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Hilton Hotels, 1956 Annual Report
Image 29
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Hilton Hotels Corporation. Hilton Hotels, 1956 Annual Report - Image 29. 1956. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. February 24, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/598/show/590.

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. (1956). Hilton Hotels, 1956 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/598/show/590

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, 1956 Annual Report - Image 29, 1956, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed February 24, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/598/show/590.

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, 1956 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1956
Description Hilton Hotels Annual Report for calendar year 1956.
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_009_029.jpg
Transcript received a 5% note, payable serially, secured by a second deed of trust and mortgage of chattels for $450,000, paid down to $448,875 at December 31, 1956. The Company received a minority interest of 250,000 shares of common stock of another Hotel Company as part consideration for a property sale in 1956 and the value ascribed to such shares was $1,500,000. The total market value, computed on the basis of the closing stock exchange price per share at December 31, 1956, was $1,375,000. These shares are subject to and are limited by the terms and conditions of a voting trust agreement terminating on April 1, 1961. The Board of Directors of the wholly-owned Subsidiary, Hilton Hotels International, Inc., which is included in the consolidated statements, approved a plan of recapitalization on October 25, 1956 whereby 2,000 shares of $100 par value preferred stock and 700,000 shares of $1.00 par value common stock outstanding at November 15, 1956 were changed and reclassified into 800,000 shares of $5.00 par value common stock. In addition, the Board appraised the fair value of leases and contracts held by the Subsidiary at June 30, 1956 at an amount equal to the difference between the book value of the Corporation at that date and $4,050,000, the excess of appraisal of $1,583,665.39 being recorded on the Subsidiary's books, all of which was eliminated in consolidation. 3—FIXED ASSETS Substantially, all of these assets are pledged to secure mortgages or other long-term debt of the consolidated companies. Furniture, furnishings and equipment owned by the Company in "Statler Units," under lease from an affiliate, Statler Hotels Delaware Corporation, are pledged as additional security under a mortgage of that Company. Fixed assets were carried at cost, or were carried over from predecessor companies together with related depreciation reserves at predecessor's basis, plus additions at cost. 4—FEDERAL TAXES ON INCOME Federal income tax returns of the Company for the years 1951 through 1954 are presently under the usual review by the Internal Revenue Service. Returns of subsidiary and predecessor companies are subject to the usual review for 1953 in the earliest instances or for years subsequent thereto. 5—LONG-TERM DEBT The 4Vi% fifteen-year convertible debentures maturing January 1, 1970 are convertible to and including January 1, 1958 at the option of the holders thereof, into common stock of the Company at the conversion price of $22.25 per share. The trust indenture securing the debentures requires annual sinking fund payments on January 15 of each year in an amount sufficient to redeem at the principal amount and without premium, 3% for each of the years through 1962 and 4% for each of the years thereafter. The Company has complied with provision of the sinking fund. The aggregate annual sinking fund and maturity requirements on the total long-term debt for each of the next five years ending December 31, follows: 1957, $4,514,680; 1958, ,554,350; 1959, $4,267,830; 1960, $4,444,460; and, 1961, ,144,780. 6 —CAPITAL STOCK The 5% cumulative first preferred, Series "A" shares are subject to redemption, without premium, out of sinking fund payments, made on or before January 1st in each year in an amount sufficient to redeem 2% of the maximum number of such shares theretofore issued and outstanding. The Company has complied with sinking fund provisions. On December 19, 1956, the shareholders of the Company approved a 500,000 share issue of $25.00 par value preferred stock, issuable in series. The authorized amount of the initial series was designated as 278,733 shares of 5Vi% cumulative voting preferred stock, Series "A" which together with 278,733 shares of the Company's $2.50 par value common stock were offered stockholders of Savoy-Plaza, Inc. in exchange for their holdings in that Company which consisted of 70,081 Class A and 22,830 Class B common shares outstanding. The basis of the exchange, as contained in a certain exchange agreement, dated November 8, 1956, was at the rate of three shares of Hilton bVi% cumulative voting preferred stock, Series "A", and three shares of Hilton common stock for each share of Class A or Class B $1.00 par value common stock of Savoy- Plaza, Inc. The exchange became effective February 8, 1957 at which time 229,869 shares of SV2% cumulative voting preferred stock, Series "A" and 229,869 common shares were issued for 76,623 or approximately 82.4% of the outstanding- common shares of Savoy-Plaza, Inc. By action of the Board of Directors, and as approved by the 2T