Cream shortening and butter until fluffy. Add sugar and salt. Beat in one egg at a time.
Combine evaporated milk and water (to equal one cup total).
Add flour and milk mixture alternately, ending with flour. Add flavorings, chopped nuts and the maraschino cherries.
Pour batter into a greased and floured tube pan. Place cake in a cold oven. Bake at 325 degrees until done-.
Remove cake from pan while still warm. Ice as desired.
Note: The flavoring might be a bit difficult to find, but can be ordered online from the Superior Prod. Co. Charlotte N.C. as llangrove's review of Aug. 17th 2010 states. (Thank you llangrove for that information!).