Proof that the familiar Uneeda Biscuit was not to be held lightly as a business proposition was afforded by the annual report of the National Biscuit Co. for 1923. The net earnings for last year, after all expenses, taxes and other accounts, amounted to $12,092,828—the largest net earnings in the Company's history, and equal to $5.05 on each share of its common stock after the regular 7% dividends were paid on the preferred. In 1922 the Company earned $4.53 on each common share.

The 1923 net earnings...

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