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He was "cut in" on the songwriting credit because "Things I Never Knew Till Now" was one of the catchphrases of his column, but I wouldn't be surprised if he kicked in a bit more than that. He had been a song-and-dance man in vaudeville before he began his column, and he knew his way around the music business.
"Cut ins" were very common in the Era -- the usual setup was that a star would agree to feature and promote a particular number if he was "cut in" with a writing credit so as to get a chunk of the royalties. Jolson was the most notorious practitioner of this -- you'll find his name on a lot of sheet music that he had nothing to do with actually writing. Rudy Vallee was also a frequent "cut in," but at least in his case he usually did contribute an alternate set of lyrics or some other such input.
That's a great record. I've never owned a copy of it, but I've heard it. All the Red Nichols stuff of that era is well worth hearing.