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Preheat oven to 350 degrees.
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Mix shortening and butter until blended.
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Gradually add sugar, until completely blended.
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Add eggs, one at a time, mixing well after each egg.
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Sift dry ingredients together.
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Alternately add dry ingredients and milk to shortening mixture, starting and ending with dry ingredients. Mixing until just blended after each addition.
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Stir in vanilla.
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Pour into greased and floured 10-inch tube or bundt pan (I use a bundt pan).
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Bake for 1 hour and 15 minutes or until a knife inserted comes out clean.
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Cool for 10-15 minutes in pan then remove and cool completely on wire rack.
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Lightly sprinkle powdered sugar on top or you could drizzle a chocolate galze over it.