Yet another version has been found! This one is dated 1934 and was arranged (and almost totally different lyrics by some obscure songsmith named Thomas Waller ;-) )

This version has a double intro and 3 refrains. The tune is about the same as the original version. I have a PDF scan that I can send off list to anyone interested (or is there a way to post it here?)

Intro 1
Some folks that you meet,
In any old street,
Make you feel your lot in life is tough;
You envy their style,
And confident smile,
But they're only living on a bluff.

Refrain 1
Some of them have information to sell,
That's their old ace in the hole;
Dear little secrets, they're paid not to tell,
That's their old ace in the hole.
The Sweet sugar daddies,
they'll squeeze till they squeal,
and always collect their full toll.
And they know that dear wife-y
will pay, if he don't,
That's their little old ace in the hole.

Intro 2
You drift here and there,
Most any old where,
It's the same thing over ev'ry time;
The millionaire strut is just "nothing but,"
But they're wishing they had one lone dime.

Refrain 2
Some of them come and sell titles for "dough,"
That's their old ace in the hole;
Bally old castles, at home, don't you know,
That's their old ace in the hole.
Of course, it's not mon-ey
they're after; oh, no!
It's love, nothing else,
bless your soul!
But they all get their checks
or no wedding bells ring,
Can't you see that's their ace in the hole?

Refrain 3
Some of them just make the dice carry on,
That's their old ace in the hole;
Some carry guns, when the daylight is gone,
That's their old ace in the hole.
They're experts in grafting,
that's how they get by,
No matter how they get their roll.
They will just muscle in,
when the law is asleep,
That must be their old ace in the hole.