RAILROAD employees in road passenger and road freight services have the option of receiving compensation upon a mileage or an hourly basis, and choose whichever gives them the higher wage for any particular trip. This arrangement rests upon the assumption that a certain number of miles run are the equivalent of a given number of hours of work. The assumed relationship between mileage and hours has not been changed during the post-war period; and, since basic conditions of train operation have changed, reductions in direct operating expenses per train mile are rendered difficult. In this article we intend to examine the equation of miles and hours and interpret its significance for railroad wage policy. data are reported each month to the Interstate Commerce Commission by Class I railroads in the United States. These figures have been summarized for all roads and, since July I92I, have been published monthly under the title, Wage Statistics of Class I Steam Railways in the United States.' Data are reported by occupational groups, of which fourteen are in train and engine service. These fourteen classes can be grouped into three main categories, road passenger service, through freight service, and local and way freight service; each of these includes the occupational divisions of engineers, firemen, conductors, and trainmen. The movements of the various series of reported data for the individual reporting divisions are similar within these broader classifications, and hence the process of grouping them is amply justified.

THE object of this article is to present the results of a study of certain statistics bearing upon wage conditions for railroad labor in the spring of I934. It is hoped that some light may be thrown on the situation which nearly resulted in a national strike of all railroad unions. It is also hoped to make rough comparisons of hours and wage rates paid the employees in this service and those in industries which have signed codes under the National Recovery Administration. For the most part the article will be confined to the presentation of the analysis and interpretation of statistical data, and will not attempt to build up a case for either side in the recent wage dispute.'

THERE has already been published in this REVIEW an analysis of the seasonal variations in weekly figures for outside bank debits.' In presenting the results of that study a special method for determining and eliminating seasonal variations as they appear in weekly data was developed. The following paragraphs apply that method, in full or in part, to four weekly series; in addition, a revised and improved analysis pertaining to outside bank debits is in course of preparation, and will be presented in a forthcoming issue of this REVIEW.