Olympic was a second label founded by John Fletcher in Long Island City, New York after his Operaphone line lived and died there in the late 1910s. A cornetist who played in the Edison Studio Band in the 1890s, then with Sousa and later the New York Symphony Orchestra, Fletcher also tinkered with the technology as an amateur inventor. He had less success in the latter pursuit though as Operaphone discs used the less popular vertical and universal cuts and were pressed with softer, less durable shellac; not to mention the lack of big talent on the roster that such smaller labels usually suffered. Olympic was to use more standard technologies and materials but it barely even got off the ground in 1921 when its parent company, the Remington Phonograph Corporation (headed by firearms family heir Philo Remington), was placed into receivership on December 1 when it was discovered much of the stocks sold for operations didn't add up, were inflated and money was missing. But the idled studio and pressing plant was soon revived in a partnership when Fletcher bought the studio and plant back with Harry Pace of Black Swan Records in March 1922. Fletcher resurrected his own Olympic label a few months later under his own eponymous corporation and many of his sides by white performers even found their way onto the supposedly black-exclusive Pace discs. Both soon encountered trouble though as Black Swan lost its major talent and the Fletcher Record Corporation itself was placed into receivership on December 10, 1923. Black Swan limped into the new year re-releasing some of its sides using other pressing plants. Fletcher did the same with his masters using the Capitol Roll and Record Company of Chicago later that year.