Drain cherries, reserving liquid. Mix 1 cup sugar, flour, soda, cinnamon, 1/8 tsp. Salt, and pecans in small bowl. Combine egg, cherries, and 1 tablespoon butter in medium bowl. Stir in flour mixture Pour into lightly greased 9x12-inch baking dish. Bake at 350 degrees for 45 minutes. Add enough water to reserved cherry liquid to equal 1 cup. Combine with cornstarch, 1/4 tsp. Salt, and 1/2 cup sugar in saucepan. Cook over medium heat until thickened, stirring constantly. Stir in 1 tablespoon butter until melted. Cut cake into squares to serve; spoon sauce over cake. Garnish with whipped cream.