James Hazen Hyde

Hyde depicted in J. S. Pughe's illustration, A cabinet that could afford it, 1905.

Menu for the ball given by James Hazen Hyde, January 31, 1905

Following his father's death, Hyde was the majority shareholder and in effective control of The Equitable.[8] By the terms of his father's will,[9] he was scheduled to assume the presidency of the company in 1906.[10] Members of the board of directors, including E. H. Harriman, Henry Clay Frick, J.P. Morgan, and company President James Waddell Alexander attempted to wrest control from Hyde through a variety of means, including an unsuccessful attempt to have him appointed as Ambassador to France.[11][12][13]

On the last night of January 1905, Hyde hosted a highly publicized Versailles-themed costume ball.[14] Falsely accused through a coordinated smear campaign initiated by his opponents at The Equitable of charging the $200,000 party ($6,514,000 today) to the company, Hyde soon found himself drawn into a maelstrom of allegations of his corporate malfeasance.[15] The allegations almost caused a Wall Street panic, and eventually led to a state investigation of New York's entire insurance industry, which resulted in laws to regulate activities between insurance companies, banks and other corporations.[16]

Hyde's personal net worth in 1905 was about $20 million (($651,400,000 today). After the negative press generated by the efforts to remove him from The Equitable, Hyde resigned from the company later that same year, gave up most of his other business activities, and moved to France.[17] There were published rumors that he would marry French actress Yvonne Garrick in 1906.[18]

At the start of World War I, Hyde converted his home and a Paris rental property into French Red Cross hospitals, and he volunteered his services as an organizer and driver with the American Field Ambulance Service. When the United States entered the war Hyde was commissioned as a Captain and assigned as an aide to Grayson Murphy, the High Commissioner of the American Red Cross in France.[7]

During and after the war Hyde also directed the Harvard and New England bureau of the University Union in Paris. Through this organization's auspices Hyde set up a series of annual lectures for American professors visiting French universities. He also helped win public support for aiding France by publishing several of his own lectures and monographs.[7]

Set of German-made porcelains, c. 1775, donated by Hyde to the Cooper Hewitt, Smithsonian Design Museum; figures represent (from left) Asia, Europe, Africa, and America.

In 1941 Hyde returned from France as the result of Nazi Germany's occupation of France during World War II. In retirement he resided at the Savoy-Plaza Hotel in New York City and hotels in Saratoga Springs, New York.[6]

Hyde was a collector of books and documents relating to Franco-American relations beginning in 1776. He was a member of the Académie des Sciences Morales et Politiques, the American Antiquarian Society, and the New-York Historical Society. He formed a collection of allegorical prints illustrating the Four Continents that are now at the New-York Historical Society; Hyde's drawings and a supporting collection of sets of porcelain figures and other decorative arts illustrating the Four Continents were shared by various New York City museums.

For his efforts during the war, Hyde received the Grand-Croix de la Legion d'honneur.[27] He was granted an honorary degree by the University of Rennes in 1920.[6]