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Grease and flour a 10 inch round cake pan very well and preheat oven to 355 degrees F. A large 9 or 10 inch tube pan or an 9x9 square baking pan can also be used.
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Toss together the ⅓ cup sugar and corn starch and sprinkle over the cherries. Toss together well and spread evenly into the bottom of the prepared pan.
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To prepare the cake batter begin by sifting together the flour baking powder and salt. Set aside.
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In the bowl of an electric mixer, beat together the eggs, sugar at high speed until very foamy.
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Mix together the butter and vegetable oil in a measuring cup with a spout.
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Slowly add this butter and oil mixture to the egg and sugar mixture as it continues to beat.
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Fold in the dry ingredients alternately with the milk. When alternating wet and dry ingredients, always begin and end with the dry mixture. Here I folded in the flour in three divisions and the milk in two divisions.
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Pour the batter over the cherries in the baking pan.
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Bake for 50-60 minutes or until a toothpick inserted in the center comes out clean. The toothpick test is definitely the best way to ensure this cake is fully baked.
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Cool in the pan for about 10 minutes before inverting onto a wire rack (or onto a serving plate if you plan to serve it warm).
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Remove the pan and allow the cake to cool down completely before drizzling on the glaze (or at least for 20 minutes if you plan to serve it warm).