Also in 1910, Tokushichi formed a syndicate of four brokerage firms to handle a corporate bond issue by the Mino-Arima Electric Railway Company (the present-day Hankyu Railway) and was successful in underwriting the issue. This time, the securities companies acted as primary underwriters, permitted for public local government issues and industrial debentures. In his autobiography, Tokushichi reflected:
When I first heard that the Mino-Arima Railway Company was considering a bond issue, I immediately determined to underwrite it and invited the firms of Kurokawa, Takehara, and Takagi to join us in a syndicate for this purpose. In the event, everything went smoothly and, through utilizing techniques learned from the West, I was proud to play a major role in helping to advance the Japanese securities industry.
