Look at the December 18, 1941 issue of Public Utilities Fortnightly. Our first issue after the attack on Pearl Harbor and America's entry into World War II.
Not a word about the dramatic developments. The issue must have gone to the printer by December 7.
Notably, "The March of Events" feature reported formation of the American Public Power Association. Founder James Donovan said the potential membership of APPA was three thousand municipals and, interestingly, eight hundred rural electric cooperatives. As it turned out, the coops founded NRECA in the coming months, in 1942.
The very next issue of PUF, dated January 1, 1942, was markedly different. It's opening words:
"Now that the war has come we have rationing in America. In three-quarter time...
Tomorrow your wife may have to stand in line to get a butter card. You may have to turn in your old pants to Leon Henderson [Office of Price Administration administrator] to get permission to buy a pair of new ones. Already you have to show your old tires and an alibi to get new ones."
The "Financial News and Comment" feature opened with these words:
"The drastic effects of recent war developments on the high-grade bond market have combined with sharp declines in stock prices and the retarding effects of competitive bidding to reduce the flow of utility financing to a mere trickle. At this writing there had been no utility financing of importance."
The "What Others Think" feature opened with these words:
"Declaration of a state of war by the United States automatically brings into operation certain emergency powers affecting public utility operations... The emergency power of the Federal government over electric utilities is to be found in section 202 of the Federal Power Act."
The "March of Events" feature reported that Maryland's governor ordered utilities to "provide special watchman and officers to safeguard their properties." In New York, "public service agencies ... began last month a check-up on their arrangements to provide an uninterrupted flow of facilities, as far as possible, during air raids or blackouts." And in Pennsylvania, "all plants of the Pennsylvania Power & Light Company ... have made full preparations and have been in readiness to guard against sabotage..."
The magazine for commentary, opinion and debate on utility regulation and policy in peacetime and during war, Public Utilities Fortnightly.
Steve Mitnick, Editor-in-Chief, Public Utilities Fortnightly
E-mail me: mitnick@fortnightly.com
