The newsreel presenter "Cold Promise", appearing around the 3-minute mark, is a caricature of the famous member of that profession, Lowell Thomas.
This cartoon was colorized in 1968 by having every other frame traced over onto a cel. Each redrawn cel was painted in color and then photographed over a colored reproduction of each original background. Needless to say, the animation quality dropped considerably from the original version with this method. The cartoon was colorized again in 1992, this time with a computer adding color to a new print of the original black and white cartoon. This preserved the quality of the original animation.