MIX flour, sugar, baking powder and salt in a large mixing bowl; DROP in shortening.
COMBINE milk and maraschino juice; ADD 3/4 cup of liquid to flour mix.
ADD vanilla and almond; BEAT for two minutes, SCRAPING bowl.
ADD remaining liquid and egg whites and BEAT for two more minutes.
STIR in cherries and nuts.
BAKE in two 9-inch pans at 350F for 25-30 minutes.
COMBINE shortening, butter, vanilla, almond and salt.
BEAT in 2 cups confectioners' sugar.
ADD hot cream (NOTE: add only enough cream so that frosting spreads nicely on cake), alternately with remaining sugar, BEATING well after each addition.
STIR in a few drops of food coloring to make frosting pink.
SPREAD over cooled cake.
Per Serving (excluding unknown items): 931 Calories; 17g Fat (16.0% calories from fat); 5g Protein; 195g Carbohydrate; 4g Dietary Fiber; 17mg Cholesterol; 641mg Sodium. Exchanges: 1 Grain(Starch); 0 Lean Meat; 0 Non-Fat Milk; 3 Fat; 12 Other Carbohydrates.