Some further research on trade mark law could probably verify this, but based on the wording "Trade Mark REG" I would date this post 1880, up until 1905. That would be consistent too with the Palmer shoe co. history.
Since early baseballs were often homemade (typically with the help of a cobbler to cover the ball), you can sometimes see the prior use of the leather cover - in this case an old shoe/boot.
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