The logo on top does match that of early Worth baseballs, as seen on this example:
http://www.ebay.com/itm/Vintage-1920...item19df2f255b
The red/blue stitching would suggest a date much earlier than 1950's. More likely to be 1920's-30's. Unfortunately, I don't have any catalogs or model number information for Worth baseballs of any era to be able to put a definitive date range on the ball itself.
Any way you can show a clearer view of the signature on the side panel? Looks like 3 lines of inscription then signed what? Eddie Warren? Soddi Murray? No idea based on what I can see. The one on the sweet spot seems to be a lost cause, having been well-obscured by Fido.