The 50th consecutive quarterly dividend was paid
to common stockholders on March 2, 1959. This
was the regular quarterly dividend of 30 cents per
share, declared on January 23, 1959. Dividends on
the common stock were paid at the regular quarterly rate of 30 cents per share throughout 1958.
Payments were made on March 1, June 2, September 2, and December 1, bringing the total for the
year to $1.20 per share, the same as the previous year.
The number of common shares of Hilton Hotels
Corporation outstanding at December 31, 1958,
was 3,856,166, compared with 3,938,671 outstanding a year earlier. The number outstanding was
increased by the conversion, on January 2, 1958
(the date of expiration of the conversion privilege)
of $488,300 principal amount of 4H% convertible
debentures into 21,929 shares of common stock.
This increase was more than offset by the repurchase for the treasury of 112,700 shares. The repurchase program, authorized early in 1958 by the
Board of Directors, is for the purpose of acquiring
those shares which had been issued in connection
with the acquisition of properties subsequently sold
and no longer providing income to the Company.
There were also outstanding at the year-end
52,900 shares of $100 par value, 5% First Preferred
Stock, Series A, and 241,419 shares of $25 par value
5/i% Cumulative Voting Preferred Stock, Series A.
The merger of Savoy-Plaza, Inc., and Hilton
Hotels Corporation became effective December 31,
1958. Of the outstanding shares of Savoy-Plaza,
Inc., 83.73% had been previously acquired by your
Company. Two and one-half shares of 5H% Cumulative Voting Preferred Stock, Series A, and two
shares of common stock of this Company were
offered to the holders of each share of Class A and