Town Tattle was a 1920s gossip rag, similar to National Enquirer or Heat magazine today. That Myrtle buys the magazine suggests not so much her lack of intelligence but perhaps her (material) aspiration to a better lifestyle.
John D. Rockefeller (1839-1937) was a famous American industrialist and philanthropist. He founded Standard Oil in 1870 and was the first American to make over a billion dollars. He was possibly the richest man in modern history.
The 1920s was later described as "the most expensive orgy in history".
Gilda Gray (1901-1959) was born Marianna Michalska in Krakow, Poland. She became famous as an American showgirl and invented the 'shimmy' dance. She later went to Hollywood and starred in a string of films.
Ziegfeld Follies of 1922. The Follies were a spectacular Broadway theatrical event show created by Florenz Ziegfeld in 1907. They ran nearly every year until 1936. The 1920s were the glory years, and many Hollywood stars of the silent era started out as Ziegfeld Girls, including Mae Murray, Louise Brooks, Marion Davies, Barbara Stanwyck and Paulette Goddard. Comedians who began their careers there included W.C. Fields, Eddie Cantor, Fanny Brice and Will Rogers.