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Hilton Hotels, 1948 Annual Report
Image 30
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Hilton Hotels Corporation. Hilton Hotels, 1948 Annual Report - Image 30. 1948. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 16, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1243/show/1238.

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. (1948). Hilton Hotels, 1948 Annual Report - Image 30. 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/1243/show/1238

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, 1948 Annual Report - Image 30, 1948, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 16, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1243/show/1238.

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, 1948 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1948
Description Hilton Hotels Annual Report for calendar year 1948.
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 30
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_001_030.jpg
Transcript NOTES TO FINANCIAL STATEMENTS 1. basis of consolidation — Included in the Consolidated Balance Sheet are the wholly-owned subsidiaries, State-Monroe Equipment Corporation, a non-operating unit which holds title to the furnishings and equipment of the Palmer House, Chicago and Hilton Hotels International, Inc., which holds amongst its assets 7,310 shares of capital common stock of Bermuda Development Company, Ltd., which is carried as an investment in the consolidation. The Corporation has adopted the policy of non-consolidation of companies which are not wholly-owned subsidiaries. Holdings of Mayflower Hotel Corporation representing 69.53% of the capital stock of that Corporation are carried in the accompanying balance sheet as investments at cost, such cost being $1,008,132.22 greater than book value at date of acquisition and $596,186.48 greater than book value at December 31, 1948. Holdings in the Bermuda Development Company, Ltd., represents approximately 7% of the capital common stock. At quoted official exchange rates, the par value in dollars amounted to $294,775.75 against a cost of $265,832.00. 2. inventories — Inventories of saleable merchandise and operating supplies were ascertained by physical count and were priced at cost, which basis has been consistently followed by the various operating units of the Company. Stocks of saleable merchandise representing primarily food and beverages, comprising the major part of the inventories represent normal turnover needs of current business. 3. fixed assets, depreciation and amortization — As of July 31, 1948 Hilton Hotels Corporation acquired the Palm Beach Biltmore Hotel from The Neil House Hotel Company (formerly Palm Beach Biltmore Company) at a cost of $2,108,527.38 payment therefore being made by a transfer to the Neil House Hotel Company (formerly Palm Beach Biltmore Company) of certain interests of Hilton Hotels Corporation in the Neil House Company and the Palm Beach Biltmore Company at no book gain or loss. The property which is carried in the consolidation at cost of acquisition plus subsequent additions, at cost, was sold on January 1, 1949 for $1,711,347.77 after deducting estimated expenses of sale. The net book value of the property on January 1, 1949 was $2,004,326.61 thereby establishing a loss approximating $292,978.84 which is not included in the accompanying statements. Except for the Palm Beach Biltmore Hotel, which is carried at cost, fixed asset values and depreciation reserves have been carried over from the predecessor companies. The fixed asset values represent cost to predecessor companies, plus additions at cost. Depreciation on buildings has been determined according to the straight line method on the basis of an estimated over-all life from date of original construction, ranging from 50 years in the case of the Plaza Hotel of New York, to 40 to 45 years in the case of the Palmer House, the Stevens Hotel and the Town House to a 30 year life for the Lubbock Hilton Hotel. Leaseholds and improvements are being amortized over the remaining life of the existing leases. Furniture, furnishings and equipment are depreciated on a straight line basis at varying rates by classifications in accordance with the estimated useful life of the respective assets. Expenditures for rehabilitation, alterations and revisions are charged to a special classification and amortized over varying periods of from three to ten years. Current depreciation rates being applied to cost basis by individual properties appear to be reasonable and adequate and in accordance with industry-wide practice. Operating equipment, represents reserve stock inventories of linens, china, glassware and silverware at cost, and, stocks in use shown at net values after deduction of reserves covering estimated depreciation and depletion of such stocks through loss and discard. 4. due from employees and officers for stock purchases — In accordance with the agreement of consolidation 50,000 shares of common stock were reserved for offering to key employees at a price of $17.50 per share, payment therefor to be made in installments over a period not exceeding four (4) years. (Since extended for a period of two (2) years by action of the Board of Directors.) As of December 31, 1946 a total of 44,342 shares were subscribed for by various employees. Of this total, subscriptions to 9,357 shares have been cancelled to date, leaving a total of 34,985 shares subscribed for as of December 31, 1948 at a total cost of $612,237.50. Of this amount, $265,300.00 has been paid on account, leaving an unpaid balance of $346,937.50 as of the balance sheet date. This unpaid balance is secured by signed purchase agreements of the individual employees. The shares so subscribed have been issued as partially paid shares entitled to dividends only to the extent to which the purchase price therefor has been paid. 5<. provision- for federal and state taxes on income — As of December 31, 1948, this account consisted of the following: Federal Income Tax Liability of Predecessor Companies— (Unpaid Balances) Palmer House Company . . . $24,833.94 New Mexico Hilton Hotel Company 28,014.45 Federal and State Income Tax Liability of Hilton Hotels Corporation for the Year Ended December 31, 1948- (Estimated) TOTAL $ 52,848.39 2,445,210.00 $2,498,058.39 The provision for Federal income taxes for the year ended December 31, 1948 has been estimated at approximately 38% of the operating profits and 25% of capital gains for that period. 28