Original News Service photos or press photos of Babe Ruth sell in the $125. -$350. price range. Photo composition, if it was used in publication, and historic relevance of the photo will dictate the value.
When Babe Ruth died in August, 1948, The Sporting News published an eight-page obituary as a supplement to the regular issue. The cover featured the now famous picture taken on Babe Ruth day at Yankee Stadium, standing at the plate with the players along side the foul line. If this is photo you have, and it is an original, stamped "The Sporting News" on the reverse it will have significant value.
I am not aware of a photo premium issued by The Sporting News in 1948. If it is a premium it could have a value of about $200. - $300.
AAA Grading does not exist anymore, and an item graded or authenticated by them might not hold much weight. PSA/DNA does have such a service, and this will add value to the photo.
In an auction held in 2005 a 1920's photograph of Babe Ruth hitting an over-sized Baseball, stamped The Sporting News on the reverse in excellent condition sold for $325.
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