Hi, Tuvya. I think they're just nonsense words that are supposed to sound like Latin. Here's another version:

HI-HO-JERUM

In times long past, in the days of Methusal-e-um,
Glory hallelujah, and hi ho jerum!
A rich man lived in the town of Jerusal-e-um.
Glory hallelujah, and hi ho jerum!

CHORUS:
Hi ho jerum, hi ho jerum.
Dinky dinky diddle-e-um, dinky dinky diddle-c-um,
Dinky dinky diddle-e-um, hi ho jerum.

There also lived a poor man, sick and disable-e-um.
Glory hallelujah, and hi ho jerum!
He licked up the crumbs from the rich man’s table-e-um,
Glory hallelujah, and hi ho jerum! CHORUS

The poor man died and ascended up to Heaven-e-um
Glory hallelujah, and hi ho jerum!
And he dined with the angels ‘til half-past eleven-e-um.
Glory hallelujah, and hi ho jerum! CHORUS

The rich man, he didn’t fare so well-e-um.
Glory hallelujah, and hi ho jerum!
The devil came along and took him down to HMP-e-um.
Glory hallelujah, and hi ho jerum! CHORUS

The fires they roared and the furnaces glowed-e-um.
Glory hallelujah, and hi ho jerum!
The rich man called for whiskey and sodium.
Glory hallelujah, and hi ho jerum! CHORUS

He called for whiskey and a soda to console-e-um.
Glory hallelujah, and hi ho jerum!
But the Devil said to him ‘Come! Shovel on the coal-e-um!
Glory hallelujah, and hi ho jerum! CHORUS

So, if you go to church and put in your penny-um,
Glory hallelujah, and hi ho jerum!
You’ll go up and play the clarinet along with Father Abra-he-um.
Glory hallelujah, and hi ho jerum! CHORUS

But all unbelievers will go down beneath-e-um.
Glory hallelujah, and hi ho jerum!
And there will be weeping and gnashing of teeth-e-um.
Glory hallelujah, and hi ho jerum! CHORUS


Hi-Ho-Jerum
A parody on a whole class of songs rather that a specific song, “Hi Ho Jerum” makes use of “macronics” - - nonsense words made to sound a little like Latin. The song was popular on American college campuses in the ‘20s. Sam Hinton learned this version from the late Dr. Norris Rakestraw, who was a professor of marine chemistry at the Scripps Institution of Oceanography in La Jolla. California.

Source: Sing Out! Magazine, Vol. 33, No. 1 (Fall 1987), Pages 28 & 29