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Hilton Hotels, 1959 Annual Report
Image 11
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Hilton Hotels Corporation. Hilton Hotels, 1959 Annual Report - Image 11. 1959. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. January 24, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1208/show/1182.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Hilton Hotels Corporation. (1959). Hilton Hotels, 1959 Annual Report - Image 11. Annual Reports from the Hospitality Industry Archives. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. Retrieved from https://digital.lib.uh.edu/collection/hiltonar/item/1208/show/1182

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Hilton Hotels Corporation, Hilton Hotels, 1959 Annual Report - Image 11, 1959, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed January 24, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1208/show/1182.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Compound Item Description
Title Hilton Hotels, 1959 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1959
Description Hilton Hotels Annual Report for calendar year 1959.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Hilton Hotels Corporation
Genre (AAT)
  • annual reports
  • business records
Language English
Type (DCMI)
  • Text
  • Image
Original Item Location Conrad N. Hilton Papers
Digital Collection Annual Reports from the Hospitality Industry Archives
Digital Collection URL http://digital.lib.uh.edu/collection/hiltonar
Repository Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston
Repository URL http://www.uh.edu/hilton-college/About/hospitality-industry-archives
Use and Reproduction No Copyright - United States
File Name index.cpd
Item Description
Title Image 11
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_012_011.jpg
Transcript in corporate ownership communication management and shareholders. Quarterly Dividends The Board of Directors, on February 3, 1960, raised the regular quarterly dividend on the common stock to 373^ cents per share. This was an increase of 25 per cent over the 30 cents per share paid in previous quarters. The increased dividend was paid on March 1, 1960. During 1959 four dividends of 30 cents a share each were paid on March 2, June 1, September 1 and December 1. Regular quarterly dividends also were paid on the 5% First Preferred Stock, Series A, and on the 5K% Cumulative Voting Preferred Stock, Series A. Dividend payments totaled $5,191,253 on all classes of capital stock in 1959, compared with $5,296,820 the preceding year. There remained $6,391,611 of the 1959 net profit for the operation and expansion of the Corporation, as compared with $5,548,808 in 1958. Capital Changes There were 3,790,817 common shares outstanding at December 31, 1959, a decrease of 65,349 from a year earlier. This resulted from the repurchase by the Company of 66,321 shares in the open market. The Board of Directors, early in 1958, authorized the repurchase of a portion of those shares issued in connection with the acquisition of properties which were later sold. During the year, 972 new common shares were issued in exchange for Savoy-Plaza, Inc. common stock. There were also outstanding at the year end 52,900 shares of $100 par value 5% First Preferred Stock, Series A, the same as a year earlier, and 242,609 shares of $25 par value 53^% Cumulative Voting Preferred Stock, Series A, an increase of 1,190 shares during the 12-month period. This increase also resulted from the exchange for common shares of Savoy-Plaza, Inc. This company was merged into the parent Corporation on December 31, 1958. Owners of 11,419 shares of Class A and Class B common stock of Savoy-Plaza, Inc. have dissented to the exchange offer made pursuant to the agreement of merger. On January 18, 1960, the 53/2% Cumulative Voting Preferred Stock, Series A, was listed on the New York Stock Exchange. Shareholders at the 1959 annual meeting cleared the way for this listing by approving an amendment to the Certificate of Incorporation of Hilton Hotels Corporation. As a result, a two-thirds vote of the holders of the class is required for any change in the terms or provisions which would materially and adversely affect their rights. Book value per share of common stock at December 31, 1959 was $24.22, compared with $21.72 a share at the end of the preceding year. Book value reflects to a large extent the original cost to the Company of its assets, less accumulated depreciation. Due to rising real estate values in recent years, a number of our properties are worth substantially more than their book value. Thus there is a greater underlying asset value to each share of common stock than that indicated. Institutional investors, as well as private individuals, are becoming increasingly aware of the investment stature and growth potential of Hilton Hotels Corporation securities. For example, investment trusts, banks, pension funds and other institutional investors own over 597,000 shares, or approximately 16 per cent of Hilton common stock.