I have from my great-grandparents a 78rpm record of "Hi Le Hi Lo" that sounds identical to the song from the Cylinder Preservation ... Project. Thank you, Mick Pearce, for the second verse. I can now make it out better. What I came up with is:
Den Wald und Forst zu hegen
Das Wildbret zu erlegen,
Das ist was mir gefällt.
Ja, das ist was mir gefällt.
(Enjoying/caring for the woods and forest,
shooting the wild game,
that's what appeals to me.)
This song appears to be a somewhat comic variation of the (probably) older song "Im Wald und auf der Heide" by Bornemann, also mentioned on this thread. (Actually a poem in latin that he translated into german, VERY well done, and likely much older than 1816.)
That song is very nice and has several good renditions on YouTube. The Watson version seems to have been very popular during the Depression, probably because of the line "Bei uns geht's immer je länger, je schlimmer." (With us, the longer it goes the worse it gets.)
I hope this is useful.