Preheat oven to 350 degrees.
Drain maraschino cherries and cut into pieces. Place on a paper towel lined plate and pat dry. Set aside.
In a large mixing bowl, combine butter and sugar until creamy. Add in eggs and vanilla extract. Beat well for 1-2 minutes.
Blend in evaporated milk. (Note: The batter will look very curdly, but that is all right)
Sift together flour and baking powder. Slowly add to wet ingredients and mix until blended. Do not over mix.
Fold in maraschino cherries and pecans.
Pour into a prepared angel food cake pan or bundt pan.
Bake for 1 hour and 15 minutes.
Cool on a wire rack. Turn out on a cake plate or serving plate.