Good backups on this one.  She's got Phil Napolean, Jimmy and Tommy Dorsey.  And yet for all the talent all we hear is a piano in the first verse.  This song has a common theme for the twenties about a tough gal  that loved her man.  The name "Lou"  is used quite often by songwriters.  Here are some similiar song titles for reference:

Levee Lou

Hula Lou

Louisville Lou
 
 

True Blue Lou
 

Down in the poolroom
some of the gang
were talking about a gal they knew
women are all the same
said Joe
one dizzy bird
said pal ain't ya heard
the story of True Blue Lou
Listen and get an earful
Say, she was a dame
in love with a guy
she stuck to him
but didn't know why
everyone blamed her
still they all named her
True Blue Lou
He gave her nothing
She gave him all
But when He had his back to the wall
who fought to save him
forgave him
True Blue Lou

He got a break
and went away to get a new start
but poor kid
she never got a break
except the one
way down deep in her heart
maybe somewhere
in heaven above
there's a reward
for that kind of love
angels won't blame her
they too will name her
True Blue Lou

He got a break
and went away to get a new start
but poor kid
she never got a break
except the one
way down deep in her heart
maybe somewhere
in heaven above
there's a reward
for that kind of love
angels won't blame her
they too will name her
True Blue Lou

That's All!