Hi All.  Thanks to each and every one who responded to my query
about the fake Monarch.  Every one of these pianos share a common
thing: they have an H.C. Bay player action.  So the evidence suggests
that the pianos are indeed built by H.C. Bay Company as commercial
grade instruments.

I was told that my particular piano was made in 1903, however, that
seems a little early due to the presence of the H.C. Bay player action.
I haven't checked the serial number against the H.C. Bay products yet
(I've misplaced my 'Piano Atlas').

Andy Taylor