Uncomfortable Class Message
This movie is powerful in many respects-- especially Stanwyck's performance-- but there is also what seems to me an uncomfortable class message here (especially as it comes at the end of the Depression).
The movie begins with Stella's superficial, vapid class aspirations, as she is clearly drawn to Stephen just for his money and his connection to the sort of "high class" world that she thinks holds all of life's answers. We see her mendacious behavior in wooing Stephen, and then her voracious, unending appetite for further social mobility even after she is married. Once he realizes them, Stephen disapproves of her motives and behavior, and the audience is clearly meant to agree with Stephen -- and we know that Stella is only sowing the seeds of her inevitable future woes (given that most Hollywood films operate in a just universe where all bad actions meet their appropriate ends).
Eventually cut off from Stephen's schooling in "proper" behavior, Stella reverts to her tacky, ill-mannered, lower-class ways, and when she later enters the world of the country club, all of its members-- especially its young members-- look down their noses at the "uncouth creature" in their midst. We, the audience, are meant to feel the pain of the moment, but are we meant to disapprove of this community's ill-bred snobbery? No!
No. Despite Stephen's early disapproval of Stella's naked class ambitions, and despite the country club's blatant snobbery, we are by the end subtly manipulated to side with the worst kind of class snobbery. In the end, Stella fails not because she was shallow in her class ambitions, but only because she lacks the patience to attain the genteel mannerisms of the wealthy. Indeed, [vague spoiler] when she finally makes her great self-sacrifice so that her daughter can be brought up among the wealthy, we are allowed to feel the pain of separation, but we are also meant to feel the great magnanimity of the move-- in other words, we are supposed to agree unquestioningly with a larger snobbery: the rich are better people, and Laurel is, of course, better off among them, rather than with her mother. In short, the movie still maintains that old-fashioned equating of noble character and the noble class.