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920 New York Yankees Promissory Note to Boston Red Sox for Sale of Babe Ruth Payment - Yankees Co-Owner Colonel Tillinghast Huston's Personal Copy from The Barry Halper Collection (PSA)
<p>Hailing from The Barry Halper Collection, sold at Sotheby's in 1999, comes Yankees co-owner Colonel Tillinghast Huston's personal promissory note regarding payment to the Boston Red Sox for Babe Ruth. In December of 1919, the New York Yankees agreed to purchase the rights to Babe Ruth from the Boston Red Sox for a sum of $100,000, with said amount to be broken up into four payments of $25,000. One payment was to be made in cash with three promissory notes to be paid with 6% interest. Before describing the contents of this document, we must note that PSA has encapsulated the document with back side facing up since that is the page Huston signed. This means the back of the holder shows the front of the document.</p><p>Actual front is dated "29th Mar [March] 1920" on top right corner with reference to the $25,000 payment on top left. Body begins by stating that 90 days after the date, the undersigned [New York Yankees] promises to pay to the order of agents of The Royal Bank of Canada or their successor(s) $25,000 with interest at the rate of 6 percent per annum. End of second paragraph mentions "....having deposited with said payees as collateral security the following property, viz:", followed by writing in Huston's hand reading "Note of 25000 due Nov 1 - 1921 signed by Am. BB Club of NY in favor of the Boston Am League BB Club". Bottom of front page reads "Boston Am League BB Club by HH Frazee Prest" in pencil by Huston as this is where Frazee signed the original document.</p><p>Back page, facing up in the PSA holder, wraps up terms of the agreement with final sentence mentioning the undersigned waive demand of payment from the maker of said note, notice of non-payment of the said loan or note, and notice of any sale of the collateral securities held for the said note. Below, Huston depicts exactly how the original note was signed by Frazee, Ruppert and himself, reading "Boston Am L. BB Club by HH Frazee Prest., Amer L. BB Club of NY by JR Prest., Jacob Ruppert, CT Huston".</p><p>Huston filled the document out almost identical to the original, and we can confirm this by showing an image of the original (see photos). Triple folded with minuscule tear on top edge and minor crease on bottom left corner, otherwise presenting beautifully. The light spots shown on the front page are from the plastic in the PSA slab. Authenticated by PSA.</p>
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