Dissolve yeast in warm milk, stirring well. Let stand 5 minutes or until bubbly.
Combine eggs, flour, sugar, and salt in a medium-size bowl; mix well. Dissolve soda in water, stirring well. Add soda mixture, butter, and dissolved yeast to flour mixture; mix well.
Spoon batter into a well-greased 10-inch tube pan. Cover and let rise in a warm place (85°), free from drafts, 2 hours or until doubled in bulk. Bake at 400° for 30 minutes or until a wooden pick inserted in middle of bread comes out clean. Remove bread from pan; place on wire rack to cool.