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Preheat the oven to 325°F. Grease and flour a 10 to 12 cup bundt pan.
Cream the butter, sugar, and shortening together for about 3 minutes.
Add the eggs one at a time and beat well.
Sift the dry ingredients together in a large bowl. Add the dry ingredients alternately with milk, being sure to blend well.
Add vanilla extract; mix well.
Pour into the prepared pan, being cautious not to overfill the pan, and bake for 1 hour and 10 minutes or until a tooth pick inserted in the middle comes out clean. Allow to cool for about 15 minutes then invert onto a serving platter.