As performed by one of the Quartets at the SPEBSQSA Regional Competition ca. 1956 at Wichita KS, the last line was - and with your "are you gonna get one, you bet" makes better sense as,

"It's slooowly riiiisiiing." ( "It's slowly rising" in full slow harmony of course.)

As I've seen it used, most wouldn't consider this a "song," but just a "tag" used on the end of any song as a "mood breaker." This one is one of many "spins" on the "Shave and a haircut - 2 bits." (or 4-bits/6-bits depending on how old one is) Unfortunately its about the only one memorable enough for me to have retained after 45 odd years.

I don't have any remaining associates knowledgeable in the area, but I would suspect that the SPEB singers might be a likely place where some of the old "music hall" stuff may still circulate. In the '50s, a rehearsal might warm up with stuff that was unlikely to be on the "public program," and some of it was somewhat "spicey." (or so it seemed to the mere child I was.)

John