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As more people from “new money,” called arrivistes, arrived to New York during the Gilded Age, Mrs. Astor and Ward McAllister decided that they needed to solidify the code of conduct among high society, and with it, a list of suitable New Yorkers to invite to events.
Ward reportedly came up with the name “The Four Hundred,” because he once said, “There are only 400 fashionable people in New York.” Imagine a New York with only 400 fashionable people! Others have said the number comes from the capacity of Mrs. Astor’s ballroom.
Source: https://www.distractify.com/p/why-is-mrs-astor-so-important-to-bertha-the-gilded-age
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