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Preheat oven to 350 degrees.
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In a large bowl, cream 1 c + 1 T butter and sugar until fluffy.
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Sift the flour, baking powder and salt together.
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Add the flour alternately with the milk to the butter/sugar (begin and end with dry ingredients); add the vanilla.
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In a small mixing bowl, beat egg whites until stiff peaks form and fold gently by hand into the batter.
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Heat jelly until melted; cool slightly.
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Remove 1 c of batter and add jelly; mix well.
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Add enough food coloring to make the batter pink.
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Pour the white batter into a greased and floured Bundt pan.
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Pour jelly batter on top.
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Swirl the raspberry mixture into the cake.
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Bake at 350 degrees for 45-50 minutes or until the cake tests done.
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Turn out on a wire rack to cool completely.
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To make the glaze, combine the confectioners sugar, butter and vanilla extract.
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Add in enough milk to produce a slightly runny consistency.
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Pour the glaze over the cake and drizzle with sieved raspberry jam.
