Cream shortening
Add sugar gradually and beat until fluffy
Add egg yolks and beat until blended
Sift flour and add salt and baking powder to flour.
Add flavoring to milk, then alternate dry and wet ingredients until they are mixed well.
Beat egg whites until stiff, then add the chopped nuts with the egg whites.
Pour into a greased loaf pan or two layer pans
Bake at 350 for 30 minutes for a round cake, or for one hour for loaf cake.
For the frosting, mix ingredients together in a saucepan.
Stir until the sugar is dissolved.
Cook - but do not stir - until the syrup forms a soft ball. (238 on your thermometer). You can test this by putting a drop of frosting into cold water. If it forms a soft ball (and not a thin trickle), then it's right.
Allow it to cool until you can hold your hand on the bottom of the pan.
Beat until creamy (works better if you do it by hand instead of with a mixer) and spread on cake.
Cover top with whole hickory nuts or chopped nuts.