A fascinating piece from Stephen Mihm:
“In some cases,
maturity dates on corporate debt reached so far into the future as to make them
de facto perpetual bonds. The West Shore Railroad of New York issued a $1,000
bond that matured in the year 2361, which just happened to be the year its
lease to the New York Central and Hudson Railroad Company expired.
And then there was
the Elmira and Williamsport Railroad Company, which issued bonds in the year
1863 that it promised to repay in full on Oct. 1, 2862, or 999 years later. But
the railroad only lasted a little over a century, closing down in 1972. Investors who had bet on the long haul got
stiffed.”