Cream the butter with extract.
Add sugar gradually, creaming until fluffy.
Add beaten egg, beating well.
Sift the flour, baking powder, and salt together.
Beating only until smooth after each addition, alternately add dry ingredients in fourths and milk in thirds to creamed mixture.
Remove one third of the batter to another bowl and blend in the jam and food coloring.
Pour one half of the plain batter into a greased (bottom only) 2-quart ring mold; pour raspberry batter over'first layer.
Top with remaining batter.
Bake at 325°F 50 to 55 minutes, or until cake tests done.
Cool and remove from mold as directed for butter-type cakes.
Decorate with Raspberry Ripple Icing.