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Hilton Hotels, 1958 Annual Report
Image 23
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Hilton Hotels Corporation. Hilton Hotels, 1958 Annual Report - Image 23. 1958. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. September 20, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1383/show/1369.

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. (1958). Hilton Hotels, 1958 Annual Report - Image 23. 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/1383/show/1369

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, 1958 Annual Report - Image 23, 1958, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed September 20, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1383/show/1369.

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, 1958 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1958
Description Hilton Hotels Annual Report for calendar year 1958.
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 23
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_011_023.jpg
Transcript The ultimate in credit credentials, "Hilton Carte Blanche," the new, all-purpose credit card, was created in October. An affiliate, Hilton Credit Corporation, has been formed, and will commence operations about April 1, 1959. This new company currently has 2,927,383 shares of $1 par value common stock, issued and outstanding, of its authorized 5,000,000 shares. Hilton Hotels Corporation owns 1,000,000 of the shares, or 34 per cent, which it received in return for transferring the established credit card list, numbering almost one million, and other assets of Hilton Hotels' Central Credit Card Department. The other 66 per cent of the shares were issued pursuant to an offering of rights to Hilton stockholders, by which they could purchase, at a subscription price of $3.25, one share of Hilton Credit for each two shares of Hilton Hotels common stock held by them. In addition to the approximately $6,000,000 equity capital raised through the offering, the credit card company has arranged for banking lines of credit aggregating $22,000,000. The holders of the established Hilton card formed the nucleus for Carte Blanche, but the list is being expanded daily. The card will be honored for Hilton Hotels' goods and services, as well as at other carefully selected establishments now being signed, which are known as Associates. These include such businesses as other hotels, transportation lines, restaurants, gasoline stations, gift shops, ticket agencies, and automobile rental agencies. Hilton Credit Corporation has worked out a comprehensive plan which has distinct advantages for an Associate, namely, immediate payment for charge accounts, elimination of bookkeeping, and lower rates. Hilton Credit Corporation will derive its revenue from the discounting of charge accounts, and from an annual membership fee of $6 for the use of Carte Blanche outside of Hilton Hotel properties. Over 32,000 Mobil service stations in 43 states will become Associates under an agreement reached in February with Socony Mobil Oil Company. This is the first agreement between a national oil marketer and an all-purpose credit card company. Carte Blanche was created in response to requests from Hilton credit card holders who felt the need for a more widely-recognized credit credential. After discussions with other credit card organizations, it was decided that operation by a Hilton affiliate would provide maximum assurance that Hilton's high standards would be maintained. It is intended that Carte Blanche will be more useful in more places, and in more ways, than any other credit card in existence. This added convenience to the traveling public should stimulate increased business at Hilton hotels. The history of the term carte blanche is unusually colorful. In 1461, carte blanche meant a hand without picture cards, in a game called Piquet. A player received a ten-point bonus for holding such a hand. The words carte blanche symbolized extra power, and gradually became associated with any white paper which gave the owner unlimited authority to act as he pleased. The first political use of the words concerned Charles II of England. In 1649, in a maneuver to save his father's life, he sent Parliament carte blanche, to be filled in with whatever terms it suggested. Parliament ignored the offer, and Charles I was executed. In the early eighteenth century, Louis XIV did much to both popularize the phrase and make it unpopular at the same time. He used carte blanche indiscriminately to break his enemies. The term soon spread to the military, with whom it became a synonym for "unconditional surrender." In Addison's Spectator, a popular publication of the day, the phrase retained a military meaning, but now concerned the War of the Sexes. Quoting the Spectator: "I threw her carte blanche . . . desiring her to write upon it her own terms." In 1766, Prime Minister William Pitt made an official list of all the occasions upon which he had used carte blanche during his lengthy and distinguished tenure of office. Among the populace, reports the Oxford English Dictionary, the term had come to mean "full discretionary power." And . . . there the phrase rested, much used but infrequently held, until the Hilton Hotels Corporation infused it with fresh new meaning. 21