By Patricia Beard
After the Ball is that infrequent actual 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 little thing -- other than the learning to discover his means in territory governed through the rapacious.James Hazen Hyde was once twenty-three in 1899 whilst he inherited the bulk stocks within the billion-dollar Equitable lifestyles insurance Society. in simple terms 5 years later, he fell from grace in a Wall highway scandal that obsessed the country and commanded one hundred fifteen front-page articles within the ny Times.Hyde used to be clever, cultured, and impressive, yet he used to be no fit for an older new release that had mapped the backstreets of excessive finance. Vying to manage the Equitable's immense funding pool, the main well-known financiers and industrialists of the period -- between them E. H. Harriman, Henry Clay Frick, and J. P. Morgan -- placed Hyde on forty-eight forums and integrated him in bargains that shook Wall highway. after which, on the top of social good fortune, 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 preserving widows and orphans; and unfold the rumor that he had spent 200 thousand funds of Equitable funds on a night's leisure. by the point a central authority research verified that Hyde had paid the debts himself, his attractiveness was once ruined.The sour crusade to wrest keep watch over of the Equitable and its gigantic funding potential from Hyde at the heels of the ball. because the struggle escalated, clandestine alliances among insurers and Wall road burst to the skin, exposing ideas which are the stuff of twenty-first-century scandals: self-dealing, insider buying and selling, accounting malpractice, and company investment of personal pleasures.After the Ball tells a story that riveted thousands of usa citizens a century in the past. Its subject matters are as clean at the present time 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 atmosphere 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
By 1894, some ﬁve hundred banks, more than ﬁfteen thousand businesses, and nearly a third of the railroads had failed. Instead of retrenching, Henry doubled agents’ bonuses so his sales force would be in place to take advantage of the recovery when it came. The depression rolled on, stronger businesses absorbed weaker ones, and bankers and railroad men scurried to ﬁnance acquisitions. They turned to the big insurance companies, with portfolios worth hundreds of millions of dollars, to buy their bonds.
Vanderbilt, and Marshall Field. One historian called it “the most elite and inac20 A Life: Henry, 1859–1899 37 cessible social club in the United States,” but the atmosphere was simple by comparison to that in other resorts. To maintain its rustic atmosphere, the club did not install electricity until 1903; dinner featured game shot by tycoons on holiday; and the roads were paved with crushed seashells. (One year, before Henry sent his horses down to Georgia, he checked to ﬁnd out if his coachman would look too fancy if he wore livery.
Henry allowed him to enjoy a languid summer at The Oaks, riding, traveling to parties, and occupying himself with incidental details of landscaping; but at last, in November, James ﬁnally went downtown to the Equitable ofﬁce. He was isolated from the ﬁrst; far above anyone else his age in rank, he lagged behind every other ofﬁcer in experience, and he was not certain he wanted to be there at all. ” James’s circumstances followed ancient patterns: he was the son of an old king who would not relinquish his power soon enough; he was the prince who would rather support the arts than run a kingdom; he was surrounded by advisers who tried to control an underage heir; and he was oppressed by a parent’s strangling love.