I have a note that this song was written in 1930, not 1931, and recorded that same year by Debroy Somers. Several other people recorded it in 1931, including Sophie Tucker, Marion Harris (clip) and Lawrence Welk's Novelty Orchestra. (Was Welk a wild child once upon a time?)

I first heard it from the Captain Matchbox Whoopee Band, on their LP Smoke Dreams (which generally sounds like they smoked a bit too much). They also issued it on a 45—I believe the A side is "Everything Is Hotsy-Totsy Now." Their intro begins "Mr. Pressman, here's some news"; this may be the original intro.

Most of these novely songs were disappointingly short on vocals, as the numbers were largely dance instrumentals. Consequently, singers desiring longer renditions usually had to supplement. They often replaced the intros, as well. And even the original creators added new lyrics from time to time. Determining the actual authors of all the various bits you want to use could be a challenge. Don't you love copyrights?