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The New York Yankees Cope with the Great Depression
Published online by Cambridge University Press: 18 February 2015
Abstract
The New York Yankees donated their financial records to the National Baseball Hall of Fame. These records provide a rare glimpse into the business of professional team sports. I use these records to examine how the Yankees' management reacted to the Great Depression. Since the team possessed both price-setting power over ticket prices andmonopsony power over player salaries, how did the team adjust ticket prices and salaries in response to the falling incomes of its customers and general deflation of the early 1930s? How did the team's response differ from other teams in Major League Baseball?
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- Copyright © The Author(s) 2007. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved.
References
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Hanes, Christopher. “Nominal Wage Rigidity and Industry Characteristics in the Downturns of 1893, 1929, and 1981.” American Economic Review
90 (2000): 1, 432–6.Google Scholar
Haupert, Michael. “Bonus Clauses and the Standard Player Contract.” Baseball Research Journal
36 (2007): 109–15.Google Scholar
Haupert, Michael, and Ken, Winter. “Pay Ball: Estimating the Profitability of the New York Yankees, 1915-1937.” Essays in Economics and Business History
11 (2003): 89–102.Google Scholar
Surdam, David. “Non-Price Determinants of Demand for Baseball Games: Evidence from New York Yankees’ and Philadelphia Phillies’ Financial Records.” Journal of Economics (forthcoming).Google Scholar
New York Times, “Ads for today’s game,” July 1, 1931, 30; June 1, 1932, 30; July 1, 1932, 26; July 1, 1933, 10; and July 13, 1934, 20.Google Scholar
New York Times, “Ladies’ Day Announced: Yankees to Be Hosts to Fair Fans Every Friday,” March 23, 1938, 27.Google Scholar
New York Times, “Major Leagues Will Not Cut Ticket Prices Because They Were Not Raised in Boom Times,” January 16, 1932, 20.Google Scholar
New York Times, “Four Half-Price Days, One Free For Women at Braves’ Contests,” April 7, 1932, 32.Google Scholar
New York Times, “Yankees Will Enlarge Stadium to Seat 84,000 at Ball Games,” February 5, 1936, 22; see also “Yankees Plan New Stand,” March 4, 1933, 16.Google Scholar
New York Times, “Dodgers Plan New Bleachers to Give 6,500 55-Cent Seats,” March 8, 1933, 2 and “Cubs to Enlarge Park,” October 12, 1935, 22.Google Scholar
New York Times, “Ruppert Belittles Suggestion Yanks Should Aid Weak Clubs,” November 10, 1932, 1.Google Scholar
New York Times, “Giants and Yanks Complete Arrangements for Broadcasting of Their Home Contests,” January 26, 1939, 25 and “Ball Games on the Air: Reader Scolds Giants and Yanks for Stand on Broadcasts,” May 8, 1943,13.Google Scholar
New York Times, “Majors to Reduce Squads on May 15,” December 14, 1932, 29 and “Salary Cuts and Reduction of Player Limit Voted By Major Leagues,” December 11, 1931, 37.Google Scholar
New York Times, “Landis Cuts His Own Pay $10,000 to $40,000; Has Drawn $652,500,” January 8, 1933, 3:1.Google Scholar
New York Times, “Hack Wilson, After Conference with Carey, Plans to Sign with Robins Today,” February 1, 25.Google Scholar
The Sporting News, “‘Game Coming Back Bigger Than Ever,’ Says Ruppert, Ready to Enlarge Park,” January 19, 1933, 3.Google Scholar
New York Yankees Baseball Club. General Ledger and Cash Books. National Baseball Hall of Fame, 1913–1944.Google Scholar
New York Yankees Baseball Club. Yankee Baseball Collection, 1913–1950. New York Public Library, 1913–1950.Google Scholar
U.S. Bureau of the Census. Historical Statistics of the United States. Washington, DC, 1975.Google Scholar
U.S. Congress. Organized Baseball:Hearings before the Subcommittee on the Study of Monopoly Power of the Committee on the Judiciary. Serial No. 1, Part 6, 82nd Cong., 1st Session, Washington, DC, 1952.Google Scholar
U.S. Congress. Organized Professional Team Sports. Hearings before the Antitrust Subcommittee. 85th Cong., 1st. Washington, DC, 1957.Google Scholar