Grease and flour a 10 inch Bundt pan. In a medium bowl, cream together the butter, shortening, sugar and vanilla flavoring. Beat in the eggs, one at a time. Then stir in the evaporated milk. Combine the salt and 2 1/3 cups of flour, stir into the wet mixture. Toss the remaining flour in with the walnuts and dried cranberries, add to the batter and mix well. Finally, fold in the cherries. Pour the batter into the prepared pan.
Place cake into a cold oven, then heat to 300 degrees F (150 degrees C). Bake for 2 hours. Cool for 15 minutes in the pan before inverting onto a plate to cool completely.