From the famous Barry Halper Sotheby's Auction comes a historic letter tied to the most important transaction in sports history, the sale of Babe Ruth to the New York Yankees. Dated January 13th, 1921 and sent to "New York Am. League B.B. Club", this typed document is signed by Red Sox Treasurer U.J Hermann on Cort Theatre letterhead. While Cort Theatre does not sound like it has a connection to the Yankees or Red Sox, it is no coincidence as Harry Frazee was President of both Cort Theatre and the Boston Red Sox. Hermann served as treasurer for the Boston Red Sox and Cort Theatre.
Document reads "Enclosed herewith please find bill for the first years annual interest of six per cent due on a $25,000.00 note of yours which I hold, having discounted same for the Boston Am. L. B. B. Club [American League Baseball Club]. This is one of the notes given in connection with the sale of Babe Ruth. Please remit direct to me at such time as may suit your convenience."
The terms of Ruth's deal were as such; the New York Yankees were to pay the Boston Red Sox $100,000 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. The letter here references a bill sent by the Red Sox to the Yankees for the first years' annual interest. On reverse, another mention of Ruth reads "Ruth deal, Interest in 1922 note" in unknown hand. The light spots shown on back page are from the plastic in the PSA slab. Letter is triple folded with light creasing on left edges and mild stain on top right corner.