here I did all the legwork for you
black and white version
color version
the figure you think is a guy hanging is in both versions. It hasnt been removed. I dont know why you are saying you cant see him in the color version. If the object was deliberately removed from one of the versions, it wouldnt be there at all. If George Lucas can make Greedo shoot first, MGM studios can remove a 'hanging man'. The reason you can see it in both versions is because it is actually the CHIMNEY OF THE HOUSE. No guy...no rope...no swinging...NO HANGING.
there is no hanging on the house, there is no hanging in the trees. Its someones imagination, a bad video transfer of a film made in 1939 and the image of a bird with a long swan-like neck in the rear of the scene moving between trees. Period. Its an urban FCKING legend.