[Orgmode] Org Mode 4.37 to 4.50 -- Fontify Emphasized Text not working...

[JoeK]

I have been a happy user of Org Mode for the past few months and upgraded
regularly until 4.37.  Today, I finally installed version 4.50 (on XEmacs
version 21.4.19) and have discovered that Emphasized Text will no longer use
different faces like before.

I appreciate the new features (I really do).  But, I can't understand why the
fonts for bold, underline, and italic do not show up when I use emphasized text.
 When I switch to org.el version 4.37 everything looks the way it's supposed to
(and, yes, I have set "Fontify Emphasized Text" to non-nil).

What am I doing wrong?

Thanks,
JoeK