Played near the beginning, approximately 0:31-1:31, this theme was introduced the previous year in Fleischer's Gulliver's Travels (1939), 0:54-1:08 (credits) & 1:05:21-1:08:44, with music & lyrics then credited to Ralph Rainger & Leo Robin.
Columbia, the Gem of the Ocean
(uncredited)
[Played when Popeye's train takes the lead and wins]