Cake: Preheat oven to 350° F. Grease three 9-inch round cake pans.
With an electric mixer set on low speed, beat butter and sugar together until blended; increase speed to high and beat 1 to 2 minutes (approximately). Reduce speed to medium; add eggs, one at a time, scraping the bowl after each addition. Add flour, milk, baking powder, salt, vanilla extract and baking soda.
When mixed, divide batter evenly between pans. Push to the edges (batter is very stiff, almost like a sticky dough). Press with the side of a spatula to remove air bubbles. Bang each pan a few times on the counter to level batter.
Bake 25 minutes, or until a wooden pick inserted into the center of a layer comes out clean. Cool cake completely on wire racks.
Frosting: With an electric mixer, beat together cream cheese and butter until smooth. Gradually add powdered sugar and vanilla extract; mix well.
Assembly: Slice each cake layer horizontally to make 6 round layers. Place a layer on a plate, with the cut side up. Spread with 1/3 raspberry preserves. Top with a second layer, cut side down. Spread with frosting. Repeat with remaining layers. Do NOT spread jelly on top of last layer.
Frost entire cake smoothly.
Makes: 16