Step 1In a saucepan over medium-high heat, scald the milk. Remove from heat and add the sugar and shortening. Cool to lukewarm. Add yeast and set aside for 5 minutes to activate the yeast. Stir in 3 cups flour, beat, then add the salt and eggs and beat again. Add cherries and orange peel, raisins and currants. Stir in the remaining flour.
Step 2On a lightly floured board, knead well until smooth and elastic, about 5 minutes. Place the dough in an oiled bowl and cover loosely with plastic wrap; set aside in a warm place until the dough is doubled. Punch the dough down and let double again.
Step 3Heat the oven to 375 degrees. Divide the dough in half and place each half in a greased 9-inch by 5-inch loaf pan. Bake until browned on top, 25 to 30 minutes. Cool on a rack before icing.
Step 1In a small bowl, beat the milk with the powdered sugar until the frosting is thick enough to spread. Add the butter and continue to beat several minutes until very creamy. Spoon over top of cooled loaves and let dribble down the sides.