Not just back in the day, that photo is of a recently built and flown replica that tragically crashed and killed its owner / builder / pilot, Jim Wright. A prop counterweight is thought to be the culprit. Jim built both sets of wings, as well, the blue endurance wings in the photo and the red pylon racing set that the aircraft is never depicted with.
Sad story, both the aircraft and builder had a very bright future in the airshow and racing circuit.
Here's my personal favorite, the Macchi-Castoldi 72, 440.6 mph in 1934, while on FLOATS! Imagine what this thing would have done without all of that drag. The engine itself is a marvel of engineering, the Fiat AS-6 was two Fiat V-12s mated together, and it spun a counter-rotating prop.
And an AS-6:
The Schneider Cup races were really in a world all their own and gave rise to some amazing machinery.