A friend translates as follows:
I translated the large red words on the label as "Moscow Pathéphonic Factory", but the only bit that I could get in the small white and gold lettering is the first word, "Ministry" The next word, "Mestnoi", possibly makes it mean something like Ministry of Industry(?), and I can guess at the last bit which is glared out, RCFCR. These are the transliterated letters RSFSR, which possibly stands for an early name of the Soviet Union. We know the Soviet Union as an acronym which we read as CCCP, but which is Cyrillic for SSSR (Union [Soyuz] of Soviet Socialist Republics). At a wild guess, RCFCR might mean something like Russian Soviet Federation of Socialist Republics.
Compare (this time Russian photo by Arthur Zimmerman):
