1927 Yankees Team Photo Negative

[Lordstan]

Short answer is no.
Just because you own the physical item doesn't mean you own the intellectual property.
My good friend Graig Kreindler explained it to me like this, when I asked about using the paintings he creates for other things.
When he creates a painting, the idea and creation of the painting is owned by the artist. The physical painting can be sold, but not the IP. You can arrange to purchase the IP, at an additional cost, but it is not included in the price of the painting itself.
A negative would be the same. I'm not sure who would technically own the IP. It could be the photographer or the news agency they work for. I also think MLB, the specific team, or the player's estate could all lay a financial claim prior to being able to use a negative for profit.
All that being said, I think it is unlikely that anyone will be chasing anyone down for taking a negative and printing some copies for friends or even selling a few here and there. None of the above parties appear to be cracking down on the million picture sellers on ebay, so I doubt a small seller would be targeted.
Best,
Mark