2/3 cup vegetable shortening
2/3 cup, plus 1/2 cup, milk, divided
2 1/2 cups self-rising flour
1 2/3 cup sugar
3 eggs
1 teaspoon vanilla

ICING:
3 1/2 cups sugar
1 and 3/4 sticks butter
1 teaspoon vanilla
1 cup evaporated milk

Combine shortening, 2/3 cup milk, flour and sugar in bowl and beat 2 minutes. Add eggs, 1/2 cup milk and vanilla; beat 2 minutes more. Pour in 3 greased and floured cake pans. Bake for 30 minutes at 350 degrees. Remove from oven and cool 10 minutes before removing from pans.
Icing: Place 1/2 cup sugar in a small heavy, skillet. Stir carefully over medium heat until mixture is melted. Remove from heat promptly. In a heavy saucepan, combine 3 cups sugar, 1 stick butter and 1 cup milk. Bring to a boil, stirring constantly. Add melted sugar to the other ingredients and cook until a small amount of mixture dropped into cold water forms a soft ball. Remove from heat and add remaining butter. Stir in vanilla; beat with an electric mixer until mixture reaches spreading consistency.