Preheat oven to 300 degrees. In a large bowl, cream the butter; gradually add the sugar, beating until light and fluffy with an electric mixer at medium speed. Add eggs, one at a time, beating after each addition, Gradually add flour alternating with milk, beginning and ending with flour and mixing well after each addition. Mix in extract. Pour batter into a greased and floured 10 inch tube pan or bundt pan. Bake for 1 hour and 40 minutes or until a wooden toothpick inserted in the center comes out clean. Cool in the pan for 10 to 15 minutes. Remove and place on a wire rack until completely cool.