One of the others on the list wondered if the recording would be any more audible played back on a period machine. Back when I first had the record, I did own a G-2 model Grafonola console. I remember trying the record on it one time, and it really wasn't any better than playing the record on my higher-fidelity modern equipment.
I still had to wonder if that was more to do with the G-2, although I'd never tried the record on my model 110 portable Grafonola.
So this week, with all the elements in place, I decided to experiment. Thinking that I had a better shot at a balanced sound by trying to capture the sound that came from not only the horn but also the sound box and even the machine's lid(!), I miked the machine like this, at first:

Here's the last minute of this record, as it sounded on the portable Grafonola, with the miking shown above: http://www.box.net/shared/9zprck1lhi
After a change of the needle, I used this same mike setup to record one side of that kindergarten record, 'The story of busy Mary', as a test. Here's how it sounded: http://www.box.net/shared/jcma8zsgu1
Not terribly satisfying, and not really what I was after. I attempted miking the horn more directly:

This helped cut down the higher-pitched scratch texture, and with this setup, I recorded both sides of the May Murray disc.
'The story of busy Mary'
'The toyman's shop'
With a recording that poor, one can only do so much; comments, anyone?