420
pages, Xlibris, ISBN-13: 978-1436357869
After the Ball:
Gilded Age Secrets, Boardroom Betrayals, and the Party That Ignited the Great
Wall Street Scandal of 1905
(whew!) is a well-written reminder that the more things change – especially in
the business world – the more they remain the same. With simple contextual
shifts, the story could have easily appeared in an MSNBC/CNN feeding frenzy today
rather than as a distant (albeit poignant) episode during the final throes of
America’s Gilded Age. Patricia Beard chronicles the pivotal event in the young
life of James Hazen Hyde, heir apparent to the Equitable Life Assurance Society
empire. While one of the most fascinating watershed events in corporate and
governmental righteousness, the story also serves as a harbinger to the
whirlwind circling about a perception of scandal as various individuals with
distinct agendas respond to that perception.
Written
in the style of a finely honed historical novel, After the Ball provides the reader with a detailed tapestry of
turn-of-the-century upper class society. The “Ball”, as a tipping point, can be
seen as a metaphor for the perceptual demarcation between the excesses of the
old from the social idealism (or perhaps the idealistic rhetoric) of new, more “moral”
commerce. Hyde appears as the sacrificial lamb, an embodiment of corporate
greed and excess. A seemingly trivial and superficial (although admittedly
lavish) private affair provides the ammunition for self-righteous, self-styled
altruistic corporate raiders and opportunistic politicians to feast upon the
carcass of a fallen member of the club. Business practices of the day are contrasted
with societal norms, offering the reader an excellent understanding of
upper-class life in “pinkies-out” New York City along with the detailed
portrait of the protagonist. Hyde’s downfall seems to have been a lack of
ambition or interest in learning the business he inherited, coupled with an over-eagerness
to reap the benefits of his father’s financial success. Illustrating the latter
is the party that serves as the book’s climax, an incomprehensibly extravagant
affair by the standards of any era. Beard argues that Hyde’s detractors had
already been hoping for years to bring him down, and the ball simply served as
a welcome excuse to do so. Whether she’s right or wrong about that, the event
certainly proved to be fertile ground for scandal. In a classic case of “the
truth is never juicy enough”, rumors began circulating that Hyde had paid for
the ball with company funds (he hadn’t) and that the already-obscene cost was
four times as much as it really was. Despite being guilty of nothing worse than
bad taste, Hyde was soon bought out of his father’s company and out of Wall
Street society. Investigations and reform legislation followed, but those who
were guilty of real wrongdoing were never punished.
Beard’s
overview of the financial events and disputes will probably be too simple for
those with a strong knowledge of finance and business, but it’s perfect for the
rest of us. In any case, she is clearly more interested in Gilded Age high
society and how it set the stage for James Hyde and his party, and her research
in that area is impressive. The era’s many excesses leap off the pages, with
various Vanderbilts and Roosevelts making cameos throughout, making the greed
and injustice palpable without anything approaching peachiness. Hyde himself
becomes a somewhat tragic figure, living off his inheritance in Europe,
outliving the damage to his reputation but emerging as a walking anachronism on
his return to New York in the 1940s.
Beard’s writing style, while substantive, is
delightfully polished, engaging the reader throughout the narrative with the
crisp prose displaying a clearly defined purpose and fidelity to the themes
throughout. While not always in strict chronological order, the book is well
organized to deftly move the story along its intended path toward its
conclusion. In the Afterward, a short exploration of Hyde’s son Henry and his
adventures in World War II, offers an additional fascinating contrast between
the perceived superficiality of the father and the seriousness of the affairs
of the son. The material in this portion of the book, while an appropriate
epilogue to the story of James, would also stand nicely as the subject of its
own book. I would recommend After the
Ball to anyone fascinated with the continuing drama of American business
and upper-class society.
No comments:
Post a Comment