A baseball team is doubtless a very excellent property, if the owner can get one that is entirely reliable. But reliability is hard to find. A reliable team may do its best and yet be beaten by an unreliable team that happens to do better. The history of the ball field is always a chapter of accidents, and capitalists who invest in the game run bigger risks than those who go long or short of corn or cotton. Mr. Henry Lucas, who has been footing the bills for the St. Louis League Club, declares that he is $70,000 out of pocket. He is satisfied, and has sold out.
-Macon Telegraph, August 24, 1886
Nothing really new here but I liked the tone of the article. It's a rare thing, I think, to see a baseball club to be considered as property in this era.