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Hilton Hotels, 1952 Annual Report
Image 19
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Hilton Hotels Corporation. Hilton Hotels, 1952 Annual Report - Image 19. 1952. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 16, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/736/show/726.

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. (1952). Hilton Hotels, 1952 Annual Report - Image 19. 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/736/show/726

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, 1952 Annual Report - Image 19, 1952, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 16, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/736/show/726.

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, 1952 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1952
Description Hilton Hotels Annual Report for calendar year 1952.
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 19
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_005_019.jpg
Transcript E L S CORPORATION AND SUBSIDIARIES years 1944 to 1952 inclusive. Additional New York State Franchise Tax resulting therefrom, for the same period would approximate $44,000.00. No provision has been matle in the consolidated accounts for either of these contingent liabilities. Tax returns of Roosevelt Hotel, Inc. for the years 1945 to 1950, inclusive are presently under examination by the Bureau of Internal Revenue. (5) COMMON STOCK Common 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. (6) RESERVE FOR CONTINGENCIES The Board of Directors established as of December 31, 1951 a reserve for contingencies of $500,000.00 to cover claims which may be asserted under various Federal and State statutes and regulations, including claims for taxes on the Corporation's income for prior years, such reserve so created being deemed by the Board of Directors to be reasonably adequate to cover all such contingencies. (7) DIVIDEND RESTRICTIONS The Trust Agreement securing the outstanding debentures of Hotel Waldorf-Astoria Corporation provides among other things that no dividends may be paid nor other distributions made in respect of the outstanding capital stock until all accrued interest and sinking fund payments have been made. (8) SINKING FUND PAYMENTS Two subsidiaries are required, under the terms of indentures covering their long term indebtedness, to pay into a sinking fund a portion of their earnings for the retirement of such indebtedness. No provision has been made in the consolidated statements for such sinking fund payments which amounted in total to $571,568.05 at December 31, 1952 of which $422,468.05 is due on March 1, 1953 and $149,100.00 is due on or before April 1, 1953. (9) LONG TERM LEASES Certain properties are occupied by the Corporation and its subsidiaries under long term leases ranging from 3 years, with option to renew for 21 years, to 26 years from December 31, 1952. At December 31, 1952, the total minimum annual fixed or basic rentals payable under such leases was approximately $2,000,000.00. GENERAL The wholly-owned subsidiary, Hilton Hotels International, Inc. has entered into preliminary leases, subject to certain conditions, for the operation of Hotels under construction each in Madrid, Spain and Istanbul, Turkey. A preliminary lease agreement was entered into, subject to certain conditions, for the operation of a proposed hotel in Havana, Cuba. In addition, negotiations were in progress for leasing of hotels in Athens, Greece; London, England; Rome, Italy; Paris, France; Mexico City, Mexico and Toronto, Canada. According to the minutes of Director's meetings, the Company has limited its investment in working capital and expenses to $100,000.00 for any one hotel project. The Supreme Court of New York County has ruled in favor of Hotel Waldorf-Astoria Corporation in the litigation to reduce real estate tax assessments for the tax years 1951-1952 and 1952-1953. However, since the decision is being appealed by the City of New York, no provision has been made in the income accounts for the pending net proceeds to the Company of approximately $267,000.00 of which amount, $183,000.00 would be applicable to the Company at December 31, 1952. There is not reflected in the consolidated statements any liability that may result in the event of an unsuccessful defense of an action brought against Hotel Waldorf-Astoria Corporation by a former employee. In the opinion of counsel for the Company, good defenses exist to the action, which has not yet been brought to trial. AUDITOR'S REPORT To the Board of Directors and Stockholders of Hilton Hotels Corporation Chicago 5, Illinois We have examined the consolidated balance sheet of Hilton Hotels Corporation and its Subsidiaries at December 31, 1952 and the related statements of consolidated income and surplus fcr the year then ended. These consolidated statements have been prepared from financial statements of the operating units 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 statements which were examined by them. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the account ing 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 reports of other independent accountants pertaining to the operating units and companies examined by them, the accompanying consolidated balance sheet and related statements of consolidated income and surplus, together with notes pertaining thereto, present fairly the financial position of Hilton Hotels Corporation and its Subsidiaries at December 31, 1952 and the results of operations for the year then ended, in conformity with generally accepted accounting principles applied on a consistent basis. Chicago, Illinois, February 27, 1953 Harris, Kerr, Forster & Company 17