According to page 3 of this pdf (glory to the St Louis Fed for its historical data and pubs), the average corporate bond was down to 4.25% by the end of 1922 (after paying out at 8% in 1920). Railroad bonds had interest rates about a percent higher, but the medium term trend was for interest rates to decline until 1929, when, well, everything went kablooey.
as a proxy for railroad stocks at the time the Dow Jones Transportation Index (a different thing from the more commonly known Dow Jones Industrial Average) went up between 7 to 16% for the next few years, until a small drop in 1929, and then 33% decline in 1930, and a 65%(!) decline in 1931
According to page 3 of this pdf (glory to the St Louis Fed for its historical data and pubs), the average corporate bond was down to 4.25% by the end of 1922 (after paying out at 8% in 1920). Railroad bonds had interest rates about a percent higher, but the medium term trend was for interest rates to decline until 1929, when, well, everything went kablooey.
as a proxy for railroad stocks at the time the Dow Jones Transportation Index (a different thing from the more commonly known Dow Jones Industrial Average) went up between 7 to 16% for the next few years, until a small drop in 1929, and then 33% decline in 1930, and a 65%(!) decline in 1931
https://en.wikipedia.org/wiki/Dow_Jones_Transportation_Average#Annual_returnsReport