Kate Smith performed this dramatic Arthur Freed-Harry Barris tune in the 1932 film “The Big Broadcast” while several recordings of the song enjoyed moderate sales, including the George Olsen ( https://www.youtube.com/watch?v=FqF637qxRyk ) and Enric Madriguera ( https://youtu.be/gIqCe0ChZ8A ) versions.
From 78rpm Brunswick 6347 - It Was So Beautiful (Freed-Barris) by Ozzie Nelson & his Orchestra, vocal by Ozzie Nelson, recorded in NYC July 11, 1932