Black Swan records, 1921 to 1924: from a swanky swan to a dead duck

Abstract

In this study, the brief life of the Pace Phonograph Corporation, which produced recordings under the Black Swan label, is traced from its founding in 1921 to its demise in 1924. The state of its management and accounting systems, especially in the context of small business, is examined together with economic and technological conditions, under-capitalisation, and racial issues as explanatory factors contributing to the demise of what was, in its heyday of 1921-1922, one of the most successful Afro-American-owned businesses of its time. It is concluded that the state of accounting knowledge of the time and the lack of accounting knowledge within management ranks did not cause the failure of the company but exacerbated the difficulties faced by small start-up businesses in the early 1920s, particularly those founded by Afro-Americans.