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Hilton Hotels, 1949 Annual Report
Image 29
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Hilton Hotels Corporation. Hilton Hotels, 1949 Annual Report - Image 29. 1949. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. February 16, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/207/show/203.

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. (1949). Hilton Hotels, 1949 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/207/show/203

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, 1949 Annual Report - Image 29, 1949, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed February 16, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/207/show/203.

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, 1949 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1949
Description Hilton Hotels Annual Report for calendar year 1949.
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_002_029.jpg
Transcript {F\y\<swc'\<\f J&toteywevsts Federal Income Tax Returns of Hilton Hotels Corporation since date of consolidation to December 31, 1948 and the Returns of State-Monroe Equipment Corporation, (a wholly-owned subsidiary) for the years 1947 and 1948 were under examination at the date of our certificate. . first mortgage bonds and notes—The Equitable Life Assurance Society of the United States has authorized a First Mortgage Loan on The Stevens in the total amount of 57,000,000.00, the first advance of 52,000,000.00 being closed on December 30, 1949. The loan agreement carries a provision for a standby fee of one-half of one per cent due quarterly beginning March 1, 1950 on the un- advanced portion of the total authorized loan. . reserve for contingencies—The Board of Directors established as of June 1, 1946 a reserve for contingencies of 51,700,000.00 to cover claims which may be asserted under various Federal statutes and regulations, including claims for Federal Income and Excess Profits taxes of the consolidating companies, such reserve so created being deemed by the Board of Directors to be reasonably adequate to cover all such contingencies. . convertible preference stock—Since the date of consolidation the Corporation has purchased for the Treasury 150,665-97/100 shares of its own convertible preference stock at a total cost of 55,674,822.87, the discount thereon being credited to capital surplus. Of the total shares so purchased 24,626-97/100 shares have been permanently retired and cancelled. The Corporation had options to purchase 72,752 shares of its own convertible preference stock for 540.00 per share at December 31, 1949 under a certain offer to stockholders which expired on August 15, 1949. At December 31, 1949 the Corporation had provided a reserve for dividends on convertible preference stock under option in the amount of 5129,548.00 which wouid be required to be paid were the Corporation not to exercise its option under the terms of the offer. As of January 31, 1950, the Corporation exercised its option and purchased 18,188 shares of this stock in accordance with the terms of the offer and accordingly the dividend reserve was reduced by 532,387.00 as of January 31, 1950. Under the terms of the offer, the Corporation may purchase the remaining shares under option in equal annual amounts of 18,188 shares each on or before January 31, 1951, 1952 and 1953. i stock—Common stock 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. ited by various minority stockholders of Mayflower Hotel Corporation naming amongst others as defendants the Hilton Hotels Corporation involving together with other things challenge of management fees and charges of the latter to Mayflower Hotel Corporation since acquisition of the controlling stock in December 1946, is now pending in the District Court in the District of Columbia. poration is named as party defendant in several law suits ' ny material actual or contingent liability to the Corporati INCOME ACCOUNT 1. consolidated income—Consolidated Income includes the wholly-owned subsidiaries State-Monroe Equipment Corporation and Hilton Hotels International, Inc., but not the partly-owned Mayflower Hotel Corporation or Hotels of the Bermuda Development Company, Ltd. (Reference is made to Balance Sheet Note 1). Other Income includes management fees and charges earned by Hilton Hotels Corporation as per contracts with the non- consolidated partly-owned subsidiary and other Hilton operated hotels. The Corporation's share for the year ended December 31, 1949 of net profits, less dividends received, of the unconsolidated subsidiary, which has not been reflected herein, amounted to 5200,132.85, and for the year ended December 31, 1948, such share amounted to 5202,872.58. 2. general—Operations for the year ended December 31, 1948 have been restated from previously issued reports for comparative purposes only. 27