Born 1845 in New York City, Waterman played for the Empire club of his native city in 1865 and for the famous Mutual club (New York Mutuals) the next two years. Some Mutuals players were compensated materially during the amateur era of National Association of Base Ball Players—city employment is one possibility—and Waterman may be considered a candidate.\n', '

At age 22 Waterman moved to Cincinnati for the 1868 season and played for the original Cincinnati Red Stockings managed by Harry Wright. Open professionalism was one year away but the long move suggests that Waterman was somehow compensated by club members if not by the club. Cincinnati fielded a strong team that year, with five of the famous team already in place. Playing statistics suggest that Waterman was the second best batsman behind John Hatfield, another import from the Mutuals, for he was second on the team both in scoring 4.4 runs per game and in being put out only 2.3 times per game.\n', '

When the NABBP permitted professionalism, the Red Stockings hired five incumbents including Waterman and five new men to complete its famous First Nine of 1869, the first team on salary for a season. A few others had previously played some third base (all played at the six infield positions in 1868), but Wright retained Waterman at the position.\n', '

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