What is the Fancy Dress Ball?

“Please Squeeze Us, We’re Charmin”
What the heck is going on here? I’m not sure, but I like it. This image is from a set of negatives labeled “Fancy Dress Ball.” From what I can gather, the Ball is an annual event that takes place at the Eseeola Lodge at Linville Golf Club. Attendees dress up in wacky and sometimes incredibly elaborate costumes—or at least they used to. Images from the 2007 Ball on this photo blog seem to indicate that the costumes are a thing of the past. Too bad!
I would love to know more about the origins, history, and purpose of this event, for which Hugh Morton seems to have been an “official” photographer (primarily during the 1960s and 70s). The earliest marked negatives I see so far are from 1958. What can you tell me?
For fun, I’ll include a few more sample images: another from the 1974 Ball, followed by one I think is from the 1950s (though it wasn’t labeled, and may not even be from the Ball at all—I’m just guessing).
Attendees at the 1974 Fancy Dress Ball dressed as roaches and a can of raid, Eseeola Lodge, Linville, NC

Kids dressed up as the “Kon-Tiki,” probably at the Fancy Dress Ball, Eseeola Lodge, Linville, NC, ca. late 1950s