This program remains unavailable, but we can add a few details which were not included in Jimmy Stewart on the Air. Most of the newspaper ads for the program mentioned only Dick Powell, the show’s host, and Margaret Sullavan, the main guest for the evening. However, a few did offer some additional information, including the mention of Jimmy Stewart.
The first is from the San Antonio Light, San Antonio, TX, on the day of the broadcast:
The second is from the Arcadia Daily Tribune, Arcadia, CA:
From these two sources, we see that Miss Sullavan and Stewart would be presented by Louella Parsons and would act a scene from their film, Next Time We Love.
Unfortunately, no audio from this program seems to exist.