Grease two 9 inch round pans. Preheat oven to 350 degrees F (175 degrees C).
Cream shortening and 1 1/2 cups sugar WELL. Add eggs and beat well.
Make a paste of cocoa and red food coloring. Add to creamed mixture. Mix salt, 1 teaspoon vanilla and buttermilk together. Add alternately the flour with the milk mixture to the creamed mixture. Mix soda and vinegar and FOLD INTO CAKE BATTER. DON'T BEAT OR STIR NOW. Put it in the oven immediately!
Bake for 30 minutes. IN twenty minutes check cake and every 3-5 minutes after that until toothpick comes out clean.
To Make Icing: Cook 1/4 c. flour and milk over low heat till thick, stirring constantly until it forms a mound. LET COOL THOROUGHLY! DO NOT CHILL! While cooling, cream 1 cups sugar, butter and 1 teaspoon vanilla. Beat this well till light and fluffy about 10 minutes. Add to flour mixture and beat until of a good spreading consistency. DON'T ICE CAKE TILL COOL.