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Hilton Hotels, 1960 Annual Report
Image 29
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Hilton Hotels Corporation. Hilton Hotels, 1960 Annual Report - Image 29. 1960. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. May 29, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/476/show/468.

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 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/476/show/468

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 29, 1960, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed May 29, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/476/show/468.

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 29
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_013_029.jpg
Transcript STATEMENT OF CONSOLIDATED SURPLUS CAPITAL SURPLUS BALANCE-DECEMBER 31, 19 5 9 DEDUCT: Adjustment of Surplus Arising from Conversion of 4Vi % Fifteen Year Convertible Debentures Into Common Stock 19.72 Net Decrease in Surplus Arising from Adjustment of Fixed Assets and Related Depreciation Reserves of Savoy-Plaza, Inc. to Tax Basis, as the Result of Additional Costs and Credits in 1960 410,756.88 BALANCE-DECEMBER 31, 1960 EARNED SURPLUS BALANCE-DECEMBER 31,1959 ADD: Net Income and Profits for the Year Ended December 31, 1960 DEDUCT: Loss on Investment in Cuban Subsidiary Arising from Seizure of The Habana Hilton Hotel by the Cuban Government 1,854,574.60 Loss on Second Mortgage Note Receivable Resulting from Devaluation of Foreign Currency 142,857.14 Provision for Reserve for Contingencies 2,000,000.00 Dividends: Cumulative First Preferred Stock, 5 % Series "A" 264,500.00 Cumulative Preferred Stock, 5i/2 % Series "A" 333,592.91 Common Stock 5,652,886.47 BALANCE-DECEMBER 31, 1960 $32,323,655.01 410,776.60 $31,912,878.41 $58,361,380.63 9,792,009.97 68,153,390.60 10,248,411.12 $57,904,979.48 CERTIFICATE OF INDEPENDENT PUBLIC ACCOUNTANTS To the Board of Directors and Shareholders of Hilton Hotels Corporation: We have examined the balance sheet of Hilton Hotels Corporation and its Consolidated Subsidiaries at December 31, 1960 and the related consolidated surplus and income statements for the year then ended. These consolidated statements have been prepared from financial statements of Hilton Hotels Corporation and its Subsidiaries which were either audited by us or by other independent accountants who have submitted to us their certificates concerning the underlying financial statements 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 considered necessary in the circumstances. In our opinion, based upon our examination and upon the opinions expressed in the certificates of other independent accountants pertaining to the examinations made by them, the accompanying consolidated balance sheet and related statements of consolidated surplus and income, together with explanatory notes thereto, present fairly the financial position of Hilton Hotels Corporation and its Consolidated Subsidiaries at December 31, 1960, and the results of their operations for the year then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Chicago, Illinois February 20, 1961 HARRIS, KERR, FORSTER & COMPANY 27