Several thoughts. First, great pick up. I would suggest that the bat is actually made out of willow rather than ash or hickory. Willow is very light and Spalding did make bats from willow. I don't know if you have stuck something in the ends of the bat to assure that it is corked but from the pictures the pattern on the ends could be created by the lathe tool cutting away material and then cutting the remaining nub end off with a saw. Not all early bats had the lathe marks in the ends of the bat. Spalding also did make a cord handle ring bat but the ones I have seen smaller cord was used and it didn't run up to the center ring so that may have been added later.
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