In fall of 1939 Elliott “Eli” Everett Oberstein formed a U.S. Record Corporation in Scranton, Pennsylvania with labels called Royale and Varsity. Both labels were intended to be low budget ones primarily using material acquired from other labels, but soon his company went bankrupt. During WWII Oberstein resurrected labels called Hit, Elite, Classic and Varsity and sold recordings made in Mexico. In February 1945 Obertstein sold his studios, pressing plant and masters for more than half a million dollars to the Majestic radio company, who wanted to start a record label. In 1948 he formed Wright Record Corporation, revived his Varsity label and started Rondo. Originally it was located in New York City, but in fall of 1949 it was moved to Meriden, Connecticut. Later he merged Wright Records with Allegro and Regent to become the Record Corporation of America (RCA!). He later sold out to Pickwick International, keeping the Rondo label, which he marketed until he died in 1960.