New York Bankers Buy Up Majority of Common Stock of Tidewater Power Company, April 23, 1922

Wilmington Utility Company Is Bought

Wilmington, April 22—A.E. Fitkin and Company, bankers of New York, have purchased 8,300 shares of the majority of the common stock of the Tidewater Power Company, operating the city gas and power plant, street railway and suburban electric lines here, at a price of $125 a share, it was learned late today.

Fitkin and Company represent the Electric and Engineering Corporation, which it is said is a subsidiary organization of the Electric Bond and Share Corporation, the financial body of the General Electric Company, according to reports.

The new owners assume control April 25. One million dollars of preferred stock was not purchased.

From The Charlotte News, Sunday, April 23, 1922. $125 in 1922 would be worth $1,796.90 when adjusted for inflation, according to www.in2013dollars.com.