Harold, the Columbia version was first an Okeh, and Whetsol was way too "smooth" to "fan himself".
In August of '30 the band went to the West Coast for some gigs and to make an appearance in the aforementioned film. While there, Victor recorded the band on Aug 20 and 26. They did 3 takes of OMB on each date - 5 of them have been issued.
Okeh recorded the tune 2 months later, in inferior sound.
I have always thought all the Victor performances were better (by far). They just sound more sophisticated/lively/finished to me. The solos by Carney and Hodges (on soprano) are good examples of this as is the execution of the band. The Okeh, though later, sounds like an earlier, unsettled performance.
By the way, I was really impressed you went to your collection to check it out. Maybe you'll do it again to argue with me.