Preheat oven to 375 F. Grease 2 (9-inch) round layer pans. Mix dry ingredients together in a bowl. Blend in shortening. Combine milk, extracts & cherry juice in separate bowl. Add about 3/4 of liquid to dry ingredients. Beat 200 strokes or about 2 minutes. Add remaining liquid and unbeaten egg whites and beat another 2 minutes. Stir in cherries and walnuts. Pour batter in prepared cake pans and bake 20-25 mins. Cool, remove from pans. Frost with Maraschino Cherry Cake Icing below: Icing:Blend together 2 Tbs. Solid shortening, 1 tsp. Vanilla, 1/2 tsp. Almond extract and 1/2 tsp. Salt. Beat in 1/2 c. Powdered sugar. Then add another 3 1/2 cups powdered sugar alternately with up to 9 Tbs. Scalded cream (cream heated to just below boiling point); use just enough cream so icing will spread nicely. Mix in a few drops of red food coloring.