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My house was built in the '20's too, hot water cast iron radiators etc. I know my radiator vent valves still work since I've bled them a couple times during the almost 30 years I've lived in this house, like after the main heater/boiler was replaced and the heater system was opened and refilled with new water which of course had air in it that eventually needed bleeding out; otherwise, if there is no water loss and you don't have to add water, there should be no reason to bleed air out unless it wasn't bled properly in the past.
If it's the potable water system clanging around like mr. kirk suggested, my question is "did you change any spigot, valve or flush mechanism or have other plumbing work done recently after which this noise started?" That would be a clue where to look for the problem. Sometimes it is hard to find the root cause of the noise and adding a water hammer arrestor or such device is easier, but I prefer to find the cause of the problem and get rid of the cause especially if it is a recent and not longstanding problem.
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