One of the things that fascinates me about the dances of the Jazz Age is how universal and international the "Modern Dance" sensibility was. Pretty much anywhere you were, from New York to London to Berlin to Buenos Aires the dances were very similar.
Paris and Vienna had some unique takes on the Waltz, but in Argentina, the close-hold, box-step smooth style found in most of the world was also found there, in the home of the Tango. There is today a style of Waltz popular with the Tango crowd that is essentially a Tango in 3/4 time. That doesn't seem to be what's happening here, though to be fair, the Argentine Tango of 1935 was not quite what you generally see danced today either.
Just for contrast, I have also embedded a video of the modern take on the Argentine Waltz.
I happened on this fragment of an obscure British film set in a dance hall that contains a lot of nice detail. I also love it when they put up a sign saying "Fox Trot" or "Waltz" to remove any doubt. I am a bit disappointed they flashed a One Step sign, but didn't show it. I am curious what a British One Step would look like given how One-Steppy their Fox Trots are. You would seldom see a dance called a One Step in the States by this time.
And here are some examples of the Germans performing the "Modern" Waltz in the early 1930s.
A video pastiche of Waltzing in the 1920s and 30s.
A collection of clips from European films of the '20s & '30s showing the French Java (a bouncy waltz variation) being danced. Music is "Ca Gaze" by the Baguette Quartette.
American Waltz in 1929 from the film "Dance Hall". The Foxtrot-like walking step is clearly visible, especially at the beginning where it is clear that he is stepping only on the downbeats.
A Valse Musette from the 1930 French Film Sous les toits de Paris (Under the roofs of Paris).
Waltzing from the 1930 film "Love in the Rough". Dancers: Robert Montgomery and Dorothy Jordan. Vocal by Don Novis
The amazing Jean Gabin dances a smooth, elegant Java with a nice old lady from the film Belle Equipe.
A typical Parisian Valse Musette of the '20s and '30s.