Gwen Lee and Charles Kaley in Lord Byron of Broadway (1930).

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Gwen Lee and Charles Kaley in Lord Byron of Broadway (1930).
Song: (What Do We Do On a) Dew-Dew-Dewey Day / It's a Million to One You're in Love
Artist: Charles Kaley and his Orchestra
Record Label: Columbia Records 1055-D
Recorded: June 16, 1927
Location: Hudson's clothing store, Who Needs the Power Company? Kinetoscope
After the experience with the waters of baptism, you'll open the door to the bright wonders of New Eden Square. As Hudson's clothing store docks into place next to the statue of Comstock, you'll hear this cheery song playing on the radio within.
You'll also hear it on the Kinetoscope just to the right of the entrance to the Hall of Heroes.
As for Charles Kaley, unfortunately, like Sigmund Krumgold, I haven't been able to unearth much information.
According to the October 17, 1929 extract of Robbin Coons "Hollywood Sights and Sounds", Kaley got his start in vaudeville in Earl Carroll's Vanities. After graduating from USC, he performed with Abe Lyman's orchestra as well as Ben Selvin before making his own as "The Singing Bandleader". He worked his way to performing five nights a week in Chicago theaters as Master of Ceremonies to a point where he bought out his contract for $15,000 to escape the grind.
Contemporary society columns eagerly report about his several marriages, first to actress Hannah Williams, Alfelda Kaley, and Leah Sewell, all eventually annulled.
He suddenly emerged on the "talking picture" scene in the 1930 MGM musical, Lord Byron of Broadway, with co-stars Ethelind Terry, Gwen Lee, and Cliff Edwards. Neither Terry nor Kaley had any film experience, only stage; though Kaley greatly resembled celebrated actors Richard Arlen and William Haines. The film centers around a conceited song-writer, Roy Erskine, who writes hit songs based off of his friends' misfortunes: a friend's stack of letters from a former flame becomes "A Bundle of Old Love Letters", a friend is killed in an accident, leading to "Old Pal, Why Did You Leave Me?" etc.
The lack of any major stars and acting experience was probably what led to film doing poorly at the box office. However, its Technicolor sequences and musical score were sufficiently popular to lead "Should I" and "A Bundle of Old Love Letters" to the top of music charts in 1930.
Listen to the flip side "It's a Million to One You're in Love" here.