It was a subsidiary of Grey Gull Records, produced from 1926 through 1931 (almost a year after the last record on the Grey Gull label was issued).
General opinion among the knowledgeable record collectors of this era is that Madison, being sold at Woolworth's, survived for a while after Grey Gull and their other labels due to fulfilling the Woolworth contract.
Unlike the other Grey Gull subsidiaries, Madison Records labels and advertising made no reference to the parent company.
Issues include popular dance music and songs of the time, mostly recorded by studio musicians in New York City.
There are a few jazz sides of interest, as well as some Hawaiian music and Wurlitzer organ solos on Madison records.