In large mixing bowl, stir together flour, 1/4 cup of the sugar, yeast and salt. Set aside. In small saucepan over medium heat, heat butter and milk until warm (120º to 130ºF). Add to dry ingredients. Add eggs, one at a time, beating at low speed until blended. At high speed, beat 3 minutes more. Stir in raisins and nuts. Cover and let rise in warm place until doubled in size, about 1 to 1 1/2 hours. Stir down. Spoon into greased 9-cup fluted tube pan. Cover and let rise in warm place until doubled, about 45 minutes. Bake in preheated 350ºF oven until lightly browned, and cake tester inserted near center comes out clean, about 20 to 25 minutes. Cool in pan 10 minutes. Invert onto serving platter.

In small saucepan, stir together remaining 1 cup sugar and orange juice. Cook over medium-high heat, stirring constantly, until mixture boils. Remove from heat. Stir in flavoring. With fork, pierce bread at 1-inch intervals. Slowly spoon orange syrup over bread until absorbed.