The following audit report was issued at the turn of this centuryt:

New York March 12, 1903 To the Stockholders of the United States Steel Corporation:

We have examined the books of the U.S. Steel Corporation and its Subsidiary Companies for the year ending December 31, 1902, and certify that the Balance Sheet at that date and the Relative Income Account are correctly prepared therefrom.

We have satisfied ourselves that during the year only actual additions and extensions have been charged to Property Account; that ample provision has been made for Depreciation and Extinguishment, and that the item of "Deferred Charges" represents expenditures reasonably and properly carried forward to operations of subsequent years.

We are satisfied that the valuations of the inventories of stocks on hand as certified by the responsibie officials have been carefully and accurately made at approximate cost; also that the cost of material and labor on