Combine flour, salt and soda; add to oil mixture alternately with buttermilk mixture, beginning and ending with flour mixture. Beat at low spead just until blended after each addition.
Stir 1/4 cup seedless raspberry jam and, if desired, 2 drops red liquid food coloring into second portion; spread gently over first layer. Spoon remaining batter over top.
Pour into a greased and floured 10-inch tube pan.
Bake at 325º for 1 hour and 35 minutes or until a wooden pick inserted in center comes out clean.
Cool in pan on a wire rack 10 to 15 minutes; remove from pan, and cool completely on wire rack.