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Cherry Nut Bread

2 1/2 cup flour
1 cup sugar
3 1/2 tsp. baking powder
1 tsp. salt
1 cup. chopped nuts
3 tsp. oil, or melted shorting,or margarine
1 1/4 cup milk
1 egg
1/2 jar (10oz.) maraschino cherries

Grease and flour bottom and sides of 1 loaf pan. Place all the ingredients except cherries and nuts into a mixing bowl and beat on medium with your mixer until well mixed, fold in nuts and cherries. Bake at 350° for about 50 to 60 minutes or until a knife inserted in the middle comes out clean. Remove from oven, let stand about 10 min. Run a knife around the sides of the bread, then tip upside down on wax paper, flip it top side up right away or it will stick to the paper.