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 educational to discover his manner in territory governed via the rapacious.James Hazen Hyde was once twenty-three in 1899 whilst he inherited the bulk stocks within the billion-dollar Equitable lifestyles coverage Society. basically 5 years later, he fell from grace in a Wall highway scandal that obsessed the kingdom and commanded one hundred fifteen front-page articles within the manhattan Times.Hyde used to be clever, cultured, and bold, yet he was once no fit for an older iteration that had mapped the backstreets of excessive finance. Vying to regulate the Equitable's tremendous 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 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 social gathering because the hook to hold him on, claiming that he was once too frivolous to run a firm devoted to preserving widows and orphans; and unfold the rumor that he had spent 200 thousand cash of Equitable funds on a night's leisure. by the point a central authority research demonstrated that Hyde had paid the accounts himself, his acceptance used to be ruined.The sour crusade to wrest keep an eye on of the Equitable and its great funding capability from Hyde at the heels of the ball. because the struggle escalated, clandestine alliances among insurers and Wall road burst to the skin, exposing recommendations 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 hundreds of thousands of usa citizens a century in the past. Its subject matters are as clean this present day as they have been in 1905: greed and chicanery, the incorrect 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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Extra resources for After the Ball: Gilded Age Secrets, Boardroom Betrayals, and the Party That Ignited the Great Wall Street Scandal of 1905
He hired three tutors at a time to help him with his work. The French club, the Cercle Français, aroused his interest and then an overriding enthusiasm, and he was elected president in his junior and senior years. When the club gave its annual French plays, James asked his father’s secretary, William McIntyre, to encourage newspapers in New York and Boston to cover the performances. In his senior year, he used money from his trust fund to pay for a series of lectures by Réné Doumic, an important French author, and held a series of dinners for him.
14 A few rows farther back, but still well toward the front of the church, Gage Tarbell, the Equitable’s third vice president and head of sales, was seated with his fellow directors. Now forty-three, Tarbell had arrived from upstate New York via the Midwest in 1893, and he was the liaison with the thousands of agents in the ﬁeld. No one used the Equitable’s private railroad car more; he was on the road visiting agencies four months out of twelve. 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.
He taught his son none of this. Chapter Three h JAMES, 1876–1899 Photograph unavailable for electronic edition. J ames’s sister, Mary, was married when James was only nine, and he became the only child at home, the object of Henry’s doting, hovering attention, and his generosity. The little boy’s ﬁrst ﬁnancial connection with the Equitable was an allowance, paid when he was eleven by the company’s cashier. He received three dollars a week, stacked the way he liked it: a silver dollar at the bottom; next, the slightly smaller ﬁfty-cent pieces and ﬁnally, a little tower of four quarters.