"It's The Talk Of The Town" is superb, and then there's the slightly earlier "One Hour" by the Mound City Blue Blowers, with Hawkins in equally rhapsodic mood. I think that recording, waxed in November 1929, set the tone for the way ballads were approached by jazz soloists in the 1930s. Hawkins once more set the tone at the end of the decade with "Body And Soul". The man was a genius!
If we trace the lineage back further in time from "One Hour", I do feel that 'ballad' approach - emphasising the jazz soloist in a ballad setting, playing extended solos - really did began with "Singin' The Blues". Other sides made around that time or earlier sound to me like precursors. Or perhaps it's simply because they sound of their time, whereas Bix's solo on "Singin' The Blues" - just as with Hawkins' solo on "One Hour" - is timeless. In this respect, I very much agree with the excellent points Carl makes in the second paragraph of his post higher up in this string.