Bankruptcy
This was a magnificent plan and would have worked wonderfully, except that opening night ironically fell on November 4, 1929 (again with a delightful performance of Aida) less than a month after the Black Tuesday stock crash. This catastrophe, coupled with the extravagance of the new house, were body blows at the financial health of the civic Opera, starting a chain reaction. Soon Insull, the financial mainstay, lost control of his utilities and transportation companies and became unable to under-write Civic Opera. Mary Garden, the star-power and resident genius of Civic, never happy with the new opera house, retired abruptly after a performance of Massenet's Le jongleur de Notre-Dame at the end of the 1931/2 season. Finally, on June 23, 1932, Civic Opera declared bankruptcy and was forced to liquidate.
Read more about this topic: Chicago Civic Opera
Famous quotes containing the word bankruptcy:
“A woman’s whole life is a history of the affections. The heart is her world: it is there her ambition strives for empire; it is there her avarice seeks for hidden treasures. She sends forth her sympathies on adventure; she embarks her whole soul on the traffic of affection; and if shipwrecked, her case is hopeless—for it is a bankruptcy of the heart.”
—Washington Irving (1783–1859)
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)