When I was a student at Central High in Philadelphia (210 class), we used that song as part of the year end ceremony of graduation. Every class sat in the auditorium the oldest in front. As each class was sung about, they left their seats and were replaced by the class just behind them.

Where, oh, where are the grave old seniors
Where, oh, where are the grave old seniors
Where, oh, where are the grave old seniors
Safe, now, in the wide, wide world.

By and by, we'll go out to meet them
By and by, we'll go out to meet them
By and by, we'll go out to meet them
Safe, now, in the wide, wide world.

The seniors would, then vacate their seats and the juniors would replace them as we sang,

Where, oh, where are the gay, young juniors
Where, oh, where are the gay, young juniors
Where, oh, where are the gay, young juniors
Safe, now, in the senior class.

And, then, in turn the sophs and the frosh got sung and moved. It was, literally and figuratively moving ritual.