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MAYFLOWER HOTEL CORPORATION As of December 31, 1949
Capital Stock— Book or
69.75% of the Capital Stock, Represented by Par Value Cost
Common—271,826 Shares—Par M.00 » 271,826.00 1(3,531,936.77
Surplus—Proportion Applicable to Hilton Hotels Corporation—
At Dates of Acquisition 2,254,489.73
Profit—Subsequent to Acquisition
Beginning of Year 411,945.74
Profit for the Year 1949—(Less: Dividends Received of S81.547.80) 200,132.85
$3,138,394.32 »3,531,936.77
HOTEL WALDORF-ASTORIA CORPORATION—(Note 1)
Capital Stock—
41.85% of the Capital Stock, Represented by 153,197 Shares—Par $1.00 t 153,197.00 »1,850,864.00
BERMUDA DEVELOPMENT COMPANY, LTD.—(Note 2)
Capital Stock—
7% of the Capital Stock, Represented by-
Common Stock—7,310 Shares—Par 10 Pounds 11 204,771.38 » 265,832.00
INSTALLMENT SALES CONTRACT NOTES
Cummy Properties, Inc.—Five Year Serial 4% Note J 406,500.00 S 406,500.00
Charles Sachs—Ten Year 4H% Installment Note 38,000.00 38,000.00
S 444,500.00 $ 444,500.00
Less: Due Within One Year—Included in Current Assets 22,000.00 22,000.00
It 422,500.00 I 422,500.00
TOTAL INVESTMENTS $3,918,862.70 $6,071,132.77
NOTES:
(t) Hilton Hotels Corporation has made an offer to exchange on a share Jor share basis 5d,161 shares oj its common stock for 51,161 shares oj Hotel Waldorf-Astoria
Corporation capital slock held by individuals. This offer expires March 31, 1950. Hilton Hotels Corporation, by Agreement, has the right to purchase from Officers
and Directors of Hilton Hotels Corporation dl,666 shares of Hotel Waldorf-Astoria Corporation capital stock held by them at December 31, 1909, on or before
January 1, 1952, at the same price paid by such persons for said shares. These shares were purchased by the Corporation in January 1950.
(2) The par oalue of Bermuda Deoelopmenl Company, Ltd., capital stock was computed in American dollars at the exchange rate of 12.80125 at December 31, 19d0.
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To the Board of Directors,
Hilton Hotels Corporation,
Chicago, Illinois.
Gentlemen:
We have examined the Consolidated Balance Sheet of
Hilton Hotels Corporation at December 31, 1949 and its
wholly-owned subsidiaries, State-Monroe Equipment Corporation and Hilton Hotels International, Inc., and the
related Consolidated Statements of Profit and Loss and
Surplus for the year then ended. 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 considered necessary in the circumstances.
Examination of the accounts of the operating unit,
Town House of Los Angeles as well as the wholly-owned
subsidiary, Hilton Hotels International, Inc., were made
and separately certified to by Messrs. Horwath & Horwath,
and, the Dayton Biltmore Hotel, another operating unit,
by Messrs. Wall, Cassel and Groneweg.
The accounts of the Mayflower Hotel Corporation in
which Hilton Hotels Corporation had acquired 69.75%
of the outstanding shares of common stock as at December
Chicago, Illinois
February 24, 1950
31, 1949 have not been consolidated herein. The proportion of undistributed profits applicable to the Corporation's holding in this Company from date of acquisition
to December 31, 1949 amounted to 5612,078.59, representing the increase in the Corporation's equity in this
Company since acquisition to December 31, 1949.
The accounts of the Mayflower Hotel Corporation were
examined and separately certified to by us.
In our opinion, based upon our examination and upon
the opinions expressed in the reports of the independent
public accountants pertaining to the operating units and
Company which were examined by them, the accompanying Consolidated Balance Sheet and related Consolidated
Statements of Profit and Loss and Surplus, together with
the notes pertaining thereto, present fairly the financial
position of Hilton Hotels Corporation and its wholly-
owned subsidiaries at December 31, 1949 and the results
of operations for the year then ended, in conformity with
generally accepted accounting principles.
Harris, Kerr, Forster & Company
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