Company. The Bridgeman-Russell Company is now known
as the Edward E. Rieck Company, Inc., and both National
Dairy Companies in New York are making “Hydrox Ice
Cream” which is being heavily advertised in the metropolis
with a resultant leap in popular demand for the product.
May 1st saw National Dairy operating 31 plants in 23
cities and towns in the United States with an estimated ice
cream gallonage of 12,000,000 annually and a distribution of
many million quarts of milk daily in addition to large quan-
tities of cheese, condensed milk, butter, and other dairy
products.
In all its expansion National Dairy has gone al ong without
the need of special financing since the various properties were
generally acquired through an exchange of common stock.
Where needed, cash was used from the surplus earnings.
This situation undoubtedly has been a factor in the steady
rise of National Dairy stock from 83 in 1923 to 74, the pres-
ent price. Of course, this rise in the face of a heavy market
has been due largely to the fact that National Dairy is en-
gaged in a basic industry whose volume of business contin-
ually increases in greater ratio than population growth, re-
gardless of conditions of depression or of the seasons. Even
more rapid growth can be expected as more of the population
comes to realize the high food value of milk products under
the influence of educational agencies the country over
Comparison of National Dairy earnings is hardly possible
because of the constantly shifting conditions that the various
acquisitions have produced. The annual report for 1924,
which included operations only of the Rieck-McJunkin Dairy
Company, Hydrox Corporations and their subsidiaries, the
two Castles Companies and the W. E. Hoffman Company,
revealed earnings at $6.10 on each share of National Dairy
Products Corporation stock then outstanding. This was after
making provisions for dividends for the full year on subsidiary
stocks. The net worth of the Corporation as it stood on
December 31, 1924 was $15,407,608.86, with good-will, trade
names, and other intangibles capitalized at $1.00.
