This was my mother's recipe. I have used it many times. It works very well.
List of Ingredients
1 cup plus 2 Tbsp. dry milk powder
1/2 cup warm water
3/4 cup sugar
Instructions
Combine dry milk and water in top pan of double boiler and mix well.Set on pan of hot water and stir in sugar until sugar dissolves. This is better made a little ahead of time and cooled in refrigerator until needed. Makes equivalent of 1 can sweetened condensed milk.