Cream the shortening and sugar until light and fluffy. Add the beaten eggs and the flavorings, blending well. Put the raisins, orange rind, cherries and nuts through the food processor and divide in half. Stir half the fruit mixture into the batter. Sift the dry ingredients together and add alternately with the one cup of liquid. Pour into two greased layer pans and bake approximately 35 minutes in a 350 degree F oven.
Tutti-Fruitti Icing:
1/3 cup butter or margarine
2 cups powdered sugar
1 stiffly beaten egg white
Remaining fruit mixture
Mix together in the order given and ice cooled cake.