Came across this one buried deep in a bunch of maroon King labeled country 78s (for a change, I snatched those up too).
I may be wrong (sometimes Rust's Discographies trip me up on personnel from one recording session to the next) but I believe that Red Nichols is present on the Varsity Eight (a pseudonym for the California Ramblers) side. He allegedly played on a few of Paul Van Loan's (a former trombonist and arranger for Jean Goldkette) recordings but this isn't one of 'em.
Varsity Eight: Red Nichols t / Tommy Dorsey tb / Jimmy Dorsey cl, as / Arnold Brilhart cl, ss, as / Freddy Cusick ts / Adrian Rollini bsx, gfs / Irving Brodsky p / Tommy Felline bj / Stan King d, k.
Recorded in New York on June 4, 1925.
Paul Van Loan & His Orchestra: Paul Van Loan tb, a, dir / Allen McAllister, George Hall t / George Vaughn, Tom Kraus, Glen Wakeman cl, ss, as, ts / Joe Cirina p / Whitey Campbell bj / Ed Grier bb / George Sterinsky d.
Recorded in New York on June 1, 1925.