[Verse:]
Subway Guards and Motormen
Congregated once again
At the Streetcar Conductor's annual ball
Just watch them dancing 'round the slippery floor
As they did the year before
While the band is playing
Those subway guards are saying

[Refrain:]
Watch your step! watch your step!
Hear those conductors all shout
Watch your step! watch your step!
As they go dancing about

They're such a jolly mob
That crosstown trolley mob
Soon they'll all be drinking fine Rhine wine

Look at the fellows who collect your fare
See them there
Having the time of their lives
One and all at the ball
Dancing around with their wives

See the children that they bring up
On the nickels they forget to ring up
And while the band is playing
They are saying "Watch your step!"