With the practical closing of the pension funds to new members, the proportion of pensioners to members rapidly increased. In 1890 there were 16.5 pensioners for each 100 members, and in 1907, 67.5 pensioners per 100.

AVERAGE ANNUAL NUMBER OF MEMBERS AND PENSIONERS IN THE THREE RAILROAD PENSION FUNDS.

[Source: Ferrovie dello Stato, Rapporto sulle Operazioni e sulle Stato Economico delle Cessate Casse Pensioni per l'anno 1907.]

A study of the reports concerning the movement of membership of the pension funds furnishes very valuable material concerning the death rate and the disability and retirement rates of railroad employees. In the following tables these rates are computed for the entire membership as well as for the main groups. Perhaps the most interesting feature brought out is the small number of deaths or retirements due to accidents. Thus, for the ten years 1890 to 1899, the total number of retirements due to accidents was, for the two larger funds, 183, and the total number of fatal accidents 204, or 18.3 and 20.4 per annum, respectively. With an average membership of 35,000 members, this gives a rate of one accidental invalidity per 1,913 employees, and one fatal accident to 1,716 employees. The general rate of retirements and deaths naturally increases, in view of the discontinuance of new admissions in 1897, but not so rapidly as one would expect. To some extent this prohibition of new admissions was limited by the rule permitting transfers of members of the mutual benefit societies by promotion from a daily wage to a monthly salary. During 1890 to 1894 the average rate of retirement for old age and disability was 2 per cent, or 20 per thousand; for 1895 to 1899, 2.14 per cent, or 21.4 per thousand; for 1902 to 1906, 23.6 per thousand;

and in 1907, 36.5 per thousand. The average death rate in 1890 to 1894 was 9 per thousand; in 1895 to 1899, 8.6 per thousand; and in 1902 to 1906, 9.7 per thousand.

The percentages of resignations and dismissals are small, and have been growing very much smaller. As the constitution provided no repayments for members who resigned or were dismissed for cause, the increased value of the acquired rights to a pension evidently had the effect of counteracting the tendency both for resignations on the part of the employee and dismissals by his superiors.

MOVEMENT OF MEMBERSHIP IN THE ADRIATIC, MEDITERRANEAN, AND SICILIAN PENSION FUNDS, 1890 TO 1907.

[Source: The annual reports of the funds. From 1890 to 1899 the Adriatic and Mediterranean funds only are included.]

The same data are given in the following table for each branch of the service, for the ten-year period 1890 to 1899, only the two large funds being included. In both funds the highest retirement rate is found in the groups of maintenance-of-way and station service, and the lowest in the office force. The rates of retirement are much higher for the Adriatic fund, which had a membership of a much higher average age. The higher retirement rates for the maintenance-of-way and station service is partly due to a higher average age of these groups, railroad employees being transferred to these easier occupations when they

are considered because of their age unfit for the more strenuous duties of the active train service. Thus, in 1890 in the Adriatic fund there were among the office employees only 15.7 per cent 50 years of age and over; among the engineers and firemen, 17.5 per cent; in the train service, 18.7 per cent; in the station service, 20.2 per cent; and in the maintenance-of-way, 34.2 per cent.

AVERAGE MEMBERSHIP FOR 10-YEAR PERIOD 1890 TO 1899 IN THE MEDITERRANEAN AND ADRIATIC PENSION FUNDS, BY BRANCH OF THE SERVICE. [Source: The annual reports of the funds.]

SALARIES. For a better appreciation of the data concerning the pensions paid by these funds, it is necessary to give some information concerning the earnings of the Italian railroad employees. In the following tables the average salaries have been computed from the annual reports of the Adriatic and Mediterranean funds, as far as available, namely for 1890 to 1899, and 1890 to 1903, respectively. The average earnings have increased during this period from $314 to $369 in the Adriatic fund, and from $278 to $339 in the Mediterranean fund. These averages are considerably higher than for the entire railroad personnel, as shown in the table on page 1936, and are explained by the fact that the pension funds included mainly the higher paid employees. The discontinuance of new admissions in 1897, except by transfer from the mutual benefit societies, in itself is responsible for a considerable increase in the average salary. As a matter of fact, the greatest increase in the average salary is noticeable in the

class of office employees where the highest salaries are paid; while in some of the other groups there was little or no increase.

The average remuneration of these employees in the Adriatic fund during the last five years for which information is available (1895 to 1899) was as follows: Engineers and fireman, $410; train service, $281; maintenance of way, $185; station service, $204; and in office service, $450. In the Mediterranean fund data are available for a later period, 1900 to 1903, and though more recent are somewhat lower, namely: Engineers and firemen, $399; train service, $276; maintenance of way, $175; station service, $192; and office employees, $477.

AVERAGE ANNUAL SALARIES OF MEMBERS OF THE MEDITERRANEAN PENSION
FUND, 1890 TO 1903, AND OF THE ADRIATIC PENSION FUND, 1890 TO 1899, BY BRANCH
OF SERVICE.
[Source: The annual reports of the funds.]

AVERAGE ANNUAL SALARIES OF MEMBERS OF THE MEDITERRANEAN PENSION FUND, 1890 to 1903, AND OF THE ADRIATIC PENSION FUND, 1890 to 1899, BY BRANCH OF SERVICE-Concluded.

PENSIONS. In the following two tables is shown the activity of the pension funds in the distribution of pensions. The first table gives the total number of current pensions at the end of each year, while the second table gives the number of new pensions granted during each year. Because of the great difficulty in obtaining material the tables are not as complete as they should be.

No data were available for the Sicilian fund prior to 1901, and therefore totals for all the three funds could not be obtained for the earlier years; and for the other two funds the data are incomplete for a number of years, mainly as far as the pensions to orphan families are concerned. The data presented are nevertheless sufficient to indicate the general results.

The increase in the amount of pensions is better demonstrated in the second table, showing the average amounts of pensions granted. during the years specified. The averages fluctuate mainly because of the difference in the occupation of the employees pensioned, as the differences in the annual salaries of the different classes of employees are considerable. The pensions of the widows include those with and without minor children, and for a few years the data were given sep