Preheat the oven to 400 degrees
Lightly grease a 9 inch bundt pan
Cream together the butter and sugar until light and fluffy.
Add in the eggs all at once and beat well
Sift the flour and baking powder together.
Add it to the butter mixture along with 1 cup of the milk
Continue to beat until you get a doughy consistency.
Add the remaining 1 cup of milk along with the extracts.
Fold in the dried cherries
Bake for 1 hour at 400 degrees then reduce heat to 350 for another 15 minutes.