The song was probably Elizabeth by Katscher & Caesar from the original German Wenn Die Elizabeth. (The stage show c1930 was based on a translation of a German original and was something of a flop).

The 1934 film version of Wonder Bar had songs by Al Dubin and Harry Warren and did not include Elizabeth (or possibly any of the songs from the original - though I haven't verified that), though it did have a blackface Jolson singing Going To Heaven On A Mule to 200 children done up as black angels the one blemish on an otherwise immaculate career (says my film musical book).

I haven't located any text for it but I haven't checked all my sources yet. If I have time tomorrow I'll try and look a bit more.

Mick