"What's New?" is a 1939 popular song composed by Bob Haggart, with lyrics by Johnny Burke. It was originally an instrumental tune titled "I'm Free" by Haggart in 1938, when Haggart was a member of Bob Crosby and His Orchestra. The tune was written with a trumpet solo, meant to showcase the talents of band-mate Billy Butterfield. Crosby's orchestra recorded "I'm Free" the same day it was written.
The following year, the music publishers hired Johnny Burke to write lyrics for the tune. Burke's telling of the torch song is unique, using one side of a casual conversation between former lovers. Thus the song was retitled using the song's first line, "What's New?" The song was recorded with the new title in 1939 by Bob Crosby And His Orchestra With Vocalist Teddy Grace. The song reached a peak chart position of #10.
Other popular 1939 recordings of "What's New" include Hal Kemp and His Orchestra with Vocalist Nan Wynn, which peaked at #11, Benny Goodman and His Orchestra with vocalist Louise Tobin, which peaked at #7, and a recording by Bing Crosby which peaked at #7. (from wikipedia)
"I'm Free", as it was known then, was released on the F.7000 Decca 78rpm featuring a very nice arrangement of "Summertime" on the flip side. Both are included in this 78rpm rip, enjoy.