One-page typed letter, dated November 1, 1920, and addressed to T. L. Huston of the New York Yankees, from the Federal Trust Company of Boston, Massachusetts. In its letter, the Federal Trust Company informs the Yankees that its $25,000 note of November 1, 1920, has been paid, along with the accrued interest of $1,295.83, to the Fourth Atlantic National Bank of Boston, the holder of the note. Signed by A. B. Mahoney, assistant treasurer. Accompanied by blue payment card, issued by the Fourth-Atlantic National Bank of Boston, listing both the amount due on the note, and its due date. Together with a copy letter (8 x 11"; on onion skin; FR), dated October 29, 1920, from Huston to the Federal Trust Company disputing the interest charge, along with a registered mail return receipt (1.25 x 4"; VG), upon the reverse of which Huston has listed the amounts paid to the bank. 

This letter from the Federal Trust Company records payment of the first of the Yankees' three $25,000 promissory notes issued to the Red Sox in 1919 as payment for the purchase of Babe Ruth's contract. The Red Sox sold Ruth' contract to the Yankees on December 26, 1919. The Red Sox received $100,000 for Ruth, with $25,000 paid in cash and the remainder to be paid in yearly installments of $25,000, with each note due on November 1st of 1920, 1921, and 1922, respectively. In addition, the Yankees provided Frazee a loan of $300,000, with Fenway Park issued as collateral. The purchase date of Ruth's contract, "Dec 26. 1919," is written in vintage black fountain pen on the reverse of the payment card. The letter (8.25x11") displays two horizontal folds and light toning. The blue payment card (6.25x3.5") displays a few light creases. Attached to the letter by means of vintage paperclip (impressions left on both pieces). 

These documents, along with nearly every other surviving document relating to the sale of Babe Ruth to the New York Yankees, originates from the estate of Ed Barrow, who was manager of the Boston Red Sox at the time of the transaction, and soon after became the longtime business manager/general manager of the New York Yankees. Many years after Barrow's death, legendary collector Barry Halper purchased Barrow's entire business archive from the Barrow family, which included dozens of documents relating to Boston's historic sale of Ruth. (Barry Halper's collection is considered by many to have been the finest private baseball-memorabilia collection ever assembled.) In 1999, Halper sold nearly his entire collection at auction through Sotheby's in New York (the collection was so vast that it took over a week of twice-daily live auctions and three months of weekly internet sales to liquidate it). Lot 560 in the live-auction portion of the sale featured a large collection of documents relating to the sale of Ruth, from which these two pieces as well as every other "sale of Ruth" document featured in this and previous auctions, originates. The entire content of Lot 560 in the 1999 Sotheby's Halper Collection auction has been consigned to our 2023 Spring and Summer Classic auctions by the original purchaser, making this just the third time since 1919 that these historically significant documents will have traded hands.