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Hilton Hotels, 1951 Annual Report
Image 24
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Hilton Hotels Corporation. Hilton Hotels, 1951 Annual Report - Image 24. 1951. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. July 19, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1494/show/1490.

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. (1951). Hilton Hotels, 1951 Annual Report - Image 24. 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/1494/show/1490

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, 1951 Annual Report - Image 24, 1951, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed July 19, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1494/show/1490.

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, 1951 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1951
Description Hilton Hotels Annual Report for calendar year 1951.
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 24
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_004_024.jpg
Transcript FINANCIAL STATEMENTS (5) COMMON STOCK Common shares have been reserved for the conversion of convertible preference shares at the option of the holders thereof at the rate of two shares of common stock for each share of convertible preference stock. (6) RESERVE FOR CONTINGENCIES The Board of Directors established as of December 31, 1951 a reserve for contingencies of $500,000.00 to cover claims which may be asserted under various Federal and State statutes and regulations, including claims for taxes on income for prior years, such reserve so created being deemed by the Board of Directors to be reasonably adequate to cover all such contingencies. (7) DIVIDEND RESTRICTIONS The Trust Agreement securing the outstanding debentures of Hotel Waldorf-Astoria Corporation, lessee of Hotel Waldorf- Astoria, provides among other things that no dividends may be paid nor other distributions made in respect of the outstanding capital stock until all accrued interest shall have been paid. (8) GENERAL The wholly-owned subsidiary, Hilton Hotels International, Inc. has entered into preliminary leases, subject to certain conditions, for the operation of a proposed hotel each in Madrid, Spain and Istanbul, Turkey. In addition to these leases, preliminary negotiations were in progress for leasing of Hotels in Athens, Greece; London, England; Rome, Italy; Mexico City, Mexico and Havana, Cuba. According to the minutes of director's meetings, the company has limited its investment in working capital and expenses to $100,000.00 for any one hotel project. There is not reflected in the financial statements any liability which may result in the event of an unsuccessful defense of a suit instituted by a group of banquet waiters of Hotel Waldorf-Astoria Corporation. In conference, the plaintiffs made an offer in compromise for $33,000.00 which was not acceptable to the corporation. Operations for the year ended December 31, 1950 have been restated from previously issued reports for comparative purposes only. (9) EVENTS SUBSEQUENT TO DECEMBER 31, 1951 On February 4, 1952 Hilton Hotels Corporation made a 30 day offer to minority stockholders of Mayflower Hotel Corporation respecting their shareholdings at a price of $19.10 net per share. As a result of this offer, 13,743 shares were acquired to March 3, 1952. Previously to this offer, the corporation acquired an additional 21,409 shares of Mayflower stock. The total cost of these acquisitions was $671,429.20 and at March 3, 1952 the corporation had a 79.32% interest in the stock of Mayflower Hotel Corporation. Two wholly-owned subsidiaries were organized on January 11, 1952 for purposes of acquiring the business of Cappels Drug Store, operating in the Palmer House, at a Cost approximating $240,000.00. On February 1, 1952 the corporation entered into a ten year lease through a newly formed and wholly-owned subsidiary, Hotel Blackstone, Inc., for the operation of the Blackstone Hotel to be known as the Hilton Hotel, Fort Worth, Texas. Simultaneously, the hotel's furniture and equipment, which belonged to a former tenant, were purchased by the subsidiary from fund's invested and advanced by the Parent totaling $300,000.00. AUDITORS REPORT To the Board of Directors Hilton Hotels Corporation Chicago, Illinois We have examined the consolidated balance sheet of Hilton Hotels Corporation and its Subsidiaries at December 31, 1951 and the related statements of consolidated income and surplus 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 audited by us or by other independent accountants who have submitted to us their certificates concerning the underlying statements which were 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 Chicago, Illinois March 3, 1952 considered necessary in the circumstances. In our opinion, based upon our examination and upon the opinions expressed in the reports of the independent accountants pertaining to the operating units and companies examined by them, the accompanying consolidated balance sheet and related statements of consolidated income and surplus, together with notes pertaining thereto, present fairly the financial position of Hilton Hotels Corporation and its Subsidiaries at December 31, 1951 and the results of operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year except for a change in the basis of consolidation, explained in Note 1, which has our approval. Harris, Kerr, Forester & Company Z19