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 desire 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 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 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 giant 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 incorporated him in offers that shook Wall road. 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 dress ball. His enemies used the celebration 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 2 hundred thousand cash of Equitable cash on a night's leisure. by the point a central authority research validated that Hyde had paid the debts himself, his popularity used to be ruined.The sour crusade to wrest regulate of the Equitable and its huge funding ability from Hyde at the heels of the ball. because the struggle escalated, clandestine alliances among insurers and Wall road burst to the outside, exposing strategies 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 american citizens a century in the past. Its issues are as clean this present 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 environment 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
Annie lived with her upper-middle-class parents, Mr. and Mrs. Simeon Fitch, in a charming limestone house at 6 East Thirty-sixth Street; they had enough common acquaintances that Henry soon found someone to introduce them, after which he courted her the way he did everything— with determination and contagious enthusiasm. They were married on March 29, 1864, and their ﬁrst baby, a girl named Annie, was born less than a year later. She died before she took her ﬁrst steps, but three more children followed.
He led the industry in changing practices, simplifying policy contracts, replacing bafﬂing legal language, and making policies indisputable after three years. He was famous for paying a $40,000 claim to the heirs of a man who bought more than $250,000 of life insurance from different companies. That claim was mentioned decades later in most of Henry’s obituaries. S. reserves, and the economy plummeted. By 1894, some ﬁve hundred banks, more than ﬁfteen thousand businesses, and nearly a third of the railroads had failed.
The company had drawn up alongside New York Life and the Mutual, as Henry expanded fearlessly, traveling everywhere, opening ofﬁces in places he might never see again. With its seventy-seven foreign ofﬁces, the Equitable was the ﬁrst truly international life insurance company. He led the industry in changing practices, simplifying policy contracts, replacing bafﬂing legal language, and making policies indisputable after three years. He was famous for paying a $40,000 claim to the heirs of a man who bought more than $250,000 of life insurance from different companies.
After the Ball: Gilded Age Secrets, Boardroom Betrayals, and the Party That Ignited the Great Wall Street Scandal of 1905 by Patricia Beard