Business: Largest Offering

Japan's rivers no longer dash down Japan's mountains only to spray cherry trees and artists painting their delectable scrolls. The waters now swoop into flumes and pipes and against great turbine fins to light bulbs in Japan's homes and turn the machines of her factories. Japan's electrical enterprises now are surpassed only by those of the U. S. and Germany. They represent $1,834,000,000 capital.

Last week the first of those enterprises both in time and size—the Tokyo Electric Light Co.—offered to sell $121,809,250 mortgage bonds. This is the largest corporate (as distinct from governmental)...

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