Beat butter at medium speed with an electric mixer until creamy (until lighter yellow). Gradually add sugar, beating at medium speed until light and fluffy (until butter is white).
Add eggs, 1 at a time, beating just until yellow yolk disappears. Add flour to creamed mixture alternately with milk, beginning and ending with flour. Beat at low speed just until blended after each addition. Batter should be smooth.
Stir in extracts. Pour into a greased and floured pan (can be as shown, can be 10 inch tube pan, can be loaf pan too). Bake at 300° for 1 hour and 40 minutes or until a long 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 a wire rack.