The newsreel presenter "Cold Promise", appearing around the 3-minute mark, is a caricature of the famous member of that profession, Lowell Thomas.
As the children gather in front of the theater, two of them (seen on opposite sides of the ticket booth) closely resemble Donald Duck and Mickey Mouse.
A movie poster (seen around 1:50) advertises "Ahs of a Wizard", a word play on "The Wizard of Oz", released in the same year, 1939, by Warner Bros' rival studio, Metro-Goldwyn-Mayer (MGM).
The [Coming Attractions] clip mentions a ticklish film "Four Feathers" (actually a war movie about redemption of honor, made by London Films), and "Gone with the Breeze" (a parody of "Gone with the Wind", a film co-produced by MGM).