Preheat oven to 350°F. Place butter in the bowl of a heavy-duty electric stand mixer, and beat at medium speed until light and fluffy (about 6 minutes). Gradually add sugar, beating until blended. Beat1 more minute. Add eggs, 1 at a time, beating just until yellow disappears after each addition.
Combine flour and next 2 ingredients. Combine evaporated milk and cream; add to butter mixture alternately with flour mixture, beginning and ending with flour mixture. Beat at low speed just until blended after each addition, stopping to scrape down sides as needed. Stir in vanilla. Pour batter into a greased (with shortening) and floured 10-inch (16-cup) tube pan.
Bake at 350°F for 1 hour and 15 minutes or until a long wooden pick inserted in center comes out clean. Cool in pan on a wire rack 1 hour; remove from pan to wire rack, and cool completely (about 1 hour).