preheat oven to 300. grease and flour a 10 inch tube or bundt pan.
in a large bowl, cream the butter, gradually add sugar, beating with electric mixer on medium speed until light and fluffy.
add eggs one at a time, beating after each addition. gradually add flour alternately with milk, beginning and ending with flour and mixing well after each addition. mix in almond and vanilla extracts.
pour batter into pan and bake 1 hour and 40 minutes or until a wooden toothpick inserted in center comes out clean. cool in pan 10-15 minutes then remove to a wire rack. when completely cool, drizzle with orange glaze, if desired.