I agree with Joe F that this one goes back to the early 1900's when gallows humor flourished in reaction to the more sentimental popular songs of the day.

I wouldn't dream of singing this one now unless I was trying to outgross someone else. However, we did such competitions on a regular basis at our song parties in the early 1960's when I was in college.

Another favorite of ours at the time was "All the World's in Desolation."

Cheerily,
Charley Noble