[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!"