INVESTMENTS PURCHASED BY YEAR
PDF Year (Period Covered) Investments
1928 (April 26, 1927–November 20, 1928) $85,660.00
1930 (November 20, 1928–April 25, 1930) $24,791 .91
1931 (April 26, 1930–April 25, 1931) $101,196.30
1932 (April 26 1931–April 25, 1932) $49,012.50
The bank invested 70 percent of Ruth’s money in fixed-income U.S. and municipal bonds and 30 percent in dividend-paying blue-chip stocks, which yielded a net income of $4,099.41 in 1927–28. He also earned $240 from his bonds ($3,349.25 today), generating a total income that first year of $4,659.13. By November 1928, his investments were worth $85,660.00.
His dividends increased steadily, save for a slight decrease on November 2, 1928, about which Walsh complained. After that, they rebounded, reaching a peak of $2,470.87 on May 1, 1934. Every year from 1931 to 1941, he received quarterly payments of about $2,000 ($30,000 to $34,000 today) from his investments.
Although the percentage on his return dwindled each year during the Great Depression, the trust continued to grow after October 1929, producing increased income each year until 1941.
ALL INCOME COLLECTED FROM INVESTMENTS
PDF Year (Period Covered) AlI Income Collected Percent Change
1928 (April 26, 1927–November 20,1928) $4,659.13 N/A
1930 (November 20, 1928–April 25, 1930) $6,176.48 32.6%
1931 (April 26, 1930–April 25, 1931) $7,667.09 24.1%
1932 (April 26, 1931–April 25, 1932) $9,051.09 18.1%
Ruth continued to build the trust throughout the first three quarters of 1929, sometimes adding to the account twice a month. After depositing $3,000 on October 24, the first day of the crash, he added nothing more until July 1930. But while ordinary Americans were standing in breadlines in 1930 and 1931, Ruth added $100,000 to his trust. The final $1,000 deposit was made on September 2, 1931, bringing the total value of the account to $200,000, or about $3.3 million today. By that time, Ruth had received $88,932.87 in dividends from the trust.
He earned money on every sale made on his behalf between July 16, 1930, and April 20, 1931, a net increase of $693.58 (about $10,300 today). Also, his stocks were heavily dependent on dividends, and dividends fell only 11 percent during the Great Depression. By April 25, 1932, the value of the inventory in his account had reached $200,980.02, generating $10,102.55 in income, an increase of $2,435.46 over the previous year.
TOTAL CONTRIBUTED TO TRUST SINCE INCEPTION, WITH ESTIMATED ANNUAL INCOME
PDF Year (Period Covered) Value Estimated Annual Income
1928 (April 26, 1927–November 20, 1928) $80,240.00 $4,255.80
1930 (November 20, 1928–April 25, 1930) $100,240.00 $5,244.00
1931 (April 26, 1930–April 25, 1931) $155,928.02 $7,965.00
1932 (April 26, 1931–April 25, 1932) $200,928.00 $10,102.55
The income statements from 1941 to 1944 show how and when Ruth began to feel the impact of the Great Depression, slight as it might have been for him. His 100 shares in Standard Brands were paying a dividend of only $10. But his shares in the Chesapeake & Ohio Railway and Consumers Power Company delivered seven times as much. The Bank of Manhattan sold off his holdings in the American Can Company and RJ Reynolds Tobacco, which decreased 33 percent and 43 percent, respectively, in 1943, and also sold 75 percent of his shares in Standard Brands in 1944.
Those losses were offset to some extent by investments in Standard Oil and Texas Gulf Sulphur Company, which continued to pay the same dividends as before, and the First National Bank Boston, which increased its dividend. But his quarterly dividend checks decreased to $1,700. When Walsh wrote to the Bank of Manhattan to protest the loss of income, a vice president felt compelled to remind him of “the prevailing economic conditions.” The quarterly dividend checks remained at that level at least through 1944, at which point Walsh stopped receiving information from the bank at Ruth’s direction.
Ruth campaigned relentlessly on behalf of U.S. War Bonds. In May 1941, the bank sold off some of his U.S. Treasury Bonds to finance the purchase of over $17,000 (approximately $300,000) of U.S. Savings Bonds, Series G, or war bonds. In January 1942, the sale of Pennsylvania Power and Light Company securities financed the purchase of another $11,000 in war bonds.
Over the course of the next several years, the trust, which was funded through dividend and interest payments, remained constant. The balance never fell below $200,000, enough to provide Ruth with his quarterly checks.
STATEMENT OF SECURITIES HELD: TOTAL VALUE
Year Value Percent Change
1941 $100,395.00 N/A
1942 $102,445.00 2.0%
1943 $101,783.75 –0.6%
1944 $101,094.75 –0.7%
“Not only did the Babe Ruth Trust not lose money during the stock market crash of 1929, but it continued to grow all the way up until 1942,” Zaft said. “Even at that point, the equity portion of the trust lost less than 1 percent between 1942–43 and 1943–44. This was due to careful management and a good balance of both individual U.S. Treasury Bonds along with stocks in quality, dividend-paying blue-chip companies. Christy Walsh’s commitment to having the Babe continue to contribute to the trust even during these troubling economic times (including a deposit on Black Monday) allowed for the purchase of additional securities at low points. Throughout the 1930s sales of stock were executed in a very timely fashion, yielding net gains on the portfolio each year. The trust provided Mr. Ruth with a consistent stream of income all the way up until mid-1941, when prevailing interest rates declined. Whoever was managing the trust deserves immense credit.”
HISTORY OF BABE RUTH TRUST FUND, BANK OF MANHATTAN TRUST CO. NEW YORK
AMOUNT: $200,000.00
STARTED FEBRUARY 24, 1927
Paid to Trust Fund Dividends Received from Trust Fund to February 1, 1940
Feb. 14, 1927 33,000.00 No. Date Received Amount Covering Quarter Up To
Apr. 26, 1927 7,000.00 0 Nov. 3, 1927 643.13 Nov. 1, 1927
Aug. 8, 1927 10,000.00 2 Feb. 3, 1928 900.00 Feb. 1, 1928
Dec. 7, 1927 20,000.00 3 May 2, 1928 900.00 May 1, 1928
Nov. 13, 1928 10,000.00 4 Aug. 2, 1928 900.00 Aug. 1, 1928
Apr. 29, 1929 2,500.00 5 Nov. 2, 1928 500.00 Nov. 1, 1928
May 2, 1929 1,000.00 6 Apr. 27, 1929 1,000.00 Feb. 1, 1929
May 16, 1929 3,500.00 7 May 2, 1929 1,000.00 May 1, 1929
Jun. 11, 1929 3,000.00 8 Aug. 7, 1929 1,000.00 Aug. 1, 1929
Jul. 9, 1929 1,000.00 9 Nov. 4, 1929 1,000.00 Nov. 1, 1929
Jul. 23, 1929 2,000.00 10 Feb. 10, 1930 1,045.00 Feb. 1, 1930
Aug. 12, 1929 1,500.00 11 May 2, 1930 1,200.00 May 1, 1930
Sept. 4, 1929 1,500.00 12 Aug. 2, 1930 1,400.00 Aug. 1, 1930
Sept. 9, 1929 1,000.00 13 Direct to B.R. 1,650.00 Nov. 1, 1930
Oct. 24, 1929 3,000.00 14 Direct to B.R. 1,900.00 Feb. 1, 1931
Jul. 2, 1930 15,000.00 15 Direct to B.R. 2,000.00 May 1, 1931
Aug. 22, 1930 5,000.00 16 Direct to B.R. 2,000.00 Aug. 1, 1931
Sept. 29, 1930 20,000.00 17 Direct to B.R. 2,000.00 Nov. 1, 1931
Nov. 17, 1930 10,000.00 18 Direct to B.R. 2,000.00 Feb. 1, 1932
Jan. 12, 1931 5,000.00 19 Direct to B.R. 2,000.00 May 1, 1932
May 6, 1931 5,000.00 20 Direct to B.R. 2,250.00 Aug. 1, 1932
Jun. 3, 1931 15,000.00 21 Direct to B.R. 2,250.00 Nov. 1, 1932
Jun. 10, 1931 5,000.00 22 Direct to B.R. 2,250.00 Feb. 1, 1933
Jul. 16, 1931 10,000.00 23 Direct to B.R. 2,470.57 May 1, 1933
Sept. 2, 1931 10,000.00 24 Direct to B.R. 2,000.00 Aug. 1, 1933
25 Direct to B.R. 2,000.00 Nov. 1, 1933
Total 26 Direct to B.R. 2,000.00 Feb. 1, 1934
200,000.00 27 Direct to B.R. 2,673.67 May 1, 1934
28 Direct to B.R. 2,000.00 Aug. 1, 1934
29 Direct to B.R. 2,000.00 Nov. 1, 1934
30 Direct to B.R. 2,000.00 Feb. 1, 1935
31 Direct to B.R. 2,000.00 May 1, 1935
32 Direct to B.R. 2,000.00 Aug. 1, 1935
33 Direct to B.R. 2,000.00 Nov. 1, 1935
34 Direct to B.R. 2,000.00 Feb. 1, 1936
35 Direct to B.R. 2,000.00 May 1, 1936
36 Direct to B.R. 2,000.00 Aug. 1, 1936
37 Direct to B.R. 2,000.00 Nov. 1, 1936
38 Direct to B.R. 2,000.00 Feb. 1, 1937
39 Direct to B.R. 2,000.00 May 1, 1937
40 Direct to B.R. 2,000.00 Aug. 1, 1937
41 Direct to B.R. 2,000.00 Nov. 1, 1937
42 Direct to B.R. 2,000.00 Feb. 1, 1938
43 Direct to B.R. 2,000.00 May 1, 1938
44 Direct to B.R. 2,000.00 Aug. 1, 1938
45 Direct to B.R. 2,000.00 Nov. 1, 1938
46 Direct to B.R. 2,000.00 Feb. 1, 1939
47 Direct to B.R. 2,000.00 May 1, 1939
48 Direct to B.R. 2,000.00 Aug. 1, 1939
49 Direct to B.R. 2,000.00 Nov. 1, 1939
50 Direct to B.R. 2,000.00 Feb. 1, 1940
51 Direct to B.R. 2,000.00 May 1, 1940
52 Direct to B.R. 2,000.00 Aug. 1, 1940
53 Direct to B.R. 2,000.00 Nov. 1, 1940
Total 94,932.87
Bank documents, reports, and correspondence from the Christy Walsh Collection Catalog, volumes 2–3, courtesy of Heritage Auctions/HA.
Total earnings table courtesy of Michael Haupert, professor of economics at the University of Wisconsin–La Crosse.
Financial analysis courtesy of Matthew Zaft, a financial adviser with Morgan Stanley in Washington, D.C. He was assisted by Joseph Naness, a student at Johns Hopkins University.
Index
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Aaron, Hank, 180–82
Adios to Ghosts (Walsh), 68, 70
Adler, Mrs., 165
advertising, 68–69, 108–9, 195, 196, 217, 219, 220, 228
Anfinson, Eddie “Fat,” 352
African Americans, 5, 38, 60, 87, 91, 169–86, 471, 494
Afro-American, 86, 173
Albin, Brother, 151
Alger, Horatio, 173
Alkonis, Brother Arcadius, 94, 144–45, 147–48, 151, 163
All-America Football, 62, 184, 474
Allen, Mel, 455
Allied Pictures, 442
All-Star Games, 460
Altrock, Nick, 103, 127, 258
Ameche, Don, 441
American Architect, 251
American Basketball League, 464
American Boy, 111
American Football Conference, 441
American League, 2, 18, 28, 34, 71, 105, 133, 176, 203, 211, 259, 273, 279, 388, 423, 437, 444–45, 460, 477
American League all-stars, 413
American Legion, 327, 436
Junior Baseball, 448–49, 456
American Party, 120
American Scientist, 312
American Society of News Editors (ASNE), 76, 266
Amsterdam News, 170, 173
Analovitch, Donna (granddaughter), 236, 378–79, 428–29
Anderson, George A., 257
Anderson, Hunk, 103
Angell, Roger, 18, 93, 113
Annie Laurie (film), 193
Anson, Cap, 220
Arbuckle, Fatty, 209
Ardizoia, Annunziata, 316
Ardizoia, Carlo, 316, 325
Ardizoia, Rinaldo “Rugger,” 315–22, 324–29
Arizona Republic, 433
Arlin, Harold, 298
Army and Navy fund, 431
Army-Navy football game, 109
Ars Poetica (Horace), 266
Asbury Park, 60, 119–24, 130, 139–40, 301
Assembly Center league, 430
Associated Negro Press, 173–75
Associated Press, 33–34, 74, 83, 119, 121, 133, 190, 212, 215, 301, 405, 423–24, 471, 473, 491
Astor, William Waldorf, 250–51
Atlantic Monthly, 219
Atlas, Charles, 79
Automobile Association, 250
Automobile Topics, 68
Averill, Earl, 320
Babe, The (Acosta), 182
Babe and I, The (Claire Ruth), 272, 370
Babe Comes Home (film), 28, 33–35, 55, 111, 436, 438
Babe (Creamer), 180, 369
“Babe Ruth,” as trademark, 235
Babe Ruth All America Athletic Underwear, 222
Babe Ruth as I Knew Him (Hoyt), 369–70
Babe Ruth Baseball Scorer, 221
Babe Ruth Birthplace and Museum, xvii–xx, xxiii, xxviii, 45, 55, 155, 369
Babe Ruth Candy Company, 232
Babe Ruth Day: (1935), 417; (1947), 328, 444–47, 452, 470
Babe Ruth (documentary), 241
Babe Ruth Foundation, 235, 444
Babe Ruth in Over the Fence (instructional films), 229
Babe Ruth League, Inc., 235
Babe Ruth Longjohns, 223
Babe Ruth (Murray), xix
Babe Ruth’s Baseball Game, 221
Babe Ruth Shoe Company, 210
Babe Ruth’s Own Book of Baseball, 222
“Babe Ruth’s Questions and Answers Booklet” (Bernays), 222
Babe Ruth Story, The (film), 441–42, 451–53, 458, 466, 472
Babe Ruth Story, The (Ruth and Considine), 45–46, 99, 161, 163, 451
Babe Ruth Sweaters for Boys, 18
Babe Ruth Symposium (Hofstra University, 1995), 177
Babe Ruth: The Dark Side (Harris), 155
Babe’s All-Stars, 62
Baby Ruth candy bar, 215–16, 223–37
“Back to the Farm” dinner, 214, 371
Badcon, Marion, 113
Baer, Arthur “Bugs,” 126–27, 446, 472
Bahill, A. Terry, 312, 562
Baker, Frank “Home Run,” 71
Bakersfield Californian, 452
Baltimore
funds for St. Mary’s and, 97
Great Fire of 1904, 10, 38
Baltimore City Second Circuit Court, 10, 50
Baltimore Evening Sun, 273
Baltimore News-American, 457
Baltimore Orioles, xix, xxiii, 2–3, 222, 311, 342
Babe hired by, 153–54, 369, 458, 471
Babe sold to Sox by, 154, 489
Baltimore Sun, 1, 6–7, 38, 41, 44, 46, 50, 52, 54, 145, 150, 152–53, 159–62, 246, 369, 388
Baltimore Terrapins, 154
Bank of Manhattan trust fund, 131–32, 291–93, 344, 357, 384–87, 392–96, 444–45, 501, 506–11
Barbed Wire Baseball (Moss and Shimizu), 431–32
Barber, Red, 314
Barnes, Jesse, 270
barnstorming. See Ruth, George Herman, Jr.; and specific individuals, teams, and towns
Barrow, Ed, 124, 135, 138, 159, 171, 255–56, 271–72, 275–76, 278, 284, 333, 386, 388, 409, 444, 454, 472, 490
Barrymore, John, 388, 439
Barton, Bruce, 192, 194
Barton, Jim, 252, 254, 471
Baseball (documentary film), 177
Baseball Magazine, 493
Baseball Prospectus, 494
Baseballreference.com, 493
Baseball’s Greatest Lineup (Walsh), 474
baseball trading cards, 234, 367
Baseball Writers’ Association of America, 214, 266
Batting-Fielding Wins (BFW), 493
Baumgartner, Stan, 115
Bay Area, 295–96, 315–18
Beadle’s Dime Base-ball Player, 75
Beasley, Norman, 386
Beckwith, John, 114
Bedini, Jean, 13–15
Beefelt, Nellie Sipes, 158
Beefelt, Oliver, 158–59
Bendix, William, 451–52, 472, 475
Benedict, Brother, 162
Bennett, Eddie, 254
Bennett, Leroy, 433
Benniger, Marlene Colema
n, 337
Berg, Moe, 413–14
Bernays, Edward, 192–96, 198, 222
Berra, Yogi, 309, 422, 454, 457
Beswick, Jean Woodford, 350
Bichard, Aubrey, 340
Bichard, Mrs., 347
Big League Gloves, 222
Bihler, Joe, 264, 344–45
Billings, Donald, 473
Billings, Robert, 473
Billings, Wayne, 473
Bingay, Malcolm, 286
Birmingham, Harry, 5–7, 10–11, 146
Bisher, Furman, 307
Black Ink stats, 494
Bodie, Ping, 321, 361
Bonds, Barry, 310, 493
Bookman, 289
Boone, Christopher, 54
Boras, Scott, 460–61
Boston Braves, 328, 415–17, 489
Babe retires from, 422
Boston Evening Transcript, 150, 152, 162
Boston Globe, 205, 243, 244, 394–95, 416, 490
Boston Post, 205, 221, 341
Boston Red Sox, 26, 78, 101, 171, 136, 181, 220, 243, 252, 281, 404–5
Babe bought by, 116, 154, 489
Babe sold by, 389–90, 489
seasons (1914), 105; (1918), 159, 176, 302; (1919), 231, 490; (2004), 477
World Series (1915), 156
Boston Telegram, 205, 212
Boutilier, Joseph, 149
Boutilier, Martin Leo (Brother Matthias), 148–54, 160–63, 210, 273, 280, 434, 449
Boutilier, Thomas, 149
Bow, Clara, 101, 436
Bowles, Sonny, 217
Bownes, Helen, 162–63
Box 52 Association, 340
Boys Town, 197, 218, 449
Bradley, Charles, 7
Bradley Beach team, 120, 125
Bradshaw, Forrest D., 246–47
Brady, Tony, 42
Braudy, Leo, 108
Breen, May Singhi, 372
Brice, Fanny, 134
Brisbane, Arthur, 78–79
Bronx Bombers (play), xxv
Brooklyn Daily Eagle, 61, 89, 91, 99–100
Brooklyn Dodgers, 81, 114, 424, 426–28
Brooklyn Eagle, 79, 137, 386
Brooklyn Robins, 436
Brooklyn Royal Giants, 60, 86–87, 90, 139–40
Brooklyn Standard-Union, 117
Broun, Heywood, 80, 101, 252, 267, 279, 286
Brown, Joe E., 382, 463