I remember what I think was the verse or one of the verses:

Mrs. McQueen has a sewing machine,
And Mrs. Hayhoe has a new radio,
While old Mrs. Pryor has a new clothes dryer,
And they did it on the dough they all saved from Mil-ko.

In line 2, Hayhoe may not have been the correct name, but it rhymed.

(Northern Ontario, Canada in the 50's)