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The Rachmaninoff 3rd Concerto was recorded by the composer in 1939-40. By that time apart from portable record players, the living room record player was electronic. However in 1929, phonographs were still predominantly acoustic hence the recording equalization characteristics were governed by them. The characteristic in 1929 was "constant velocity" whereby the velocity of the stylus across the audio bandwidth governed loudness.
To improve disc signal to noise and also to increase playing time, a constant amplitude charactistic was introduced in the 1930's. Hence 1940 recordings played on an acoustic phonograph would have diminished bass frequencies and boosted highs, making the records sound shrill.
Unfortunately record equalization remains a little understood technological evolution which leads us to having to endure an obnoxious cacophony of Elvis Pressley and Eddie Fisher 78's on vintage 1910's era Victrolas at antique markets.
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