Clipping:Caylor's estimate of the value of the Cincinnati Club
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| Date | Sunday, January 29, 1888 |
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| Text | [from Caylor’s letter] Not long ago I was talking with a gentleman–an enthusiast on the National game–and he asked me what I thought was the actual value of a bas ball club as property. I replied that the various clubs would have various values. Then we sat down and began to make estimates on the different clubs. When we came to the Cincinnati Club this was something like the result of the estimates: The Cincinnati Club has a proprietary right which might be divided into three parts. First, their fences, stands, buildings and one year’s leasehold. Secondly, the reservation and contracts of players and the right to control their services under the laws of the National Agreement. Thirdly, the franchise stripped bare of tangible property–the sole right to maintain a base ball club in the city of Cincinnati. Now, suppose all these interests be carefully weighed separately. First, we will consider the fences, stands and grounds. I believe it cost something like $14,000 to fit up the grounds by filling, leveling, rolling, sodding, fencing and furnishing the present stands and buildings. Much of that is of course a dead loss, and though the outfit is worth a good many thousand dollars to the club, a forced sale of it all would hardly fetch $2,000–lease hold and all. Let us say $1,500, which is a low call. Skipping the second item, we will consider the franchise next. A year ago Kansas City offered $10,000 for a franchise in the American Association. That however, considering the size condition and situation of Kansas City, was a very unwise offer. And yet I will venture the assertion that the bare franchise of Cincinnati as a monopoly of professional base ball for the city would find many ready buyers under the present state of the game at $5,000 and maybe much more. I would guarantee its sale to the National League at the figure with a day’s notice. I think, however, there would be no trouble whatever in securing a sum as high as $10,000 for the right. Let us split the different and say $7,500. And now comes a sale of the rights to contract for the players. Let us first dip a little into the history, or at least into the historical rumors of late base ball deals. Take first the Cincinnati Club. President Stern it is stated offered $6,000 for Ramsey, $2,000 for Maul, $4,500 for Hudson and $10,000 for Carruthers. Boston, it is said, paid $10,000 for Kelly. They actually paid $4,200 for Pitcher Sowders. Pittsburg paid $4,000 for Dunlap. The Mets paid $1,000 for Jones and $900 for Weldman. Brooklyn paid $8,500[?] for Carruthers and $4,500 for Bushong. New York would pay [illegible] for Denny if they could get him. The Cincinnatis paid $1,000 for Fennelly and had a standing offer of $2,000 for Mullane before they signed him. Brooklyn gets $7,000 for its twelve misfit, job lot remnants. With these figures before us let us briefly estimate the marketable value of the Cincinnati collection. Take the pitchers first, and only deal with two, Smith and Mullane. It isn’t a question of what Mr. Stern would take but what he would get. Well, if he makes me his broker I’ll agree to get him a buyer inside of two days with $10,000 cash for the two and I think the sum could be raised. Why shouldn’t it? If Ramsey was worth $5,000 to him, isn’t either of the pitchers worth that sum to some other clubs, say New York or boston? For his two catchers, Baldwin and Keenan, I’ll get him an offer of $4,000. Are they not worth together as much as Doc Bushong? John Reilly, if sold long, would fetch [illegible]. I know the club that will pay that price for his release any day, and as the market goes John is cheap at the price. Then there is McPhee. Well now we’re down to the choice cut. I want to ask any of my friends in Cincinnati what should be the market quotation for Bid, when that prince of kickers and disorganizers, Dunlap, has been transferred for $4,000? Why $5,000 for McPhee’s release would be offered from several sources. Boston and Philadelphia would both bid that high first crack, and if his release would not command $7,000 I’d be very much surprised. But we’ll put the figure at $5,000. Now, there’s Fennely. Frank is surely worth as much as the club paid for him–$1,000. Carpenter is certainly worth as much or more than Jones was last summer and the club sold Jones for $1,000. But maybe some will say that Jones wasn’t worth that price. Maybe not looking at it from the present instead of from that time. Still I’d be willing to purchase Carpenter’s release for $1,000 merely as a speculation. I think Hick would go halves with me. And there’s Tebeau and Nicol. Mr. Stern wouldn’t sell the two for $2,000 would he–so down they go for $2,000. I have left Corkhill for last, just as a boy saves the best bite of watermelon with which to off. John is not only a Corkhill but a Corker. I will take his contract on a small commission will agree to secure $3,000 cash for his release within a week. And now let us sum up and see what we have. Fences, building, leasehold, &c. ................. $2,000 Franchise...................................................... 7,500 Mullane and Smith...................................... 10,000 Baldwin and Keenan................................... 4,000 Reilly........................................................... 2,000 McPhee........................................................ 5,000 Fennelly....................................................... 1,000 Carpenter..................................................... 1,000 Tebeau and Nicol......................................... 2,000 Corkhill........................................................ 3,000 Serad, Viau, Bart, Kappel and O’Connor.... 1,500 _____ Total............................................................. 39,000 Now let me ask any practical base ball man in Cincinnati whether he thinks I have overestimated. I think none will say I have unless some may think I have placed the price of the franchise too high. It must be remembered, however, that an intrinsic value does not always govern the market. I have been figuring upon present prices under the present base ball boom. Something might happen to puncture the boom and that $39,000 might in one year collapse to nothing at all where it was in 1888. But under the present National Agreement laws such an event is not probable. |
| Source | Cincinnati Commercial Gazette |
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| Submitted by | Richard Hershberger |
| Origin | Initial Hershberger Clippings |
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