Cream shortening, margarine and sugar. Add eggs, 1 at a time;mix well. Add cherries and flavorings. Add milk and flour alternately. Add cherry juice. Pour into greased and floured tube pan. Place in cold oven and bake at 300 degrees for 1 1/2 to 1 3/4 hrs. (I check at 1 1/2 hrs) Cool in pan for 15 minutes. Remove from pan and cool completely before icing. * Make sure you use a large tube pan as this makes a larger cake.
Icing: Cream together cream cheese, sugar and margarine. Add cherries and flavoring; mix well. Spread on cake.