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Origin and history of yay
yay
"this," as in yay big "this big," by 1940, perhaps from yea "yes" in its sense of "even, truly, verily." "a sort of demonstrative adverb used with adjectives of size, height, extent, etc., and often accompanied by a hand gesture indicating size" ["Dictionary of American Slang"].
"Ye Smudge Pot," a long-running newspaper column by Arthur Perry of the Medford (Ore.) Mail Tribune, in the 1940s occasionally quoted a fictional local character in southern Oregon ranching country, Wallace (Yay-Big) Dingens.
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