There were no 7 oz bottles.They were 6 oz. bottles. I was born in 1950 and didn't see my first 12 oz. pop bottle (RC Cola) until the early '60s, it was huge!
Well, I am sorry but I was drinking 12 oz bottles of pepsi in the 40s, 48, 49, 50, 51, 52. I lived in Bell Gardens at the time and I remember the 12 oz bottles well. If you never saw one until the 60s you were in a depressed area for sure. The jingle I quoted came out in the 40s, so yes, the 12 oz bottle was there and the only bottle I knew of.