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Hilton Hotels, 1959 Annual Report
Image 29
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Hilton Hotels Corporation. Hilton Hotels, 1959 Annual Report - Image 29. 1959. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. May 29, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1208/show/1200.

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 29. 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/1200

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 29, 1959, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed May 29, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1208/show/1200.

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 29
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_012_029.jpg
Transcript Statement of Consolidated Surplus CAPITAL SURPLUS BALANCE—DECEMBER 31, 1958 ADD: Surplus arising from cancellation of liability for 484 shares of Savoy-Plaza, Inc. stock previously listed as dissenting and provision for issuance of Hilton shares therefor in accordance with terms of merger agreement Adjustment of surplus arising from exchange of common stock for capital stock of Hotel Waldorf-Astoria Corporation Surplus representing market value at date of issue of stock warrants attached to 6% subordinated sinking fund debentures DEDUCT: Decrease in surplus arising from adjustment of fixed assets and related depreciation reserves of Savoy-Plaza, Inc. to tax basis as a result of additional costs recorded in 1959 BALANCE—DECEMBER 31, 1959 EARNED SURPLUS BALANCE—DECEMBER 31, 1958 ADD: Adjustment resulting from change in basis of consolidation— (Note 1) BALANCE—DECEMBER 31, 1958—(as adjusted) ADD: Adjustment of income resulting from federal income tax examinations for prior years. . . . 155,548.46 Net income and profits for the year ended December 31, 1959 11,582,864.39 DEDUCT: Assessment of federal income taxes for prior years 563,668.79 Dividends: Cumulative First Preferred Stock, 5% series "A" 264,500.00 Cumulative Preferred Stock, 5>^% series "A" 333,588.77 Common stock 4,593,163.80 BALANCE—DECEMBER 31, 1959 $27,853,327.48 25,410.00 1,010.79 4,455,450.00 32,335,198.27 11,543.26 $32,323,655.01 $52,060,569.06 317,320.08 52,377,889.14 11,738,412.85 64,116,301.99 5,754,921.36 $58,361,380.63 CERTIFICATE OF INDEPENDENT PUBLIC ACCOUNTANTS To The Board of Directors and Shareholders of Hilton Hotels Corporation We have examined the balance sheet of Hilton Hotels Corporation and its Consolidated Subsidiaries at December 31, 1959 and the related consolidated surplus and income statements for the year then ended. These consolidated statements have been prepared from financial statements of the operating units of Hilton Hotels Corporation and its Subsidiaries which were either audited by us or by another firm of independent accountants, which firm has submitted to us a certificate concerning the underlying statements examined by them. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. Realization of investments in and advances to non-consolidated foreign subsidiaries and divisions referred to in Note 1 is dependent on future operations of the companies and divisions with respect to which we are not in a position to express an opinion. In our opinion, based upon our examination and upon the opinion expressed in the certificate of another firm of independent accountants pertaining to the operating units and companies examined by them, except to the matter referred to in the preceding paragraph, the accompanying consolidated balance sheet and related statements of consolidated surplus and income, together with explanatory notes thereto, present fairly the financial position of Hilton Hotels Corporation and its Consolidated Subsidiaries at December 31, 1959 and the results of their operations for the year then ended in conformity with generally accepted accounting principles applied on a consistent basis except for a change in the basis of consolidation, explained in Note 1, which has our approval. Chicago, Illinois March 1, 1960 HARRIS, KERR, FORSTER & COMPANY AND CONSOLIDATED SUBSIDIARIES 27