Rural Electrification Sources Behind the Story

	Source: Northern States Power Annual Report This annual report from the Northern States Power Company (NSP) shows how the Great Depression hurt the company's finances. An annual report is a summary of profits and losses that is sent to people who own shares of stock in the company. The economic impact of the Depression caused many companies to go out of business. Electric utilities like NSP provided a necessary service and stayed in business. However, they were losing customers who could not afford to pay their electric bill and had their power turned off. What does this report have to say about the impact of federal government programs on NSP?
Report for the Year Ended Dec. 31, 1933: Northern States Power Company "In addition to burdens which have been borne to a greater or less extent by all forms of business, the public utility industry is faced with a possibility of direct competition from government-owned projects. ... "The Officers of your Company are hopeful that there will be a decided improvement in business in 1934. The large sums of money which the Federal government is distributing in the territories served by the operating companies in the System, in the urban districts directly to relieve distress and unemployment and in the agricultural districts to aid the farmers, have improved farm prices and resulted in a an increase in employment; and if, as is hoped, these factors stimulate business generally, the effect on the earnings of your Company should be prompt and favorable. ... "By Order of the Board of Directors, R.F. Pack, President."
Source of the Source: Northern States Power Co. Annual Report, 1933, pp. 4-5, Minnesota Historical Society Collections (HD9685.U54N613).
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