This would be a lot easier if the only surviving copy of the 78 had not been played to death by an appreciative owner. Here's what I make of the Quillian lyrics, followed by the transcript from a slightly different but much better condition take of the song by Bob Howard in 1938. The Quillians' verse is problematic but the chorus is quite clear to me, except for one word (which is clearly the name of a lodge; I just can't dredge one up that matches the sound):

Once there was a man by the name of Joe
Boss man told him he didn't need him no more.
He said you're ragged and you're dirty and you cause me disgrace?
Don't want to see you hanging 'round my place.
(Listen, let me?) tell you just before I go
Working for a man (????)
I'm ragged, it's true, but (????)
Keep on dogging me around

I want you to know that I'm ragged but right
Just like the people that passes for white
Have a Porterhouse steak every day for my board
More than most people in this town can afford
Two 'lectric fans to keep me cool while I sleep
Mosquito net from my head to my feet
I'm a Shriner, I'm a (?), I'm a Mason, I'm a Knight,
I'm ragged but right, I say I'm ragged but right.

This is Bob Howard's version, "Raggedy But Right" from Decca 1698:

I knew a fellow once, his name was Joe
His boss said to him, "Joe, I need to know more.
With your raggedy clothes, Joe, and your lonesome face,
You know you're bound to be a disgrace to my place."
Joe said, "Boss, you know I can go,
But I have forgot more than you will ever know.
I know, Boss, I'm raggedy, raggedy but true,
But just before I go, Boss, I'd like to say to you:

I want you to know, I'm raggedy but right
I'm free but I'm livin', same as a person that is white.
I've got Porterhouse steaks, every day for my board
That's more than the market in your home town can afford.
I have two mosquito nets, one at my head and feet,
Two great big electric fans to keep me cool while I sleep.
I'm a Legion, I'm an Elk, a Mason and a Knight
Thank God, I'm raggedy but right."

Howard's lyrics are pretty much the same that were recorded by Banjo Ikey Robinson in 1937, so that's probably where he got them.

There was a discussion of the song on Weenie Campbell some while back, and this is the link to the Ikey Robinson thread, which has transcript of his version and an attempt at the one by the Quillians (but only of the chorus). The Quillian transcript reads one line as "Just like the people that are ever so white," but it sounds clearly to me as "passes for white." There's also some discussion, with reference to a book called "Ragged but Right," about the history of black vaudeville in the early 20th century, which I haven't read but if I can ever find an affordable copy I will. There's also a thread on Riley Puckett's version: http://weeniecampbell.com/yabbse/index.php?topic=580.0