A funny thing I have to add: Gracie mentioned to me that TCM recently played this short in between movies, and she was at her grandmother's house when she saw it. So she sat down and was watching it with her grandma, and they were both sitting in silence when the guy comes on with his cravat-ed dapperness. Her grandma turned to her and was like, "If you ever find a guy in a top hat, hold on to him."
Wise words, granny, wise words. We're totally on the same page here. And Gracie told her as much.
This song was actually first published by Peter DeRose as solely a piano composition in 1933, and it was a major hit, being played by the likes of Paul Whiteman. It wasn't until 1938 that lyrics would be penned by Mitchell Parish, after steady sheet music sales for the past five years proved the song had staying power. This probably only increased the song's popularity, as it was covered by tons of major musicians and continued to be covered into the late 70s and still hit the Top 20 charts.
Here's another version, by Larry Clinton and his orchestra, sung by Bea Wain. I don't love it as I do Artie & Helen's version, but I still do like it.