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From J.L. Hudson's 1945 Recipe Cards:
Phaed
3/4 cup milk, scalded 1/3 cup melted shortening 1 egg and 1 egg yolk 1 egg white and 1 Tbsp water 3/4 tsp salt 1/2 cup sugar 1 tsp almond flavoring 1 cake compressed yeast 3 cups sifted all-purpose flour 1/2 cup almonds 1/2 cup almond paste - 1 egg Combine hot milk, salt, and 2 Tbsp sugar. Cool to lukewarm, add crumbled yeast cake and 1-1/2 cups flour. Beat thoroughly. Let rise in warm place until sponge is light. Add remaining sugar, beaten egg and yolk, flavoring, and rest of flour. Knead until smooth and elastic. Place in greased bowl. Cover. Let rise until double in bulk. Knead slightly. Roll into two oblong pieces. Brush with melted shortening. Spread with almond paste mixed with slightly beaten egg. Roll lengthwise. Twist. Place on greased baking sheet. Join ends to form rings. Brush with a slightly beaten egg white mixed with one Tbsp water. Let rise until double in bulk. Again brush with egg white mixture. Bake at 350° twenty-five to thirty minutes. Frost with powdered sugar frosting. Sprinkle with chopped, blanched, toasted almonds. Makes two 9x10" rings.