By Patricia Beard
After the Ball is that infrequent precise tale that reads like an epic novel, a sweeping chronicle of an period, and an intimate account of the wish and betrayal of a son whose father gave him every thing -- other than the learning to discover his approach in territory governed by means of the rapacious.James Hazen Hyde used to be twenty-three in 1899 whilst he inherited the bulk stocks within the billion-dollar Equitable existence insurance Society. in simple terms 5 years later, he fell from grace in a Wall road scandal that obsessed the kingdom and commanded one hundred fifteen front-page articles within the long island Times.Hyde was once clever, cultured, and impressive, yet he was once no fit for an older new release that had mapped the backstreets of excessive finance. Vying to regulate the Equitable's huge funding pool, the main well-known financiers and industrialists of the period -- between them E. H. Harriman, Henry Clay Frick, and J. P. Morgan -- positioned Hyde on forty-eight forums and integrated him in bargains that shook Wall road. after which, on the top of social luck, he made a deadly miscalculation.On the final evening of January 1905, James Hyde held a fabulously flamboyant, eighteenth-century, Versailles-themed gown ball. His enemies used the get together because the hook to hold him on, claiming that he used to be too frivolous to run a firm devoted to keeping widows and orphans; and unfold the rumor that he had spent 2 hundred thousand money of Equitable funds on a night's leisure. by the point a central authority research tested that Hyde had paid the money owed himself, his popularity used to be ruined.The sour crusade to wrest regulate of the Equitable and its substantial funding ability from Hyde at the heels of the ball. because the struggle escalated, clandestine alliances among insurers and Wall road burst to the skin, exposing options which are the stuff of twenty-first-century scandals: self-dealing, insider buying and selling, accounting malpractice, and company investment of non-public pleasures.After the Ball tells a story that riveted thousands of usa citizens a century in the past. Its topics are as clean this day as they have been in 1905: greed and chicanery, the fallacious love among fathers and sons, and contradictory American attitudes approximately wealth -- all unfolding opposed to a surroundings of beauty, extra, and corrupting glamour.
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Additional resources for After the Ball: Gilded Age Secrets, Boardroom Betrayals, and the Party That Ignited the Great Wall Street Scandal of 1905
Example text
P. Morgan’s brother was eleven when he died of an infection in his hip socket; and Morgan’s father, Junius, worried about health to the extent of writing Morgan when he was at school in Europe, “You are altogether too rapid in disposing of your meals . . and then there is the great irregularity in the matter I so often spoke to you of when in New York. You may depend upon it you can have no health if you go on in this way. I would urge of you to correct it at once—[if you do not] . . ” When James went to Harvard, Henry was reminded of his own older brother’s death at Yale, a generation earlier.
It was there, in 1883, that she gave the costume ball that was said to complete the Vanderbilts’ acceptance into the stratosphere of society. The most magnificent and largest private palace in New York was another Vanderbilt establishment, 1 West Fifty-seventh Street, Cornelius II’s vigorous late Gothic, early Renaissance, and decidedly French brick and limestone establishment of 137 rooms, including a ballroom and a double-height Moorish smoking room with mother-of-pearl inlaid walls. A police captain commanding fifteen patrolmen attempted to maintain order as thousands of mourners assembled at the Fifth Avenue Presbyterian Church.
I became a director of the Society and attended its annual meetings. . I had lived in what might be called a life insurance atmosphere from my earliest youth. 15 In the “life insurance atmosphere,” Henry impressed on James “the sacredness of the trust” and the concept that the Equitable had a soul, which would be his “solemn duty” to protect. Yet even in 1898, when Henry was failing, his letters to his son rarely mentioned James, 1876–1899 47 business; they were filled with reports on the $50,000 stable he was building for him at 216 West Fifty-eighth Street, to make up for refusing to allow him to stay on at Harvard.