In 1922, Paramount evaded bankruptcy by embracing the race-records market which had been discovered and established after Mamie Smith's huge 1920 success with "Crazy Blues" for the Okeh label.
In 1923, they bought up the Black Swan label and began using the services of Mayo Williams, a graduate of Brown University who had specialised in football and philosophy, and had become a black Chicago south-side bootlegger with important connections.
Paramount's treasure-laden five-years from '23 to '27 were defined by Williams - whose nickname of "Ink" was derived from his ability to get big names to sign on the dotted line..
He established Ma Rainey as the biggest blues star in the country after Bessie Smith, enjoyed several hits with Ida Cox and Alberta Hunter, found and recorded both Big Bill Broonzy and Blind Blake in Chicago, and managed and produced Blind Lemon Jefferson.

Record sales had been taking a hit from the rise of radio as the new technology replaced the wind-up Victrola as the source of home entertainment. But few places in the countryside were yet wired for electricity. So labels turned their attention to rural markets and rushed to find blues music from the south that would sell to country audiences.
Paramount struck gold with Blind Lemon Jefferson - the first and most successful country blues star of the '20s, whose work would define and refine the down-home sound for all those who followed.
Mayo Williams, having identified a future for himself in the worlds of copyright and publishing, withdrew from the company in 1927.
His departure marked the end of an era alright.
But the biggest shadow yet to come was the one cast by the fat lady hanging just around the next corner.
Here's the Paramount Field Manual for Volume 1
327 MegaBytes
https://mega.co.nz/#!PBgB2ZbB!o9-BaUWJmh4qxEYWp7p2tcp4b1VUemnDarUYwRBKRuM
And here's our third and final tranche of tracks from Volume 1
159 GigaBytes
https://mega.co.nz/#!GZYA1JYB!5_h9cn90ZQDsZD1IOcdqyyfth4i8BWPGzGdOd7ep1y4