The song itself isn't as important as what happens during the song. Below left is a video on (contemporary) Jewish Wedding traditions. More about stepping on a glass to break it can be found in the glossary.

The couple are gifted a pair of candlesticks, which is presumably for the Shabbos candles. 

Jewish Weddings in early 1900s Eastern Europe were the most lavish of life events, to the point that there were regulatory efforts to try and reign it in, including banning of traditional practices.  An in-depth look at the wedding customs, regulatory efforts, and more can be found here. It gives a historical perspective, and is worth a read if you have questions about what Jewish weddings looked like in Shtetlech.

Below right is an image of Bride and guests under the wedding canopy, from Raguva, Lithuania, 1926. (YIVO)