Hi, I'm researching this song as well and came upon this thread. It appears that some version of a cumulative song titled "There's a Hole in the Bottom of the Sea" existed at least as early as
1913, although in this case sung to a different melody (Sweet By and By). A version of the song that is consistent with modern versions of the song (both lyrics and music) is included in this
collection of Ozark Folksongs from 1954. Although this collection was published after the 1948 copyright registration by Ernest Tubb, Inc. and the
1947 recording by Lonzo and Oscar, its inclusion on a collection of Ozark Folksongs leads to some speculation that the song predates that registration.
A version of the lyrics that matches modern versions is listed in this
1932 songbook (p. 9). In the book "
The Frank C. Brown Collection of North Carolina Folklore; the folklore of North Carolina, collected by Dr. Frank C. Brown during the years 1912 to 1943, in collaboration with the North Carolina Folklore Society", there is a song titled "There's a Hole in the Bottom of the Sea" with following description:
'There's a Hole in the Bottom of the Sea." Reported in 1923 by Miss
Lucille Cheek as "sung by boys and girls in Chatham county on hay-
rides."
1 There's a hole in the bottom of the sea,
There's a hole.
There's a hole.
There's a hole in the bottom of the sea.
2 There's a rock in the bottom of the sea,
There's a rock.
There's a rock.
There's a rock in that hole in the bottom of the sea.
3 There's a frog in the bottom of the sea,
There's a frog,
There's a frog,
There's a frog on that rock in that hole in the bt)ttom of
the sea.
It seems as though the lyrics, or at least early versions of the lyrics, existed prior to the 1948 registration. It's less clear whether the music for that 1948 registration was original.
Have you found any more information on this song?