By Patricia Beard
After the Ball is that infrequent real 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 manner in territory governed by way of the rapacious.James Hazen Hyde was once twenty-three in 1899 while he inherited the bulk stocks within the billion-dollar Equitable existence coverage Society. merely 5 years later, he fell from grace in a Wall road scandal that obsessed the kingdom and commanded a hundred and fifteen front-page articles within the long island Times.Hyde was once clever, cultured, and bold, yet he used to be no fit for an older iteration that had mapped the backstreets of excessive finance. Vying to regulate the Equitable's monstrous funding pool, the main recognized 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 offers that shook Wall highway. 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 dress ball. His enemies used the social gathering because the hook to hold him on, claiming that he was once too frivolous to run an organization devoted to holding widows and orphans; and unfold the rumor that he had spent 2 hundred thousand money of Equitable cash on a night's leisure. by the point a central authority research verified that Hyde had paid the accounts himself, his popularity was once ruined.The sour crusade to wrest keep watch over of the Equitable and its substantial funding skill from Hyde at the heels of the ball. because the struggle escalated, clandestine alliances among insurers and Wall road burst to the outside, exposing ideas 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 issues are as clean this day as they have been in 1905: greed and chicanery, the improper 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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Extra info for After the Ball: Gilded Age Secrets, Boardroom Betrayals, and the Party That Ignited the Great Wall Street Scandal of 1905
When he bounced off the train and into action, with his thick, seal-brown center-parted 15 22 AFTER THE BALL hair, eyes crinkling behind his rimless glasses, and a big smile under an enormous mustache, he gleamed like Teddy Roosevelt. Tarbell loved managing the agents, and he was born to sell, but he was pushy. Three years after he came to New York, Henry pulled him up short in a scorching seventeen-page handwritten letter. ” When Tarbell defended himself, Henry shot back, “You came from Chicago about three years ago.
Henry had cultivated an image for the Equitable that made it seem as ethical as a church. But true propriety eluded him, as it has so many others who believe they are ethical but can’t follow through. The ﬁnancial writer Michael Lewis asked rhetorically in a New York Times Magazine article in 2002, “Is it possible that scandal is somehow an essential ingredient in capitalism? That a healthy free-market economy must tempt a certain number of people to behave corruptly, and that a certain number of these will do so.
I think of you always, your affectionate father. H. B. ” He bought three horses for $850, and did not have enough in his account to pay for them, so he borrowed $250 from James Alexander to cover the shortfall because Henry and Annie were in Europe. He also began to collect rare books, which required frequent infusions of capital. In his senior year he was asked to ﬁll out a form that asked about the range of his college expenses. ” James wrote “d” for his freshman year, “e” for his sophomore, “f” for his junior, and “g” for his senior year.