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 via the rapacious.James Hazen Hyde was once twenty-three in 1899 while he inherited the bulk stocks within the billion-dollar Equitable lifestyles insurance Society. purely 5 years later, he fell from grace in a Wall road scandal that obsessed the state and commanded one hundred fifteen front-page articles within the ny Times.Hyde used to be clever, cultured, and bold, 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 large 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 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 occasion because the hook to hold him on, claiming that he was once too frivolous to run a firm devoted to holding widows and orphans; and unfold the rumor that he had spent 200 thousand money of Equitable cash on a night's leisure. by the point a central authority research verified that Hyde had paid the money owed himself, his acceptance was once ruined.The sour crusade to wrest regulate of the Equitable and its huge funding means from Hyde at the heels of the ball. because the struggle escalated, clandestine alliances among insurers and Wall highway burst to the outside, exposing thoughts 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 topics are as clean at the present time 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 surroundings of beauty, extra, and corrupting glamour.
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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 desire and betrayal of a son whose father gave him every little thing -- other than the educational to discover his method in territory governed through the rapacious. James Hazen Hyde was once twenty-three in 1899 while he inherited the bulk stocks within the billion-dollar Equitable lifestyles coverage Society.
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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
However we will see after I have had a talk with the car men—I will take good care of you any where [sic]. . 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.
Henry knew every catch and quirk of the insurance business, had invented some of them himself, and could leave for weeks or even months at a time and be conﬁdent that his business would run smoothly. 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.
In the ﬁrst months after Henry’s death, James was soothed to hear Alexander pronounce the old litanies. ” James believed him, and JWA believed his own words, despite his decades of serving special interests. He tried to uphold the “sacred trust,” while managing the investments to which Henry had committed the company, but the wires that connected the conﬂicting parts of his character twanged with tension. ” Willie had started as an ofﬁce boy at the Equitable in 1879 when he was fourteen, and within four years, he was serving as Henry’s secretary and virtual manservant.
After the Ball: Gilded Age Secrets, Boardroom Betrayals, and the Party That Ignited the Great Wall Street Scandal of 1905 by Patricia Beard