There is no doubt, it's Artiphon 3650 by an unknown salon orchestra (possibly directed by Friedrich Kark). Full title: "Puppenwalzer" from ballet "Die Puppenfee" by Josef Bayer. I suspect piracy...
Thank you! I added Artiphon 3650 as the Original Matrix. I also suspect piracy because of the name "Syrena-Rekord" Orchestra on the label. I think they put the name of their own bad in order to hide the real name, but why they would do it, if it was the legal exchange of matrixes with Artiphon ?
It was normal praxis to label it as Syrena, Sonora or Bellaccord orchestra. On Brillant/Tempo you have R.A. Dvorsky as Geza Gerö or Joe London, the recordings were made by Ultraphon, I could give you lot of examples from Sweden. If you look in Lerskis book, you will find a lot of Mike Speciale etc. which is just a made up name for various ocrchestras of foreign origin. On His Masters Voice you have Jack Hylton with different names (their own recordings).
So, no piracy here! Major companies would not do that, I think.