Drain jar of cherries, discarding juice. Chop cherries, and set aside.
Beat butter and shortening at medium speed with an electric mixer until creamy. Gradually add sugar, beating 1 minute. Add eggs, 1 at a time, beating just until yellow disappears.
Combine flour and salt; gradually add to butter mixture alternately with milk, beginning and ending with flour mixture. Beat at low speed just until blended. Stir in flavorings and 1/2 cup chopped cherries.
Spoon batter into 7 greased and floured 5 3/4" x 3" mini loafpans. (We recommend greasing your pans with shortening for best results.)
Bake at 300° for 55 minutes or until a wooden pick inserted in center comes out almost clean. Cool in pans on wire racks 10 minutes; remove cakes from pans, and place on wire racks set over wax paper. Drizzle Cherry Glaze over slightly warm cakes. Garnish, if desired.
Refrigerate cakes to let glaze harden before wrapping. Wrap cakes individually in cellophane for gift giving.