The Radio Theatre brings you Jimmy Stewart and Joan Blondell in Deskry Rides Again. Ladies and gentlemen, Mr. William Keely. Greetings from Hollywood, ladies and gentlemen. We welcome back to the airways and to the Radio Theatre a gentleman we've missed, Jimmy Stewart. He appears in one of his favorite roles as the soft-spoken, gentlemanly guardian of the law in Universal's western melodrama, Deskry Rides Again. Co-starred with Jimmy is another favorite of his theater, Joan Blondell, for whom I've always felt a warm regard, since Joan acted in the very first play that I produced on Broadway. Now, our story tonight takes us to the early West, those halcyon boomtown years when life was lived from day to day and gold slipped easily through the fingers. When a fine-tooth comb cost $7 and a sewing needle twice that much, while a cake of soap, if you could get it, was worth its weight in gold dust. The curtain now rises on our first act, starring Jimmy Stewart as Tom Deskry and Joan Blondell as Frenchy, with Leo Cleary as Wash Dimmesdale. It lies on the prairie like a glittering jewel, the tranquil little town of bottleneck. Here, the honest God-fearing cattleman tens his lowing herd and after a day of honest toil, repairs to Johnny Kent's tavern for a friendly glass of ginger beer and a round or two of checkers. Yes, all is peaceful and serene on this typical bottleneck evening. Oh, hello, Mayor. What are you doing in my dressing room? Seeking sanctuary? That's quite a brawl. Oh? Bugs and chips started. It's an owner here the shop's upstairs. Oh, I see. Clara? Yes, ma'am? Stay where you are. I'll change later. Yes, ma'am. And did Kent come down with you, Frenchy? Uh-uh, he's still upstairs. Doing a little arithmetic. Arithmetic? Yeah, he owns Claggett Ranch now. Well, well, that gives him a solid strip of land right across the valley. Right straight across. And from now on, every time the cattleman drive their herds across the valley, it's gonna cost $0.25 a head. Hmm, sounds reasonable to me. You know, that's what I like about Johnny Kent. He's not greedy. No, all he wants is everything. Well, let's see. $400,000 steers at $25,000.  Kent will figure it out. Well, I trust he'll also figure out a way of removing the body of the unfortunate Mr. Claggett. Claggett's not dead. He's only mad. What are you talking about?  They had a poker game up there. Claggett bet everything he owned, including his ranch. Naturally, he lost. Naturally. When he started to yell, he was framed. They threw him out. And who was shot? The sheriff. Sheriff Watson? Claggett went running to Watson. Watson accused Kent. And, well, the boys resented it. Hmm, he's a fine man, the sheriff. Fine man. Well, start thinking about a new appointment. Now, I've got just the right man in mind. And if he happens to be sober enough to get on his feet out, well, I wash dimsdale, of course. The town drunk, are you out of your... Oh, I see what you mean, Mayor. I see what you mean. Okay, now. Johnny Kent here's got something to say. Having a good time, everybody? That's what I'd like to see in my place. Well, folks, we got some important news from Mayor Slade. Hello, citizens. Our esteemed sheriff Watson has suddenly been called out of town on, uh, urgent business. He'll be gone permanent. Therefore, I hereby appoint as our new sheriff that paragon of courage, the pride of our community, Mr. Washington Dimmsdale. All right, somebody, get him up here. There he is, Johnny, under the table. He's coming, Johnny. Here comes the new sheriff. Let's go. Oh, whatever become of him. Oh, hello, Frenchie. What are we cheering for? Are you a wash or the new sheriff? Hurry for the new sheriff. What? That's right, wash. Congratulations. Drink some of the house, everybody. And a fresh bottle for the new sheriff. Come on, Marsha. Aren't you gonna drink? Frenchie, am I really the same? Then no, I'm not gonna drink. No, sir, man's gotta choose between the bottle and the badge. Do you hear that, you packin' old good scum? Here's to Dimmsdale. Gonna be law and order in bottleneck when I'm puttin' the whole town in jail. And if you need any help, I'll be a deputy. No, I wouldn't have you. I want a deputy like I used to be. What? When were you ever a deputy? When was I? Why, when Tom Dusty was sheriff, that's when.  You ain't nothin' like there was when Dusty was my boss. Dusty's been dead for five years, once. Well, maybe so, but young Tom ain't dead. And his daddy brought him up to be the toughest fightin' man that ever grew up in the West. I'm sendin' for him right now. And when he gets here, Dusty'll ride again. Hey, driver, how many times do I have to tell ya? Pull your head in. Just wait till we get to bottleneck. Jack, please. The trip will be over soon. I don't mind the bumps, really. Well, I do. And if he don't take it easy, I'll... Mr. Destry. Yes, ma'am? Please don't mind, my brother, Mr. Destry. He's always threatenin' to do something. You know, I had a friend once named a Stubbs.  Huh? He's always threatenin' to fill somebody full of holes. Well? Well, folks say now that Stubbs holin' up one of the prettiest tombstones in the cemetery. Very funny. This gun here ain't no ornament, and I'm pretty good with it. Yeah, so was my friend Stubbs. Meaning what? Well, just you oughta be careful about who you meet up with, that's all. For a deputy sheriff, mister, you got some mighty peculiar ideas. But they do make sense, Jack. You know, maybe you oughta take up a hobby, Mr. Tindall, like me. See here, wood carving. You'd be surprised the genuine rage you can work off just by whittlin' away at a little piece of wood. Wait a minute. Are you sure your name's Destry? Yeah, folks are always askin' me that. Your father was a wonderful man, Mr. Destry. Yes, he was. Yes, he was. I guess I'm different. I'll say you're different. Yeah, my father got shot in the back. And there are a lot of things I do, Mr. Tindall, just to avoid getting shot in the back. He's my new deputy. A Jiminy wash, he sure looks like a real sheriff. Well, thank you, son. A lily bale. Coaches are comin'. You got his room ready? Sure, I got it ready. Good, get ready everybody. Comin' to bottleneck. However I warned ya, I said, where do we get to bottleneck? Down, what are you gonna do about it? Just this. Oh, I got it. Alicante's pullin' the gun. Duck stranger, he's gone. He's gone a lot. You see that? You see that? Knocks him down and shoots the gun right out in his hand.  Sure, Mr. Sure. Well, folks, that's just a small sample of what you're gonna get from now on. Come, Destry. Welcome to bottleneck, Tom. I'm Wash. Sorry, partner. My name's Tindall. You? You ain't Destry? He's still in the coach. You can come out now. Tom! Tom! Hello, Wash. You haven't changed a bit. Well, get out of there, Tom. I'll be right with you, Wash, as soon as I help the lady here. Now, if you'll just hold my bird cage, Mr. Destry. Oh, and my parasol. Yes, ma'am. Oh, no, no. Look at him. A canary bird. A parasol! Tom, will you put down that darn bird? Well, thank you very much, Mr. Destry. Not at all, ma'am. Well, you must be Mrs. Destry. How do you do? Uh-oh, wrong again here. I'm Janice Tindall. Oh, well, you'll be needing rooms, too. Come on, I'll show you across. Oh, thank you very much. Come on, too, Mr. Destry. You'll be wanting a cup of tea or something. Tea? You crazy? Come on, Tom. We're getting over to the saloon. Now, look here, Tom. You're making an impression on this town. It's got to be eradicated right now.  Round here, you've got to jump first. You don't live long. You know, what you're saying reminds me of a friend of mine. And he woke up in the middle of the night and he saw a great big hand coming at him. A hand? Yeah, yeah. So he got out his gun and he aimed and he shot a hole right through his own foot. No. Yes, he did. Now, he shouldn't have gone by that first impression, should he?  Oh, come on in. This here's the saloon.  Folks, I want y'all to meet my new deputy, Thomas Jefferson Destry. Hello there. Howdy. Destry, my name's Kent. Howdy. And this is Piggy Slade, our mayor.  Coming. Here's a girl you got to meet, Mr. Destry. Frenchie, meet the new deputy. A deputy or a beanpole? Say, uh, Mr. Destry, how's the weather up there? How's the weather up there? Everybody says that when they see me. Come on, everybody, let's have a drink to the new deputy.  Oh, good. I'm all for folks understanding each other. So I'll stop by telling you that I've got a hobby.  Well, mine's carbon napkin rings. What's your hobby? Collecting guns, deputy sheriff's guns. Whenever I meet, when I ask him for his guns, I ask him real nice. Uh-huh. Well, I'm afraid this here's one time you're going to be disappointed. You mean I have to take them from you? If you can. If I can. Hold on, hold on, hold on. Don't get excited. I'm just trying to tell you I ain't got any guns. See here? Just what kind of a deputy are you? No, if I had a had a gun on me, one of us might have got hurt. And it might have been me. And I wouldn't have liked that, would I? Look at me, fellas. I'm a canary. Tweet, tweet. My goodness. Where's my parrot? Now, cut it out. If anybody starts picking on you, Mr. Destry, just you come to uncle. I'll remember that, Mr. Kent. Good. And here's a present for you, Mr. Destry. A bucket of water and a mop. Sure. He wants to clean up bottleneck, doesn't he? Here you are, deputy. And don't forget the call. Well, this here's our office, huh, Walt? Yeah.  Oh, Tom. Tom. What's the matter? Tom Destry's boy that laugh at the stock of the town. Looks bad. I told Lily Bell you won't be needing that room after all. You're leaving on the next stage, coach. But I sort of like it here, Walt. How are you going to face anybody after what you took from Kent and from Fenty? Well, what do you expect me to do? I expected you to be like your par to roar in, blasting behind your shooting irons. What happened? Didn't have any. Why? Well, I don't believe in them. Say, Walsh, open that bag there. Huh? Go on. Go on. Open it. You'll find two guns in there. Do you mean you... Tom, will you here? Step more, boy. Step more. Oh, no. My par had these on, Walsh. The day he got shot in the back, they didn't seem to do him much good, did they? That's one reason why I don't believe in them. What intonation do you believe in? Law and order. Without guns? Without them. Well, if that don't beat all, get out. Oh, Tom, don't you see the only reason they made me sheriff was to have somebody they could kick around. But I was aiming to fool them, to do things right. That's why I sent for you. Instead, you fooled me. Now you will fool them, Walsh. We'll fool them together.  But if you put them behind bars, then they look little and cheap the way they ought to look. And it serves a warning to the rest of them. Oh, go on home, Tom. I'll get back to being the town drunk. That's all I'm good for. No, you're not going back to being the town drunk, and I'm going to stay here and do this job I come for. My par did it the old way. I'm going to do it a new way. If I don't prove to you I'm right. I'll get out of town quick enough. But first you've got to give me a chance. No. You've got to give me a chance. No, no. Come on, come on, swear me in. Yeah. Oh, all right. Raise your right hand. You, Thomas Jefferson, Desti, swear to uphold the law and do your duty and everything else that goes with it. Yup, yup, I do. Yup. All right then. Here. Here's your badge. Just don't let anybody see you wearing it. No guns. Where are you going? I'm taking a walk. I'll probably get drunk. I think I'll go along with you. You just get into trouble, Tom. I'm warning you. What's this here? The main street, huh? Yes. Nice hardware store over there. Yeah, yeah, there. Got some mighty fine boy knives and stuff. Boy knives and elegant weapons. What? No. No? No. No, I was afraid you wouldn't be interested. Tom, look here. You seen his hitting post? Soak through and through with the blood of Sartou's McGee. He objected to a petticoat. His neighbor's wife was wearing a fit to a draw. Both buried in the same grave. Sartou's on the petticoat. Sartou's in the neighbor. Oh. Oh, so four innocent bystanders. Now, you've got to listen to reason, Tom, but get out of town. You know, I had a friend once. He used to collect postage stamps. And he always said the one good thing about a postage stamp is it always sticks to one thing until it gets there. Well, I'm sort of like that. Hey, Wash, wait a minute. I've been looking all over for you. Now, what is it? Come to the express office day before yesterday with Sheriff Watson. Well, what's in it? It appears to be rabbits. And I've got to get them off my hands. When that crate come, there was only two of them. Now look. Well, rabbits is like that. Yeah. Say, uh, where did Sheriff Watson go? I don't know nothing about nothing. Well, you better start learning about rabbits because I just give you these now. Thanks, Sheriff. I'll see you. You guys are getting pretty playful, aren't you?  Hold the horse here, creepy. Yeah, Bugsy. He didn't mean nothing by don't start no trouble. Trouble? Why, we just want to see the new deputy dance. Come on, Desperate Dance. Oh, that guy said dance. Now, wait a minute. Hold on now. Say, uh, Bugsy, there's, like, pretty good guns. You got, uh, you mind if I heft them a little? Well, I guess you can't hurt yourself, sonny. Just hefting them. Yeah, it's a nice weight there. Yeah. You know, aside from being pretty ornaments, a fella can have a lot of harmless amusement out of these here toys. Now, take, for instance, them knobs on the top of that sign down the street there. Eh, where? Down the block there, right there. Now, watch him. Don't see him anymore, do you? Yes, sir. These guns are all right. They're all right. Tom! Tom, we ain't seen nothin' like that since...  But, Stephanie, we would just hide you so you understand. Now, you heard me. Come on, Warris.  And you walkin' around here condemning the use of firearms. Now, Warris, listen. Where did you say Sheriff Watson went to? Well, I didn't say. Well, you certainly left your office in a mess. And those rabbits, it appears he's clean forgot about the rabbits. What about them? Rabbits is easy to figure. I know, but there's somethin' wrong here. Oh, you don't understand that. You don't understand. Green snakes and pink elephants, them I can't understand. But you... Oh, you gotta listen to me, Tom. All right, Warris. Go ahead. So I ain't been telling you. You gotta behave like I expect you to behave. Where's the Sheriff? He's out of town. Wait a minute. That's me. Warris, you gotta help us. You gotta come to the ranch now. Sure, boy. Sure. Say, you're Thomas Jefferson Bestry, ain't you? Yeah, that's right. Why me like Whitney Quagga? Well, I'd know ya. But gosh, you're here to buy your paw in my life whenever we play sharers and engines. Well, I'm always your paw. Well, you couldn't do better, son. What's the matter here? Oh, they come to take a ranch away. Johnny Kent and his gang. We've been holdin' them off so far, but we ain't got much ammunition left. Pa said for me to sneak into town and get the sheriff. Good work, son. And murderin' thief. I'll fill him some... Hold on, Warris. Hold on, Warris. Wait a minute. How come Kent's tryin' to take Claggett's ranch? Because he wanted from Claggett in a crooked poker game. Uh-huh. Let's see. Well, seems like to me we'll waste some time here. Come on, sheriff. We've got some work to do. In just a minute, we'll bring you act two of Destry Rides Again, starring James Stewart and Joan Blondel. Mr. William Keely now presents our second act. We continue with Destry Rides Again, starring James Stewart as Tom Destry and Joan Blondel as Frenchie. Johnny Kent and his men have come to take over the Claggett ranch, and they're doing it in the usual Kent manner. But behind the stout walls of the ranch house, Sam Claggett and his wife have managed thus far to hold their own. Hello, sheriff. And Mr. Destry. Put down your guns in there, Claggett. I'm takin' over here. That was... You got here just in time. And stay in the house. Here, I said we wish to have law and order around here. Certainly. So do your duty and get those people out of my house. Your house? Maybe you better look at this paper. I ain't interested in no documents. You mills the iron out of here before I start blashing. Mr. Kent, uh, can I see that paper? Certainly. Uh-huh. There's a signature here. Is that Claggett? Well, you don't think I'd forge it, do you? All right, come on, Warsh. We'll go inside and talk to Claggett. Send your agent, Tom, who you're trying to protect around here. Hey, Mrs. Claggett, it's like I just told your husband. Deputy or no deputy, we ain't givin' up our ranch. I'd sooner hang that crowd out there than let them have this ranch, but your husband signed the paper ma'am and it gives Kent a perfect legal right to the property, doesn't it, Warsh? Sure it does. Well, we're operating now. I told you about that poker game. I was winning when that Frenchie girl spilled a pot of coffee in my lap. While I was cleaning it off, they switched cards on me. I don't doubt that, but it's your word against theirs. They'd shred themselves blue in the face again, you Sam. Mm-hmm. Yes, I'm afraid you folks are over a barrel. I'm going on when the law takes the side of chiefs. No, I'm sorry, Mrs. Claggett, but you folks stick around town. Now, we'll figure out some way to get this ranch back for ya. That's what Sheriff Watson said the night he disappeared. Watson couldn't do nothin' about it. Everybody knows that he left town sudden. Yeah, I bet he did. I bet he did. Eh? No, no, no, no. Well, help these folks get their stuff together, Warsh. I'm gonna have a talk with Mr. Clay. What about it, Deputy? The ranch is yours. They're packing up now. Well, good. I can see you and me are gonna get along fine. Well, we'll have to enforce the law, don't we? We sure do. Well, we sure do. Are you hearing fellas? And I thought he was dumb. My goodness, if it ain't the law. Uh, would you tell Miss Frenchie I'd appreciate seeing her in some official business, please? Oh, yes. Miss Frenchie? Yeah, what is it? Say, Miss Frenchie, that tall drink of water's here. Oh, yes. On fishy business. Here's Izzy. Let me tell him for me that I... Hold on, hold on now, man. Hold on now. I just come over to apologize. Apologize for what? Well, for not realizing who's the real boss of bottleneck. My coffee, Clara. Yes, sir. Don't let me interfere with your dinner, ma'am. It's breakfast. Oh, excuse me. Does he get some too, Miss? Well, I don't mind if a dude join you in a cup. So you found out what's good for yourself, huh? Yes, I sort of figured I'd better use a little common horse sense.  I'm supposed to say what rumors? Yeah, you're supposed to do that. And if you would say that, like, I'd say that the talk is that you do more than sing down at Kent's Saloon. Take part in crooked poker games, cheatin' folks out of the ranch. Who said that? Oh, just a rumor. Just a rumor. Of course, you wouldn't have anything to do with anything like that. Here's your coffee. Oh, thanks. Thanks. I'd better be careful with this, too. I wouldn't want to have it spilt in the lamp. Get out. Would I? Get out of here. Get out. I'll go. Just, uh, put that lamp down. There. That's fine. Now, and just one more thing. You know, uh, I've seen hundreds like you all the way from Jacksonville to Sacramento. You all think easy pickens will last forever. Don't mind your own business, Mr. Dastry. You're heading for trouble. Trouble is my problem. I do as I like in this town. Anyone who gets in my way is taken care of. Like they took care of Sheriff Washington? Yeah, just like they took care... That's just what I thought. I don't know what you're talking about.  Oh, come on now. I don't think you're half as bad as you make out to be. Well, never mind what I am. I bet you've got kind of a pretty face underneath all that paint. Look, I'll, uh, show you what I mean.  Sure, sure. All right. But why don't you wipe it off someday and have a good look? That's a wonderful face. Figure out how you can live up to it. So. Clara? Yes, sir? Bring me a mirror. And a towel. Yes, ma'am. Well, that's the most peculiar acting man I ever did see. But he's got personality. Woo-hoo! He sure has. You wouldn't say I'm worried one bit, Miss Claggett. You can stay here as long as you want. I sure appreciate it, Lilybell. Still in all, if we could have kept on shooting this afternoon instead of sending for them. Now, man, they had the law on their side like we... No law. I've got something to say about that. Oh, Jack, please. It's none of your affair. Is that Rat Kent charging me two bits for every head of cattle going through this valley? It's time these and people joined up and got rid of them cutthroats. Well, you better start in with this watery-eyed sheriff here and that gun-shy, lady-fingered deputy of his. Come on in, Destry. I saw you standing there. I wouldn't have said that, Tendall. Turn your back on me. Oh, Jack, please. You hurt me, Destry. I ain't paying one cent to move my cattle. Now, what do you aim to do? Well, at present, nothing. That's what I thought. But I'll do something if I have to take along my own hands. Nobody's going to set themself up above the law around here.  Listen, I've got something to say to you. I think maybe I could illustrate it better if I told you a story. I used to have a friend. Oh, another one, Tom? Yep, another one. He was an opera singer. But he went into the cement business and one day he fell into the cement. And now, instead of singing in the new opera house at St. Louis, he's just part of the cornerstone. He should have stuck to his trade. You better stick to yours. Tom, where are you going? Up to my room. Time to get ready for supper. Tom, how can you talk to eating at a time like this? Because I'm hungry. Come on. Well, there's your room. Shh. Open. Listen, there's somebody in there. Huh? Step-a-step aside here. Oh. Good evening. Good evening. Doubtlessly, you're wondering what I am doing in your room. Well, you may believe this or not, but I am waiting for a stagecoach. Look, aren't you Lily Bell's husband? Sure, Tom. That's just Callahan. Callahan, Callahan. I am a Stavrosheen of Vargashev. Everybody calls him Callahan, Tom. Easy to say. Yeah, well, I don't mind who you are, but what are your legs doing on my pants? I find this all very awkward. Oh, he loses pants regularly, Tom. They win him off and him at poker. And Lily Bell locks him up in his room. Nah, this time I outsmart Lily Bell. I climb through the window, across the roof, and zuff, I find some pants. Yeah, but they're my pants, so come on, off with them now. You mean now? Now, yeah. Well, the whole world is against me. Oh, wait a minute now. I might be able to make a deal with you. How well you know this country around here? Like a field mouse. There isn't a twig, a tree, a bush. Well, that's better, all right, that's good enough. All right, the pants are yours if you do a little job for me. Agreed. What can I lose? Only a job? Commend me. I want you to find something. Ah, I'm a weasel. Oh, I have the memory of an elephant. The strength. Sandoration. He's not asking for a zoo.  I shall be a bloodhound, sniffing and silent. What's missing? The body of Sheriff Watson.  Tom, what do you want to find Watson's body for? Because you can't prove a murder without a corpse. And I thought I'd think Callahan would make a pretty good second deputy. A deputy? Deputy Stavrogin. Order me where you will, to Siberia. Come on, then. We're going down to Kent's Salon. It's me, Frenchie. Open up. Make it snappy, Johnny. I've got a song coming up. I know that.  Men, women, or children. You start acting smart with me and I'll start slapping you around. Did you or didn't you? Cool, for instance. Despy, for instance. Why not? That's better. What was the conversation? All of it. All of it. Well, let me see. I said hello. No, he said hello. And I said... I don't feel like kidding, Frenchie. What did he come for? Because he's a gentleman. He came to apologize. And that's all? All he had time for. He was in a hurry to go, just like you are now. Okay. But if I ever catch you stacking them on me, I'll personally put out the lights so I don't know you from anyone else in the game. Get my dress, Clara. Mama, he just ain't got no personality at all, is he? All right, now, Callahan, stay outside here, right outside the saloon. And follow any of Kent's gang to come out. How will you tell me what you'd up to, Tom? Well, we can't find the missing body, can we? Well, the next best thing, have them find it for us. Please, let's go home. You do as you're told. Now, wait a minute. Who's that? The saloon. Oh, it's Frenchie. Pacing up and down on the porch. Well, here goes. Get over here, Callahan. We'll wait for chatter. Got a match, Deputy? Oh, hello. Yeah, sure. Thanks. All right, you've been arguing with somebody again, huh? How'd you know? Well, I read a book once. It said that the women always look their best in the peace and quiet that follows a storm. Very good. But it would have been a lot nicer if you'd thought of that yourself. Well, as a matter of fact, it did. You won't take my advice, will you? You mean leave town? Uh-huh. Uh-huh. Here, I got something for you. What's this?  Yeah, take it. And keep away from dark corners. I'll see you inside, maybe, huh? I gotta do my number. Yeah, sure, sure. I'll be right in. See ya. Wait a minute, Destry. I see now why you don't need guns. I don't need guns. I don't need guns. I don't need guns. I don't need guns. I don't need guns. I don't need guns. I don't need guns. I don't need guns. I don't need guns. I don't need guns. I see now why you don't need guns. You do? Yeah. Why, I can't get my cattle through. I'm taking them through in spite of you, Kent, or anybody else. I'd think twice if I were you, Tindall, before I started trespassing. You're cutting in on Kent two or three different ways, aren't you? I'm sorry you made me do that, Tindall. Mighty sure. Evening, son. There's enough. Aren't you sure it sings a song, doesn't she? She sure does. I was kind of hoping I'd find you here, man. I want to talk to you. Not a private talk, Mr. Desiree, or is it? No, no. No, no. Why don't you join us, Kent? Thanks, I will. Well, I'll tell you what was on my mind. I just don't think we're getting a kind of cooperation around town. We should be getting it. No? No. No, it seems every time the sheriff or me asks a question, folks just shut up or walk away like they never heard it. Hell, my guess is they just don't cotton the sheriffs around here. Well, you're probably right. Sheriff Watson wasn't very popular either, was he? Me and what? Well, nothing special. Hey, Frenchy, over here. Do you like my number, Mr. Desiree? Oh, yeah, I like that. Well, good. Then you can buy me a drink, huh? Sure, fine. Yeah, that's the idea of the song, you know. Gets me free drinks. Well, I sort of get it there.  Well, that's what I say. That's what I say. But we thought he might have left something behind, like a body, maybe. Oh, I see. I see. You couldn't prove a case without one, could you? I'll try. And, uh, suppose we knew where there was one. Oh, this is a lively conversation when a lady wants a drink. Come on, Deputy, let's go to the bar. Wait a minute. I haven't settled with Desiree yet for that very good favor he did me out at Claggott's Ranch. I'd call for some champagne, the best. Well, in that case, you'd better stay right here, huh, Frenchy? Jeff, give me a... Yeah, Johnny? Tell Eddie to ice up some champagne and send it over to the table. Sure, boss. Wait a minute. Then ride out to the place and see if it's gone. Uh-huh. If what's gone? Oh, you mean? Yeah. Well, if it is, then Desiree's done it. And if he did, can I personally slap him in the mouth at my pistol? Hit Desiree? Would you, Jeff? Uh-huh. Oh, well, I'd see what you mean. Now, get going. You know, man, that fellow Johnny can't remind me of a friend of mine in Kansas City. He drinks nothing but wine. Every time he comes to town... My friend New Orleans like that, only he was crazy about clams. Every time he'd come to town, he'd rush to the nearest restaurant and order 100 clams. Oh, I'm sorry. I interrupted you. Oh, that's all right. I don't think there's much point to my story. What about the clams? Yeah, at this particular time, they didn't have any clams. So they got them oysters, and he just about tore the place down. He was so mad. Yeah, what's the point to that? Well, the point is, he found a pearl in one of them that big. That's cool. No, no, it was bad. The oyster I'm here. It killed him. Now, who got the pearl? I did. Well, here it is. That's three champagne. Yeah, I'd better go easy if I want to do any sheriff on tomorrow. You might take the day off, eh, ma'am? Might as well.  All right, if you can. Sure, go right ahead. All right, I still got your rabbits for you. You're going to need it. Say, isn't that our fairly sheriff, Russian Albert? Yeah, I believe it is. Tom! Tom! Tom, come here quick! Oh, sorry, Frenchie. I'm sorry, too, Tom. Always in the morning. I'll get back to the jail. I was with Callaghan. I'll handle things here. Sure, Tom. Sorry to interrupt, folks, but I got a little official business. You know, Wash and me has been pestering you folks with a lot of questions about the former sheriff Watson. Hold on now, hold on. We ain't going to ask any more questions because Wash just found the answer. And one more thing. All relatives and friends of Jim Hiller are hereby notified that he's in the jailhouse charged with murder. That's all. Yeah, wait a minute. My brother didn't have nothing to do with that murder. I don't get excited, bugsy. Jim ain't hanged yet. And he's not going to be. You get over there and turn him loose. I'm afraid I can't do that, Kent. Not until after a trial. Maybe by then he'll explain what he was doing just now when Callaghan and the sheriff found him with Watson's body. Now, now, I'm sure Mr. Kent had no idea he had evidence like that. Yes, Mayor. I think we got a pretty good case. Not near airtight, I'd say. Good work, son. Good work. And just to make sure there won't be no miscarriage of justice, as Chief Magistrate of bottleneck as well as Mayor, I'm going to try this here case myself. Uh-huh. Oh, I see what you mean. So do I. Sorry I got so upset. How about finishing our dance, Deputy? Oh, thanks, Frenchie. I believe I've danced to Kent's tunes long enough. Good night. In a minute, we'll bring you the third act of Destry Rides Again, starring James Stewart and Joan Blondel. Here's our producer, Mr. William Keely, at the microphone. Our curtain rises on Act 3 of Destry Rides Again, starring Jimmy Stewart as Tom Destry and Joan Blondel as Frenchie. Gip Hillers in jail, charged with the murder of Sheriff Watson. But with Mayor Slade presiding over the forthcoming trial, justice in bottleneck still is just a joke. An hour ago, Tom Destry locked up another prisoner, Jack Tyndall, and now Janice has rushed to the jailhouse. Don't get upset, Janice. I had to put him in jail. But why? What did he do? He drove his cattle through Kent's property. That's trespassing. I see. It's all right for murderers to go free, but trespassants. Nobody's gone free yet, no. Tom, I wish I could understand you. Now, don't worry. I think we got a chance. Good chance. A chance for what? I can't say right now. Now, if you want to see Jack. Oh, please. Well, he's down here. Jack. Hello, Janice. Well, I told you I was going to bring our cattle through, and I did. I didn't pay a penny. I ain't going to pay. Nobody's going to make me pay. Jack, you're the most stubborn, ornery, mule-headed... Self-opinionated, you're good worried. Oh, I give up. Talking to Jack's like talking to a stone wall. Yeah, Jeep Heller won't talk and your brother won't listen. You know, if he was reasonable and paid Kent the money for moving his cattle, he could turn right around and sue and get it all back. Sue Kent? With Slade as the judge? Oh, you must think I'm really dumb. All right. All right. Forget it. Well, anyway, Janice, thanks for trying to help out. Jack will be here for some time, so... It's here. It's here. I got it. I got it. Callahan. Look, it came. The letter? Yes, here from Cheyenne. Oh, thanks. Yeah, let's see now. Ah, here's something you might like to read, Jack. From a friend of mine, he's a federal judge with a hankering for travel. Huh? Now maybe you can see why I wanted you to pay Kent's. Slade won't be on the bench.  See what you mean. Okay. Okay, I'll pay him. Here. Here, I got a draft and Wells Fargo will cash it. Now that's your job, Callahan. Then take the money over to Kent, get a receipt. Yes, Commander. I'm a courier, a bolt of lightning, but silence is the night. Farewell. You'd better wait for the draft, Mr. Callahan. Oh, here. Now come right back. All right, Tindall. I'm turning you loose in your sister's custody.  I'll handle things around here at the jail. Well, yes, I will, Tom. Just wish Callahan had come back. Oh, it's going to work out fine, Warsh. Jip's going to tell us a whole lot as soon as he finds out Slade isn't going to be judged. Don't hardly seem possible, Tom. Now, who's that? Dept. Establishing Reporting Excellency. With the receipt. See? Kent signed it himself. Good work, Callahan. Please, not Callahan. Oh, I'm sorry. Anything special going on in the saloon? Very little. Mayor Slade is sweating in his jury. $200 each for now. $300 more when they set Jip Hiller free. He's wasting Kent's cash. He could pack a jury for Radles. That's what I told him. I said, just wait till that federal judge gets here, and then you'll see. You what? I said, just wait till that federal... Oh. I presume you'll want the pants back with the badge? No. No, it doesn't matter, Callahan. It doesn't matter now. It won't be any trial now, Tom. Cricket or no. They'll be down here tearing this jail apart and turning Jip loose. Oh, no, maybe not. Maybe not. Maybe for once we got him scared. Tom. It's all right, Walt. It's the only French he's made. Mr. Desperate. Mrs. Fincher says she wants to see you right away. She says it's awful and part of it. All right. I'll be right over. Tom, you're walking into an ambush. They'll spot you out on that street. I know. I hardly think so, Walt. Not yet. Now, you just hold on the fort here. Well, don't worry nothing about me. I will. Glad you decided to come, Tom. Well, you made it so it was important. Well, it is. Trouble? No. No trouble. I believe in Tom tonight. I wanted to see you before I left. Well, pretty sudden, isn't it, Frenchie? Well, I'm like that. Hmm. What, something happen or something? A bit of news, ma'am? Don't be so suspicious. I'm just tired of bottle-making. I'm going back to the northern. You miss me? Yeah, I guess I will.  Uh, no, well. Well, anyway, I'd like to wish you good luck. Good luck on a nice trip. I didn't answer my question. Uh, I'd better get back to the job here. Tom, you ever been to New Orleans? No. It's a wonderful town. You'd like it there. How about it? Well, so what's that? What's this? Listen, that shooting is coming from the jailhouse. Tom, no, you can't go out there. Why not? Kentnell's all about the federal judge.  They're getting jipped. Now stay here. Tom, stay here. Oh, so it was all your idea, huh? Yours and Kent's.  No, Walsh, they were gone when I got here. I fell asleep, Tom. Didn't hear him until it was too late. I don't talk, Walsh. Callahan's getting un-talked to her. Is it bad, Walsh? No.   They didn't dare face him, either. You didn't give either of a chance, did they? No, Walsh, listen to me. I'm going to that Roman house, and I'm coming back here wearing my father's guns. You'd like that, wouldn't you, Walsh? Because the... Well, you can't do this alone. Now where's the man that murdered Walsh? Where'd they go? They're in the saloon. Kent's got it barricaded like a fort. Now these men here, Despery, say the word and we'll all go with you. All right, hold on now. As long as you're with me, there are two things I want. I want every freight wagon in town and a stick of dynamite. We can get closer to the saloon and wagons, and when we do, the dynamite will open it up. All right, now come on, let's get down to the crowd. Wait, wait, Tom, wait. Wait, Kent's got 30 men in there. You won't have a chance. I thought you said you were leaving town. Come on. And you women! You women! You stand there like a lot of sheep while they walk out to slaughter. Why don't you stop them?  Wherever I belong, I don't pretend.  I wouldn't wait around for my man to get killed without doing something about it. I'm warning you, you jazzy bear. Wait a minute. Maybe she's right. Miss Tyndall, you talk about doing something. What can we do? I'll show you what you can do. Get every day in town and follow me. Get on your wagon, get down the main street, bring your horses to a gallop, and when I throw the dynamite, cut in toward the saloon, start shooting. All right, let's go now. Keep your men out here, Tom. Then if you've got to shoot it out at least once, we'll be on the level and face to face. All right, you better get out of the saloon, Frenchie. We're going to burn it down. Besides, we got him all, all except Kent. I saw him on upstairs. He's up there somewhere. All right, thanks. Tom knows there's a dozen places he could be hiding. Kent's here. I'm getting him myself. I'm coming up, Kent. Your hobby's still collecting deputies. Guns. Here's a chance to get a couple. You're standing in my light, Frenchie. John, I'm coming up. I'm coming up. I've got a couple. You're standing in my light, Frenchie. Johnny. Sure, I went upstairs, but I come down again. Tom, look out. Tom, he's down here. Too bad, Frenchie. Just am I too late, too? Frenchie, come back. Tom! Why did you save me? Why? The paint's still on my face. I've never learned how to take it off of Tom. That's a wonderful face. You're in love with that Tim. It's a post she'd mind if you. Oh, Frenchie, I don't think she'd mind at all. Well, settle down your ranch again, huh, Eli? Oh, sure, Tom. Then settle him out for most two weeks. Well, that's good. That's fine. I'm sure I'm quiet around here now. Yeah, sure. Hey, you see that hitch and post over there? Have you ever heard a story about Sawtooth McGee? Oh, everybody sired that one time. Yeah, I suppose so. Well, I sure could make him up, couldn't you? Sure. Did he ever tell you the word about the guy that went? Tom, hurry! He's gone mad. Janice, what's the problem? It's Lily Bell's husband, Callahan. Hurry, Tom, hurry. He's in there, Tom, behind that door. Oh, don't be crazy. Tom, go in. Stop it. Oh, I don't really think that's necessary, Janice. I think Callahan's just finding his pants. What? After five, five long years, I finally find out why they call me Callahan.  And his name was Callahan. Well, the old regime is over. Come the revolution. Boris Tavroshin is now the head of his house. Come here, madam. What is your husband's name? Well, uh... Speak? Davroshin. Hmm, see that you don't forget it. Now, how about a kiss, Lily Bellsy? Why, Boris Tavroshin? Oh, I'm sorry, Tom. It sounded like murder at least. Oh, well, that's probably just a Russian way of expressing something. Uh, speaking of marriage, Janice... Yes, Tom? I had a friend once down in Texas. He's been so busy, he never had a chance to propose. With that well-deserved applause, our thanks to Jimmy Stewart and Joan Blondell, who come to the Footlights for their curtain call. And, Jimmy, I hardly need to say how happy we are to welcome you back to the Radio Theater. Well, thank you, Bill. I'm mighty glad you had Joan Blondell in the receiving line. And we're happy to hear that the welcome map is up to you, too, Bill. I'd say you have everything it takes, Bill. You've been actor, director, and producer. I don't know of anyone in Hollywood who's better suited for the job. Well, thanks for the kind words, both of you. Good night. Good night, Bill. Good night, and come back again soon. This is William Keely saying good night to you from Hollywood.


Hi, I'm Adam Navas. Happy birthday, Spotlight! Hi, this is Bruce in the UK, wishing Spotlight a very happy 20th birthday. I love working with you. Hi, I'm Christy Vaniragon. Happy birthday, Spotlight! I'm Colin Louther, one of the many voices you'll hear on Spotlight. And I'd like to wish Spotlight a very happy 20th birthday from here in the United Kingdom. Hello, Spotlight! It's Katie Blake in the United Kingdom. I'm wishing you a very, very happy 20th birthday. Happy birthday, Spotlight! I remember when I started working on Spotlight 16 years ago. And now it's 20 years old. It's so exciting and I have loved every second of working on this program. Happy birthday, Spotlight! Hi there, this is producer and voice, Luke Healey, wishing Spotlight a happy 20th birthday. I'm coming to you from the north of England in the UK. Spotlight, birthday, congratulations! Happy birthday, Spotlight, from former producer Mike Holmes in England. Hello, I'm Nick Page, a voice and very occasional writer. Happy 20th birthday to Spotlight, such an imaginative and effective project. Hi, this is Alan. Happy birthday, Spotlight! Incredible to think that it's been 20 years. Still remember getting that first CD with the demos from Mike. Incredible. Hey, Spotlight! Dude, I hear it's your birthday. Happy birthday, Spotlight! This is Rob Quering, wishing you a happy birthday from the middle of America. Hi, I'm Rebecca Skipper. And I'm Sarah DeCoster. Happy birthday, Spotlight! Kia ora, greetings from New Zealand. I'm James. Spotlight, congratulations on 20 years. Happy birthday, Spotlight! I'm Joshua Leo. Happy birthday, Spotlight! Hi, I'm Ryan Garrett-Sma. Happy birthday, Spotlight! Hello from Cambridge, England. I'm Mike Proctor. I was manager of Spotlight for the first 12 years that it existed. Now it is 20 years old. Spotlight started as a radio broadcast. Our first program was on shortwave radio only to the Middle East. Today, Spotlight is on about 50 radio stations all around the world. And it is very popular on the internet too. So, I want to say to the whole Spotlight team, well done. And happy birthday, Spotlight! Hi, I'm Denise from Brazil. Happy birthday, Spotlight! Thank you! Happy birthday, Spotlight! Hello, I'm Homer from Egypt. Happy birthday, Spotlight! And thanks a lot for your effort with all non-native English speakers. Hello from Vietnam. Happy birthday, Spotlight! Hello, Spotlight! Happy birthday, hugs from Brazil! Hi, everybody! And happy birthday to Spotlight! Thank you so much from Uzbekistan!


Good afternoon, everybody. It's 2.30 and I suppose we can start. Welcome to the third roundtable on Euro risk-free rates, this time done completely remotely in view of the circumstances. My name is William Levyfeld. I'm a press officer at the ECB and also working to support the working group on risk-free rates and I will try to lead you, guide you through the agenda this afternoon. Just one important thing is we will record the event and we will make it available in the next few days, the entire recording on the working group pages on the ECB website. The focus today will be on URIBO fallback rates and more specifically on the two recently published consultations on that topic, one on URIBO fallback rate trigger events or what kind of events could trigger the use of fallback rates and a second one on Euro STR based fallback rates that could be used as fallback for URIBO. There will be panels on these two topics and following these panels there will be Q&A sessions and the audience, so everybody checking in at the moment will have the option to ask questions and for this we have the specific Q&A function in Webex and you can find this if you move your mouse a little bit and then probably the second dot on the right side, the button with the three little dots on it, if you click on that there you will find an option called Q&A and this will open on your right side a small window which will enable you to ask your questions. Before we start with the panels there will be keynote speeches as shown in the agenda and the keynote speeches will be by Isabel Schnabel, member of the Executive Board of the ECB, by Teneit Putrakul, CFO of ING and Chair of the Working Group on Risk-Free Rates, by Tilman Lüder, Head of the Securities Markets Unit, FISMA at the European Commission and by Staven Mayor, the Chair of the European Securities and Markets Authority, ESMA. I will now give the floor to Isabel Schnabel for the welcome address. From my side a warm welcome to the third roundtable of the industry working group on euro risk-free rates. This year has brought unprecedented challenges on many fronts, not least it has forced us to transition to virtual modes of working. I very much hope that the public health situation will soon allow us to meet again in person. Despite the challenging circumstances I'm happy to see that so many of you have joined today's virtual event representing the full range of stakeholders from the private financial and non-financial sectors as well as the public sector. The working group was established in 2017 to proactively address vulnerabilities related to EONIA and the RIBOR, thus following up on the recommendations issued by the Financial Stability Board. Looking back we can all be proud of the considerable progress that has been made today. Today's roundtable will provide a platform to exchange views on the development of robust fallback provisions for your RIBOR, which remains a systemically relevant benchmark. Based on two recently released public consultations we will also consider the role of the ECB's euro short term rate, the euro SCR, in establishing resilient fallback provisions. So why is there a need for robust RIBOR fallback provisions? Financial institutions, non-financial institutions and consumers continue to use your RIBOR as the benchmark for a variety of financial instruments and contracts. The administrator of your RIBOR, the European Money Markets Institute, has been authorized to provide the rate under the hybrid methodology by its current supervisor, the Belgian Financial Services and Markets Authority. As a result, your RIBOR is still used extensively in both new and legacy contracts for cash and derivatives products. Given that your RIBOR remains operational, why do we even need to discuss fallback arrangements? Let me answer this question metaphorically. Fallback provisions are like seed belts. In the improbable event of a car accident, fastened seed belts substantially reduce the likelihood of injury. Fallback provisions for benchmark rates serve a similar purpose. Many contracts in financial markets make reference to benchmark rates, including your RIBOR. If the benchmark rate ceased to exist, the absence of a fallback rate would expose the counterparties to substantial risk. Fallback provisions therefore act as seed belts for contractual arrangements in financial markets. By ensuring the continuity of a contract, robust fallbacks prevented potential losses from materializing. In fact, there is already a legal requirement to use fallback provisions. The EU Benchmarks Regulation requires all supervised entities to draw up robust plans to mitigate the potential impact of a benchmark being discontinued. We will hear more about the current regulatory and supervising landscape from the European Commission and the European Securities and Markets Authority, later in the session. In addition to these legal requirements, there is also clear financial stability justification to ensure there are workable fallback provisions that reduce contractual uncertainties in the event of your RIBOR seizing to exist. I assume we can all agree that your RIBOR fallback provisions are indeed essential. However, this basic premise begs a more difficult question. What are feasible alternative rates that can be used if a fallback scenario is triggered? In an effort to address this question, the working group has recently launched two public consultations. Stakeholders can contribute to these consultations until the 15th of January 2021. The objectives of the two consultations will be presented and discussed over the course of this roundtable event. The public consultations built on a common theme, namely the use of the ECB's EuroSTR in the proposed fallback measures. For the public consultation, the working group has used two alternative EuroSTR-based approaches to approximate a term rate that could serve as a fallback. First, the working group has analyzed the overnight index swap OIS market and proposed a methodology to derive a forward-looking term rate. Second, the working group has used real-life values of the EuroSTR and compounded them over the interest period, thus deriving a backward-looking term rate. The EuroSTR is a suitable rate for use in the RIBOR fallback arrangements. It is designed to meet the IOPSCO principles. Moreover, it fulfills the requirements that are deemed essential for a fallback rate. It is robust and reliable. It is simple in construction and it is determined in a transparent way with the market-neutral authority, the ECB, acting as administrator. Importantly, the EuroSTR remains available during periods of market dislocation. The market stress observed during the coronavirus pandemic has underscored the relevance of this criterion. At the height of the crisis, volumes underpinning the EuroSTR increased in contrast to volumes observed for longer tenors in the unsecured market segment. A high level of liquidity in the unsecured segment is concentrated in the overnight maturity, thus anchoring the EuroSTR based on a large pool of daily transactions. Just a few days ago, the ECB published its first annual review of the methodology used to calculate the EuroSTR. This review confirms that the methodology correctly reflects the developments in the overnight unsecured money market and thus appropriately measures the underlying interest. However, despite the apparent qualities of the EuroSTR, progress in adopting it has been rather slow. Since the 2nd of October 2019, the EuroSTR has also determined the level of EONIA. As EONIA has been converted into a EuroSTR tracker rate, the benefits of switching to the EuroSTR may not be immediately obvious. Many market participants continue to rely on EONIA in their derivatives trading mostly out of habit or a lack of sufficient technical preparedness, while others are hesitant to use the EuroSTR when originating assets. There are two reasons why market participants should urgently work on their preparedness for an orderly transition from EONIA to the EuroSTR. First, the discontinuation of EONIA is imminent, with its last publication scheduled for the 3rd of January 2022. Before that date, all EONIA-linked contracts or instruments should either be converted into EuroSTR-linked equivalents or in corporate workable formats. I urge market participants to actively use the EuroSTR for new contracts in order to ensure a smooth transition from EONIA to the EuroSTR will be for the end of 2021. Second, a broader use of the EuroSTR will support the development of common standards and practices, for example in the origination of assets. If the proposed foreback provisions were ever activated, the market would have to rely extensively on the EuroSTR. A lack of knowledge and experience in using the rate may then hamper market functioning. BTB will continue to facilitate the replacement of EONIA in Euroarea markets by maintaining a robust and representative EuroSTR. In order to encourage a more widespread use of the EuroSTR and not just as a basis for foreback rates, BTB is considering publishing compounded EuroSTR average rates as well as a compounded index. We will provide further information on these efforts in the coming month. So let me conclude. Resilient foreback provisions for benchmark rates are essential. Forebacks act as seed belts by safeguarding continued market functioning during episodes of uncertainty that may affect the future robustness and representativeness of benchmark rates, including the right board, which in turn may lead to the benchmark seizing to exist. The imminent discontinuation of EONIA should be seized as an opportunity for market participants to fasten their seed belts by linking their contracts to an alternative benchmark rate, the EuroSTR, and thus also supporting the establishment of robust foreback provisions for your right board in the process. The EuroSTR is an ideal candidate for this transition. It can support market participants in building robust foreback procedures for potential discontinuation of your right board. Users should therefore swiftly replace EONIA and make wider use of the EuroSTR in cash and derivatives markets. As part of the ongoing efforts to establish resilient right-of-all-back provisions, I encourage all the right-of-users to review the working group's public consultation documents and to provide input by the 15th of January, 2021. Before giving the floor to Tanate Fuhtakul, the chair of the working group on EuroSTR, I would like to thank the working group members for their continued efforts during the benchmark reform deliberations and for delivering the two public consultations on your right-of-all-back. In particular, I would like to thank Mr. Fuhtakul, his predecessors, Steven van Rijsveik and Kuz Timmermans, and the entire ING team for the unwavering commitment and dedication they have demonstrated in leading the working group. I would also like to thank the ECB team that has been supporting the working group by providing the secretariat. Last but not least, we are very grateful to our colleagues at ESMA, the European Commission and the Belgian Financial Services and Markets Authority for their contributions to and support for the benchmark reform process. I now wish all of you an insightful and productive roundtable. Thank you very much for your kind attention.