ Shwhu +4<;<, Ohvvrqv iurp wkh Juhdw Ghsuhvvlrq1 7< Figure 1: Personal Income vs Suspensions by State during the Depression 0 0 0.1 0.2 0.3 0.4 0.5 0.6 % Ch. Personal Income 1929-33 -10 -20 -30 -40 -50 -60 -70 -80 Commercial Bank Suspension 1929-33 / Total Deposits 1929 Figure 2: Manufacturing Workers vs Bank Suspensions by State during the Depression 0 0 0.1 0.2 0.3 0.4 0.5 0.6 % ch in Man. Workers 1929-1933 -10 -20 -30 -40 -50 -60 -70 Commercial Bank Suspension 1929-33 / Total Deposits 1929 Figure 3: Domestic Industries: Profits, Dividends and Retained Earnings (without IVA) 12000 10000 Real per Adult Detrended 8000 6000 4000 2000 0 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 -2000 -4000 -6000 Years corp profits dividends retained earnings Figure 4: Manufacturing Industries: Profits, Dividends and Retained Earnings (without IVA) 5000 Real Detrended per Adult 4000 3000 2000 1000 0 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 -1000 -2000 -3000 Years after-tax profits dividends retained earnings