There's an old story that in April of 1947, over maybe a few too many drinks at Toots Shor's restaurant in New York, Yankees owner Dan Topping and Red Sox owner Tom Yawkey had agreed to the biggest trade in baseball history: Joe DiMaggio for Ted Williams. DiMaggio would get to play in Fenway Park with its inviting Green Monster instead of cavernous Yankee Stadium (457 feet to deep left-center back then) and Williams would get to move to Yankee Stadium with its short right-field porch.

Yawkey woke up the next morning and came to his senses, telling Topping that his people in Boston wouldn't do the trade. The Red Sox had just won the pennant in 1946, Williams was four years younger, Boston already had an excellent center fielder in Joe's brother Dom and Joe had undergone offseason surgery on his heel. There wasn't a good reason for Boston to consider such a move. In checking biographies on both Williams and DiMaggio, this story appears to come from a Dave Anderson column from the New York Times in 1980 (both Yawkey and Topping were dead by then) and not from contemporaneous newspaper accounts. Anderson's column also suggests Yawkey, after turning down Williams for DiMaggio, asked Topping to include his "little left fielder" -- a rookie named Yogi Berra.

The Berra part sounds a little apocryphal to me -- for one thing, Berra had only played a few games in right field in April of that year, not left, and had hit .225 with no home runs. It doesn't seem likely that Yawkey would have viewed Berra as the difference-maker to swing the trade. While the Red Sox never won another pennant with Williams, it would have been a terrible deal for them: DiMaggio would play just five more seasons and 625 games while Williams would play another 1,556 games (not to mention the time he missed in 1952-53 to resume military duty for the Korean War).

What I didn't know until recently reading Richard J. Tofel's book "A Legend in the Making: The New York Yankees of 1939" is that DiMaggio and Williams could have been teammates if not for the twists of fate. Imagine a Yankees outfield with DiMaggio and Williams side by side. Not that the Yankees struggled without Williams.

DiMaggio had first starred with his hometown San Francisco Seals of the Pacific Coast League as an 18-year-old in 1933, hitting .340 with 28 home runs in 187 games, including a 61-game hitting streak. Major league teams attempted to purchase DiMaggio -- the Yankees reportedly offered $75,000 -- but Seals owner Charley Graham elected to keep his prized asset for 1934. Remember, back then most of the minor league teams were independent of the majors, selling players to big league teams or even making trades.

In May of that year, DiMaggio hurt his knee climbing into a car. In his autobiography, DiMaggio said he had been visiting his sister, took a cab home and slipped on the climb out because "my left foot must have fallen asleep from the awkward position in which I was sitting." Richard Ben Cramer's biography of DiMaggio, "Joe DiMaggio: The Hero's Life," reports that the San Francisco Examiner at the time reported DiMaggio had slipped in the early hours of the morning at Fourth and Market -- an area full of bars and nightclubs. Cramer's insinuation that DiMaggio may have been "loaded" is speculative, but DiMaggio's own account certainly isn't true.

Anyway, DiMaggio missed some time, attempted to play through the injury and didn't hit as well when he returned. He still managed to hit .341 with 12 home runs in 101 games but Graham, who had been hoping for $100,00 for DiMaggio before the injury, now saw interest wane in his young star.

The Yankees, however, remained interested. West Coast scout Joe Devine had loved DiMaggio and he had a local scout named Bill Essick check into DiMaggio's knee. According to Cramer's book, the Yankees paid for an orthopedic specialist to examine DiMaggio and the surgeon reported that the 19-year-old should be able to recover from the injury. Essick told Yankees general manager Ed Barrow, "Don't give up on DiMaggio. I think you can get him cheap."

He was right. With other teams out of the running or short on cash during the Depression, the Yankees got DiMaggio for $25,000 and five prospects, with the caveat that the Seals could keep DiMaggio for one more year and the Yankees could get their money back if DiMaggio's knee didn't hold up. He hit .398 with 34 home runs in 1935 and joined the Yankees in 1936. DiMaggio was an immediate star, hitting .323 with 29 home runs and 125 RBIs, and the Yankees won the first of four consecutive World Series titles.

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Williams was another California kid, from San Diego. While DiMaggio was tearing up the American League in 1936, Williams was playing at Hoover High School that spring. Tofel writes,

For the Yankees, Williams was the one who got away. Bill Essick, the same Yankee scout who recognized late in 1934 that DiMaggio was still worth $25,000 despite his knee injury, failed to sign Williams eighteen months later. Essick offered a $500 signing bonus but refused to meet Williams's mother's demand for $1,000.

Did the Yankees really lose Williams over $500? I had never heard that story before. I checked out Ben Bradlee Jr.'s comprehensive Williams biography -- "The Kid: The Immortal Life of Ted Williams" -- that came out in 2013 for more detail. As Williams was finishing up at Hoover, Bradlee reports that scouts had been tracking Williams for some time, with a local bird dog named Herb Benninghoven, who worked for the Cardinals, Williams' "most ardent suitor." Also interested in Williams was a bird dog named Elmer Hill, who worked for Essick. After Williams hit a long home run in an American Legion game, Hill and Essick showed up at Williams' house.

Bradlee quotes Williams' autobiography:

Essick was as anxious as anyone to get me. I'll never forget what he said: "Ted, if I didn't think you were going to be a New York Yankee, I'd never sign you." Maybe he said that to everybody, but that sure impressed me. I think he offered me $200 a month and a $500 bonus if I made the team at [Class A] Binghamton, New York, but the story is my mother asked for a $1,000 bonus and Essick refused.

Note carefully the wording. Williams isn't exactly saying that he didn't because his mother asked for more money, but seems to be repeating a story that had been told by others.

Still, the Yankees remained interested, later offering $250 a month or $400 a month if he made the Yankees' Pacific Coast League affiliate, and Hill apparently believed that an agreement in principle was in place once Williams finished high school. The Tigers also scouted Williams but area scout Marty Krug deemed Williams too skinny. The Los Angeles Angels of the PCL tried to sign Williams, but Ted's father didn't like the team's manager. Benninghoven, still interested in Williams, invited him to a Cardinals tryout in Fullerton, where Branch Rickey would be present. Bradlee writes, "At the tryouts, the speed-conscious Rickey required recruits to run race after race with numbers pinned to their backs. But the day before the tryout, Ted was hit by a pitch on his thigh, just above the knee. Slow anyway, Ted was made even less mobile by the injury, and he largely went through the motions. Rickey showed no interest in him."

Benninghoven did finally get the Cardinals to make an offer, but Williams figured St. Louis wasn't the quickest way to the majors. Sam Williams, Ted's father, reportedly asked the Yankees for another $25 a month. In a 1957 letter, Hill wrote that he agreed to this with Williams and his mother. Ted's parents had a strained marriage, often living apart, and it appears Sam Williams was working in Sacramento at the time. Williams ended up signing on June 25 with the San Diego Padres, a new team that year in the PCL, for $150 a month. For the cash-strapped Williams family, apparently the fact that the Padres had agreed to pay him for the entire month of June was a crucial factor, along with Ted's mother liking the club's owner.

Williams played sparingly the rest of the season for the Padres, hitting .271 with no home runs in 107 at-bats. In 1937, at the age of 18, he hit .291 with 23 home runs. Now, just about every major league team wanted Williams. The Yankees were still interested as were the Tigers and New York Giants. Casey Stengel, who had been hired as manager of the Boston Bees (Braves) for 1938, had been out of baseball in 1937 but saw Williams when he played in Stengel's hometown of Oakland and liked the kid's potential. The Bees made an offer.

The Yankees fell out of the bidding, perhaps because of Joe Devine's scouting report that said Ted "is a very slow lad, not a good outfielder now, just an average arm. There is no doubt Williams will never be a fast enough to get by in the majors as an outfielder. His best feature now is that he shows promise as a hitter, but good pitching so far has stopped him cold."

And then there were the Red Sox, who had closely watched Williams all season and had discussed a deal with Padres owner Bill Lane. Lane held off during the season but told other teams that he had promised Red Sox general manager Eddie Collins the right of first refusal. At the winter meetings that year, however, Yawkey suddenly seemed reluctant to spend the money, saying he was tired of buying other teams' players and that Boston was trying to develop its own farm system. Collins insisted they needed to make an exception for Williams.

Lane was about to give up on the Red Sox and sell Williams to another team when the two sides finally agreed on a deal: $25,000 and four players for Williams. The Red Sox were so lacking in minor leaguers at the time that Collins had farm director Billy Evans quickly acquire four players he could then trade to the Padres. The Tigers ($30,000) and Giants ($31,000) had reportedly offered more money, but Williams belonged to Boston.

Williams spent 1938 at Minneapolis, where he hit .366 with 43 home runs. He joined the Red Sox in 1939 and would spend much of the next 12 years chasing DiMaggio and the Yankees. While both players were active, the Red Sox would win just that one pennant in 1946, five times finishing in second place.

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How close did Williams come to signing with the Yankees? It's difficult to say with any degree of accuracy all these years later. Certainly, dealing with Williams' parents was difficult. The family was poor -- Williams wrote that he was embarrassed to bring scouts to his house -- and strapped for cash, thus wanted some sort of signing of bonus. Williams' autobiography makes it appear as if he was willing to sign with the Yankees; when Boston finally purchased him from the Padres, he wrote that he was disappointed. "The Red Sox didn't mean a thing to me. A fifth-, sixth-place club [the Red Sox had finished in sixth in 1936], the farthest from San Diego I could go. I certainly wasn't a Boston fan."

The scout Elmer Hill seemed to blame Williams' mother for reneging on an agreement, but that could be some re-imagining of the facts years later. Or maybe the Yankees really did just cheap out in the end.

One more thing, however. Williams didn't actually graduate from high school in the spring of 1936. He still had one more semester to go. Doesn't it make sense that maybe Williams' mother wanted him to finish school? He could sign with the Padres, get the family a little money in the short-term, play for them that summer and then finish his last semester of school in the fall. Also, Lane had apparently promised the Williams family a percentage of any sale in the future, so May Williams would eventually get her bonus money.

In fact, when Williams was sold, the Williams family asked for $5,000 from Lane, who now refused to give the family anything. The Williamses said Ted was a free agent and could sign with any team. All winter, reporters wrote on the squabbles going on with the Williams family, the Padres and the Red Sox. Commissioner Kenesaw Mountain Landis ordered Collins to make sure he got Williams to sign a Red Sox contract.

He eventually did, but not until mid-February, and not until the Red Sox finally gave May Williams $2,500.

(Most of the information here was gathered from the books by Ben Bradlee Jr. and Richard Ben Cramer. I recommend both.)