|
"The Sultan of Swats" grew up in
an institution for underprivileged
boys. Dominating baseball as a home
run hitter, Ruth became a national
celebrity. Famous for his charitable
deeds, he once promised to hit a homer
for a hospitalized boy. A year before
he died, he established and endowed
the Babe Ruth Foundation for destitute
children.
I, GEORGE HERMAN RUTH, being of sound
and disposing mind, memory and understanding,
but mindful of the uncertainty of life,
do hereby make, declare and publish
this to be my Last Will and Testament,
hereby revoking all other wills and
codicils thereto be me at any time heretofore
made.
FIRST: I direct my Executors hereinafter
named to pay all my just debts and
funeral expenses as soon after my
death as may be practicable.
SECOND: I give and bequeath to my
wife, CLARA MAE RUTH, if she shall
survive me, all my household furniture,
automobiles with the appurtenances
thereto, paintings, works of art,
books, china, glassware, silverware,
linens, household furnishings and
equipment of any kind, clothing, jewelry,
articles of personal wear and adornment
and personal effects, excepting however,
souvenirs, mementoes, pictures, scrap-books,
manuscripts, letters, athletic equipment
and other personal property pertaining
to baseball. In the event that my
wife, Clara Mae Ruth shall not survive
me, I direct my Executors hereinafter
named to divide the said property
between my daughters, DOROTHY RUTH
SULLIVAN and JULIA RUTH FLANDERS,
as my said daughters may agree, or
in the event they are unable to agree,
to divide the said property between
my said daughters as my Executors
hereinafter named may, in their absolute
discretion determine. The determination
of my Executors as to the relative
values of such property for the purpose
of dividing the same and in the making
of such distribution shall be final,
conclusive and binding upon all persons
interested herein.
THIRD: I give and bequeath to my
Executors hereinafter named or either
of them who may qualify, all my souvenirs,
mementoes, pictures, scrap-books,
manuscripts, letters, athletic equipment
and other personal property pertaining
to baseball, and I request but do
not direct my said Executors to divide
the same among such persons, corporations
and organizations as I may from time
to time request or in such manner
as they in their sole and uncontrolled
discretion may deem proper and fitting.
FOURTH: I give and bequeath to my
wife, CLARA MAE RUTH, if she shall
survive me, to my daughter, DOROTHY
RUTH SULLIVAN, if she shall survive
me, and to my daughter, JULIA RUTH
FLANDERS, if she shall survive me,
each the sum of Five Thousand ($5,000.)
Dollars.
FIFTH: I give and bequeath to my
sister, MARY H. MOBERLY, now residing
in Baltimore, Maryland, if she shall
survive me, the sum of Ten Thousand
($10,000.) Dollars.
SIXTH: I give and bequeath to FRANK
DELANEY, providing he is in my employ
at the time of my death, and to MARY
REITH, providing she is in my employ
at the time of my death, each the
sum of Five Hundred ($500.) Dollars.
SEVENTH: Under the provisions of
a certain Indenture or Trust Agreement
made and executed by and between me
and the President and Directors of
The Manhattan Company of 40 Wall Street,
Borough of Manhattan, City of New
York, dated the 26th day of April,
1927, I reserved the right to designate
in and by my last will and testament
a new beneficiary to whom the income
or principal of the trust fund which
is the subject of the said Trust Agreement,
shall be paid after my death in the
place and stead of my daughter, Dorothy
Ruth Sullivan, and my next of kin.
Pursuant to such reserved right and
in the exercise thereof, I hereby
declare and direct that the income
and principal of the said trust shall
be paid after my death as follows:
A. The income of the said trust
fund shall be paid to my wife, CLARA
MAE RUTH, during the term of said
trust or the life of my said wife,
CLARA MAE RUTH, whichever may be the
shorter period. After the death of
my wife, CLARA MAE RUTH, the income
of the said trust during the remainder
of the term thereof shall be divided
equally between my daughters, DOROTHY
RUTH SULLIVAN and JULIA RUTH FLANDERS.
If JULIA RUTH FLANDERS shal be deceased,
the income which she would have received
had she been alive, shall be paid
to her issue per stirpes and not per
capita, or if there be no issue of
said JULIA RUTH FLANDERS then living,
all of the income of the said trust
shall be paid to my daughter, DOROTHY
RUTH SULLIVAN.
B. Upon the termination of the said
trust during the lifetime of my wife,
CLARA MAE RUTH, I direct the Trustee
thereof to purchase from an insuranc
ecompany authorized to do business
in the State of New York, a refund
annuity which will pay to my wife,
CLARA MAE RUTH, during her lifetime,
in equal monthly installments the
annual amount of Six Thousand ($6,000.)
Dollars, and I further direct the
Trustee of the said trust to divide
the remainder of the principal of
the said trust fund, including any
refund payable upon the annuity hereinbefore
required to be purchased for the benefit
of my wife, CLARA MAE RUTH, into two
(2) equal parts; and
(1) To pay one of such equal parts
to the issue then living of my daughter,
DOROTHY RUTH SULLIVAN, or if she shall
leave no issue then surviving, among
such persons and in such manner as
she may be her last will and testament
direct; and
(2) To pay the other of such equal
parts to my daughter, JULIA RUTH FLANDERS,
if she be then living, or if she be
not living, to her issue then surviving,
or if she shall leave no issue then
surviving, among such persons and
in such manner as she may by her last
will and testament direct.
EIGHTH: All the rest, residue and
remainder of my property and estate,
real, personal and mixed, of whatsoever
kind, nature or description and wheresoever
situate, of which I may die seized
and/or possessed or over which I may
have any power of disposition or to
which I or my estate may be entitled,
I give devise and bequeath to my Trustees
hereinafter named IN TRUST NEVERTHELESS
for the following uses and purposes:
A. To collect and receive the rents,
income and profits thereof and to
pay the same to my wife, CLARA MAE
RUTH, as long as she shall live. B.
Upon the death of my wife, CLARA MAE
RUTH, or upon my death, if she shall
predecease me, I direct my Trustees
to pay over, transfer, convey and
deliver the principal then remaining
in the said trust as follows:
(1) Ten percent (10%) thereof to
THE BABE RUTH FOUNDATION, INC., a
corporation organized under the Membership
Corporations Law of the State of New
York and dedicated to the interests
of the kids of America. (2) Forty-five
percent (45%) thereof to my daughter,
DOROTHY RUTH SULLIVAN, if she be then
alive, or if she be not then alive,
to her then surviving issue per stirpes
and not per capita, or if she leave
no issue then surviving, to such persons
and in such manner as she may by her
last will and testament direct. (3)
Forty-five percent (45%) thereof to
my daughter, JULIA RUTH FLANDERS,
if she be then alive, or if she be
not then alive, to her then surviving
issue per stirpes and not per capita,
or if she leave no issue then surviving,
to such persons and in such manner
as she by her last will and testament
direct.
NINTH: I nominate, constitute and
appoint J. PAUL CAREY, II and MELVYN
GORDON LOWENSTEIN, and the survivor
of them, as Executors of and Trustees
under this my Last Will and Testament.
Within ninety (90) days from the date
upon which one of the above named
Executors or Trustees shall first
act as sole Executor or sole Trustee
of this my Last Will and testament,
I direct him, by an instrument in
writing duly signed and acknowledged
and suitable for recording in the
State of New York, to appoint a bank
or a trust company which has conducted
active business operations in the
State of New York for at least 25
years, or which is the successor to
a bank or trust company organized
under the laws of the State of New
York or the United States of America
more than 25 years prior to the date
of such appointment, to be and become
a co-Executor and/or a co-Trustee.
In the event that such sole acting
Executor or sole acting Trustee shall
not have appointed a bank or a trust
company as co-Executor or Co-Trustee
hereunder, as hereinabove directed
and within the period hereinabove
specified, then I nominate, constitute
and appoint THE CHASE NATIONAL BANK
OF THE CITY OF NEW YORK, as co-Executor
and co-Trustee of this my Last Will
and Testament.
TENTH: I direct that if and when
any part of the principal or income
of any share or portion of my estate
shall become payable to any beneficiary
who is an infant, such principal or
income shall absolutely vest in and
belong to such infant, but payment
thereof may be deferred, and I authorize
my Executors and Trustees, as the
case may be, in their sole and uncontrolled
discretion, to hold the share of such
infant and to retain the custody and
control thereof and to administer
the same and invest and reinvest such
share or portion and the accumulated
income therefrom, if any, with all
the powers granted in this my Last
Will and Testament to the Executors
and Trustees, and my Executors and
Trustees are further directed to apply
such part of the income and principal
thereof as in their discretion they
may deem necessary and proper for
the maintenance, support and education
of such infant during minority, and
upon such infant attaining majority,
to pay over to such infant whatever
part of such principal and income
and any accumulated income thereon
which may then remain in the hands
of my said Executors or Trustees,
as the case may be. Such application
of principal or income, in the discretion
of my said Executors or Trustees may
be made wholly or in part by said
Executors or Trustees paying directly
the expenses for the maintenance,
support and education of such infant,
or by paying such principal or income
to such infant or to an adult person
of my Executors' or Trustees' selection
deemed by them to be the most likely
person to make proper application
of such principal or income for the
infant's benefit; the receipt of the
person to whom such payment is made
to be a sufficient voucher and discharge
to my said Executors or Trustees,
as the case may be, for all payments
so made by them.
ELEVENTH: In addition to the powers
conferred upon my Executors and Trustees
by law, or herein elsewhere conferred
upon them, I hereby authorize and
empower them and successors (a) to
retain any investments which I may
have at the time of my death, and
to invest and reinvest any trusts
funds coming into their hands in any
stocks, bonds, securities or other
property, real or personal, which
they in their discretion deem advisable,
whether such investments be authorized
by the laws of any state or jurisdiction
or not, and to hold the same as long
as they may deem advisable, with full
power to sell and reinvest, and to
change securities and investments
as they deem best; (b) for the purpose
of partitioning or distributing the
funds of my estate, and for any other
purpose whatsoever, to grant, bargain,
sell, convey, mortgage, lease, exchange,
or otherwise dispose of, as and when
they or their successors may deem
expedient, any and all property, real,
personal or mixed, of which I may
be seized or possessed or in or to
which I may be in any manner interested
or entitled at the time of my death,
or of which they may be seized or
possessed, entitled to or interested
in, as my Executors or Trustees, and
upon such disposition thereof, to
execute, acknowledge and deliver all
necessary and proper deeds or instruments
of conveyance for the vesting in the
purchases, mortgagee, lessee, or other
transferee thereof, the title thereto,
in fee or otherwise, and I hereby
direct that upon any such disposition
thereof, my Executors or Trustees,
or the successors of any of them,
may take the consideration agreed
upon, wholly or partly, in cash, stocks,
bonds, notes or any securities which
they or their successors shall determine
upon, and I expressly direct that
no purchases, mortgagee, lessee, or
other transferee thereof shall be
bound to see to the application of
money or other thing of value paid
or given therefor; (c) whenever my
Executors or Trustees, or the successors
of any of them, are required, or shall
determine to divide the principal
of my estate held by them into shares,
so to divide the same without converting
it into money, but in their discretion
by apportioning the property held,
whether the same shall be producing
income or not, to such different parts
or shares, in such manner as they
shall deem fairly and equitably to
bring about the division directed
or determined upon, the judgment of
my said Executors or Trustees concerning
the priority of any allotment or distribution
of property hereunder shall be final
and binding upon all persons interested
in my estate, and the determination
of my Executors or Trustees as to
the value of any such property shall
be presumptively correct and shall
be final and binding upon all persons
in interest, unless clear and convincing
proof is adduced showing gross error
on the part of my said Executors or
Trustees; (d) to consent to and participate
in the reorganization, consolidation,
merger or other capital readjustment
of any corporation, the stocks, bonds
or other securities of which they
may hold, and to do all things whatsoever
necessary, advisable or expedient
to enable them to secure the benefits
of such reorganization, consolidation,
merger or other capital readjustment,
including particularly the sale or
purchase of any rights incident thereto,
and the payment of any amounts necessary.
Investments made through the exercise
of any such rights, or the proceeds
received at the sale thereof, shall
be considered principal.
I also further authorize my Executors
or Trustees, as the case may be, to
vote upon and give proxies to vote
upon, any stocks or bonds of corporations
that may be owned by me at the time
of my death or subsequently acquired
by them, upon any question that may
lawfully be submitted to the vote
of the stockholders or bondholders
of such corporation, and in their
discretion to subject any such stocks
to voting trust agreements, and to
accept voting trust certificates in
exchange therefor. It is my will and
intention that in dealing with the
affairs and securities of any corporation
in which I shall be interested at
the time of my death, either as creditor
or stockholder, or with the affairs
and securities of any corporation
in which my Executors or Trustees,
as the case may be, may at any time
be interested on behalf of my estate,
as creditors or stockholders, my said
Executors or Trustees, as the case
may be, shall have and may exercise
all of the powers that might lawfully
be exercised by an individual owning
said stock or obligation and acting
in his own right and interest.
The Trustees shall be authorized
to hold such sum or sums uninvested
as they shall see fit.
The Trustees may hold the trust
estate or any part thereof as an undivided
whole, without separation as between
the trusts hereby created, but no
such holding shall defer the vesting
of any estate in possession, or otherwise,
according to the terms hereof.
The Trustees are hereby authorized
and empowered to employ such person
or persons to assist them in the management
and administration of the estate,
in an advisory capacity or otherwise,
as they shall deem in their sole discretion
to be for the best interests of the
trust estate and to fix and pay the
compensation therefor.
I direct that my Executors and Trustees
shall not be required to lay apart
any portion of the income or any of
the said trust funds for the purpose
of keeping the principal thereof intact,
or for the purpose of making good
any amount paid in premiums on the
purchase of securities.
All cash dividends or other cash
distributions received from any mining
stocks or other wasting investments
whether or not of the same kind (notwithstanding
such cash dividends or distributions
may have been designated or described
by the disburser thereof to be in
whole or in part a return of capital
or a distribution from depletion reserves
and whether or not they may be extraordinary
dividends or distributions), shall
be treated as income without setting
apart any portions of such dividends
or distributions to maintain intact
the principal of any trust fund provided
for hereunder. All extraordinary stock
dividends and all realized appreciation
in the value of stocks, bonds, securities
or other property, resulting from
the sale or other disposition thereof,
shall be considered principal and
not income, but ordinary stock dividends
paid regularly by a corporation in
lieu of, or in addition to regular
cash dividends shall be considered
income and not principal, PROVIDED,
HOWEVER, that the Trustees' determination
as to whether any dividend should
be apportioned or allocated in whole
or in part to principal or income,
shall be conclusive and binding upon
all persons now or hereafter interested
in the trust estate.
I hereby expressly declare that
my Executors or Trustees, as the case
may be, whichever shall assume to
act in the premises, shall have full
power to settle and determine all
questions which may arise as to my
estate, including the power to settle,
adjust, compromise or refer to arbitration,
any and all claims in favor or or
against my estate and to receive and
make payment thereof according to
such arbitration, settlement, adjustment
and compromise, and all the acts of
said Executors and/or Trustees in
that regard shall be final and conclusive.
I further direct that no bond, undertaking
or other security whatsoever, shall
be required of my Executors and Trustees,
or their successors in any jurisdiction
whatsoever, for the discharge of any
of their duties hereunder, or for
or upon the doing any act which they
are empowered to do under or by virtue
of the provisions of this my Last
Will, or under or by virtue of any
law or authority whatsoever.
Except as otherwise herein provided,
all of the powers and authority herein
conferred, including discretionary
power, may be exercised by such of
my Executors and Trustees as may qualify,
and by the survivor, survivors and
successors of them.
The words ``income'' and ``profits''
as used in this my Last Will are not
intended to include profits realized
upon the sale of any of the assets
constituting the principal of my estate.
Such profits are to treated as accretions
to principal.
In the event that any person named
as a legatee under this my Last Will
and Testament shall die simultaneously
with me, or in or as a result of a
common disaster, or in the event that
there may be a question as to the
survivorship of such person or myself,
then for all purposes and intents
under this my Last Will and Testament
such person shall be deemed to have
predeceased me.
TWELFTH: I direct that any Federal
or state income tax which may become
due from my estate by reason of the
profits or accretions which shall
accrue to the principal of any trust
fund hereunder shall be paid by my
Trustees out of the principal of such
trust fund and shall not be charged
against or paid from the income of
any beneficiary of any trust fund
under this my Last Will.
THIRTEENTH: I direct that all estate,
transfer, succession, inheritance,
legacy and similar taxes upon or with
respect to so much of my estate as
passes by, through or under Paragraphs
SECOND, THIRD, FOURTH, FIFTH, SIXTH
and EIGHTH of this my Last Will, shall
be paid out of my residuary estate
and there shall be no proration of
any such taxes, and I further direct
that so much of such estate, transfer,
succession, inheritance, legacy and
similar taxes as may be assessed against
my estate by reason of the inclusion
for estate tax purposes of the trust
referred to under Paragraph SEVENTH
of this my Last Will, or any other
assets not passing by, through or
under this my Last Will, shall be
apportioned to such trust and assets
and shall be charged to and paid therefrom.
IN WITNESS WHEREOF, I have hereunto
to this, my Last Will and Testament,
set my hand and seal this 9th day
of August, in the year One Thousand,
Nine Hundred and Forty-eight.
George Herman Ruth (L.S.
In the presence of:
Dorothy Henderson Herbert P. Polk
F. Van S. Parr, Jr.
SEALED, SUBSCRIBED, PUBLISHED AND
DECLARED by the above named Testator,
George Herman Ruth, as and for his
Last Will and Testament, in the presence
of us, and of each of us, who at his
request and in his presence and in
the presence of each other have hereunto
subscribed our names as witneses the
day and year last above written; this
clause having first been read to us
and we having noted and hereby certifying
that the matters herein stated took
place in fact and in the order herein
stated.
Dorothy Henderson residing at 520A
-9th Street Brooklyn, N.Y.
Herbert P. Polk residing at 205
W. 89 Street New York, N.Y.
F. Van S. Parr, Jr. residing at
23 Woodland Way Manhasset, N.Y.
[EDITOR'S NOTE: The following is
the will of baseball legend Babe Ruth.]
|