Ad from The Oregonian, September 13, 1940

Schwinn ad from the above issue of Life Magazine

Johnny Mercer

The Capitol Records Company was founded by songwriter Johnny
Mercer in 1942, with the financial help of fellow songwriter and film
producer Buddy DeSylva and businessman Glenn Wallichs, owner
of Music City which was the largest record store in Los Angeles at
the time. The new company opened its first office in a second-floor
room south of Sunset Boulevard.

As of 2011, Capitol Records is now operating in New York City as
part of Capitol Music Group. The former headquarters building,
the Capitol Tower, is a major landmark located near the corner
of Hollywood and Vine and is owned solely by EMI Music.  

 
Buddy DeSylva
     

Glenn Wallichs (L) with Stan Kenton

The Capitol Tower, contraction was completed in 1956.