Uneeda

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 were disposed as follows: $1,736,315 in dividends on the $24,804,500 of preferred stock, $6,139,560 in dividends on the $51,163,000 of common stock, and the remaining $4,216,953 to surplus. Since this surplus already amounted to $7,275,608, the total surplus became $11,492,561. The showing for 1923 is all the more remarkable when it is recalled that in 1922 a stock dividend of $21,927,000 was declared against the existing surplus of $29,202,608. Earnings in this additional stock were ample to pay the common dividend.