Cherry Blossom Bread

8 ounces maraschino cherries, drained and
    chopped, reserve liquid
2 cups all-purpose flour, sifted
2 teaspoons baking powder
2 teaspoons baking soda
1/2 teaspoon salt
3 tablespoons granulated sugar
1/2 cup walnuts, chopped
3 cups shortening

Mix together the dry ingredients. Mix water with cherry liquid to make one cup. Add cherries, egg, walnuts and shortening. Add to the dry ingredients. Stir only until mixed. Pour into a loaf pan and let set for 30 minutes. Bake at 350 degrees F for 50 to 60 minutes.