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Hilton Hotels, 1960 Annual Report
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Hilton Hotels Corporation. Hilton Hotels, 1960 Annual Report - Image 10. 1960. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. June 3, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/476/show/449.

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. (1960). Hilton Hotels, 1960 Annual Report - Image 10. 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/476/show/449

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, 1960 Annual Report - Image 10, 1960, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed June 3, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/476/show/449.

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, 1960 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1960
Description Hilton Hotels Annual Report for calendar year 1960.
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 10
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_013_010.jpg
Transcript with $10,049,857, or $2.49 a share, for the preceding year. Operating earnings for 1960 amounted to 3.3 per cent of revenues and to 7.4 per cent of equity capital invested. The Corporation also realized net profit from sales of property, most of which took place in prior years. Capital gains taken into earnings in 1960 were $2,247,028, or 60 cents a share, compared with $1,533,007, or 41 cents a share, the year before. Operating costs of the nine newest hotels and inns were high in relation to volume generated. This was anticipated during their period of building towards full potential. In addition, depreciation and amortization charges in 1960 were $1,623,257 above 1959, principally due to the new properties. Many labor and material costs were greater in relation to volume, a trend which prevails throughout the hotel industry and which is common to much of American industry. Net interest expense, that is interest paid in excess of interest earned, was $905,432 higher in 1960 than in the year before. This increase resulted primarily from the $30 million in 6% subordinated sinking fund debentures issued in October, 1959. Property sales in 1960 included the 473-room San Antonio hotel and inn in Texas and the Waldorf-Astoria laundry in Jersey City. Profit of approximately $1,400,000 on the San Antonio sale will be taken into earnings as realized over the next ten years while the total profit of $354,649 on the laundry sale is included in 1960 consolidated earnings. Unrealized profits from property sales totaled $12,078,790 at December 31, 1960. This equalled $2.43 a share based on the common shares outstanding at year-end, after provision for taxes at the current capital gains rate. The major portion of these profits will be taken into earnings as realized over the next six years. 8 quarterly dividends: During the year, four dividends on the common stock, each of 371/i cents a share, were paid on March 1, June 1, September 1 and December 1, for a total of $1.50 a share. Regular quarterly dividends also were paid totalling $5.00 a share on the 5% First Preferred Stock, Series A (par value $100) and $1.37^ a share on the 5lA % Cumulative Voting Preferred Stock, Series A (par value $25). Payments to holders of all classes of capital stock during 1960 totaled $6,250,979, compared with $5,191,253 the year before. capital changes: The number of common shares outstanding at December 31, 1960 decreased by 59,589 from a year earlier to 3,731,228. This was accomplished by repurchasing shares of stock in the open market. The established policy, in effect since early 1958, is to reacquire stock issued for acquisition of properties which were subsequently sold. Earned surplus at the 1960 year-end was $57,904,979 as compared with $58,361,381 a year earlier. Net profit retained from 1960 consolidated earnings, after payment of all dividends, amounted to $3,541,031. The investment of Hilton Hotels International, Inc., of $1,854,575 in its Cuban subsidiary, which originally operated The Habana Hilton, has been written off against earned surplus. In addition, the Board of Directors felt that it was