IN THE NEWS: Babe Ruth signs a 2-year contract for $160,000 with New York. At $80,000 per year, he is the highest paid player of all time. When it is pointed out he is earning more money than the President of the United States, Ruth observes: "I had a better year than he did." Ed Barrow, Yankee GM, assures posterity, "No one will ever be paid more than Ruth."