Please read the post above for tips and substitutions. There is no baking powder or baking soda in this recipe.
Preheat oven to 325°F. Grease and sugar (I use granulated sugar but you can use flour) a 10x4-inch, 12 cup bundt pan(that's larger than a typical bundt pan) or a tube pan with solid vegetable shortening or Wilton Cake Release.
In the bowl of your electric mixer, cream butter, and shortening at medium speed. Gradually add sugar, beating until light and creamy. Stop mixer and scrape sides.
Add eggs, 1 at a time, beating just until blended. Stop mixer and scrape sides with a spatula.
In a separate bowl, stir together flour and salt.
Add vanilla and maraschino cherry juice to the lime juice.
Add flour mixture alternately with the lime mixture to the ingredients in the mixing bowl beginning and ending with flour. Beat at low speed just until blended after each addition. Stop mixer and scrape sides with a spatula.
Fold in the chopped maraschino cherries carefully with a spatula. Pour batter into prepared pan and even the top of batter with a spatula.
Bake at 325°F for 1 hour 15 to 20 minutes or until done. A long wooden pick inserted in the center should come out clean or with dry crumbs when the cake is done. Cool in pan on wire rack 15 to 20 minutes then remove from pan to cake plate to cool completely.
In a small bowl, whisk powdered sugar and maraschino cherry juice until smooth. You can add more or less juice to make it as thick or thin as you want it, but these are the measurements I used. Drizzle the glaze over the cake and garnish with cherries and lime zest if desired. (If you don't want the glaze to be pink, you can substitute lime juice for the maraschino cherry juice.)
Store in an airtight container on the counter for 5 days or in the refrigerator for 7 days. I find they start drying out after 7 days.