Song id in ''Our Gang'' short: ''Melodies Old and New''

I posted this on the IMDB board and got a colossal goose egg for a response. Thought I’d try it here:

In this one of many innumerable, insufferable MGM “Gang” musicals, one of the musical numbers features Spanky singing lead with Buckwheat, Froggie, and Mickey following Spanky’s lead, in much the same way you would expect to see the Temptations, Four Tops, or Jackson Five in their heyday.

But anyway. . .

I haven’t seen this short in a long time, but the song goes something like this: “O, what a PAL was Boom-bay.” When he said “pal,” there was great emphasis on it. I don’t remember the name, but I remember it as sounding like “boom-bay.” It also seemed like when he said it, he sorta brought his fist down to emphasize the point.

Any ideas???

Well, there was a very popular song (written in 1919) called “Oh, What a Pal was Mary.” Maybe it was either a parody of that, or Boom-bay turned out to be a better pal than Mary had ever been?