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I think the Capital records building had/has an echo chamber in the basement that they'd use for ambiance on those recordings.
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They still have 'em, but they're being threatened. Check out this article from the LA Times:
Capitol says recording quality at its Hollywood building is at risk.
People have mentioned "Runaround Sue" as a great sounding older recording. I've taken notice of this myself. From the same era, "The Lion Sleeps Tonight" also sounds great. Conversely, Phil Spector's recording don't sound so hot as far as audio quality goes. It's important to note that, while the records he made may be considered artistic masterworks, his recording techniques were already considered rather primitive when he was cutting all those big hits back in the '60s.