On This Day in 1903, The Rich Man’s Panic. Nov. 9
On November 9th in stock market history, one notable event occurred in 1903, which was the low point of a panic known as the "rich man’s panic." On this day, the Dow Jones Industrial Average closed at 42.15. This financial downturn was so named because it mainly affected wealthy investors who held stocks and bonds after a sharp sell-off the year before, with significant declines primarily in large trust companies.
The sell-off, which began around 1901, was exacerbated by several factors, including President McKinley’s assassination attempt, high-interest rates, an abundance of stock offerings, and President Theodore Roosevelt's campaign to break up large trust companies. By this date in 1903, the stock market had declined by 46% from its highs in 1901.
This article is written by Stock Market Poetry (an affiliate of Investor’s Compass), where we turn market commentary into poetry. So, here’s a poem about this event. Enjoy!
In 1903, on November's stage, The Dow had fallen, the rich did engage.
The Dow’s grim close, at forty-two point one-five, A moment in markets, vividly alive. 'Twas the "rich man’s panic," the stories were told, Of fortunes in trust, now left in the cold.
McKinley had fallen, an assassin's cruel aim, Roosevelt’s trust-busting, fanned the flame. Interest rates soared, stock offerings too, The market in throes, a dark financial brew.
From heights of the past, in 1901, The market did plummet, a descent begun. Yet from history’s pages, this lesson we take, Even the rich, in high towers, can quake.
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