My mother used to bake the red velvet cakes occasionally when we were kids. She hasn't made one in years. I LOVE them. Here is her recipe, which BTW says "Waldorf Astoria Cake" on the recipe card.
2 c flour
2 TBSP cocoa
1 1/2 c sugar
1 tsp salt
1/2 c Crisco
1 c buttermilk
1 tsp vanilla
1 pz red food coloring + 1 oz water
2 eggs
1 TBSP vinegar + 1 tsp soda
Sift together first 4 dry ingredients in large bowl. Add Crisco, food coloring " water, vanilla, and 2/3 of the buttermilk. Beat thoroughly BY HAND. Add eggs and remaining buttermilk. Beat approx. 1 min. with mixer. Last, mix vinegar and soda in a cup and "gently" add to batter, mixing by hand.
Bake at 350* for 30 minutes.
Frosting:
Cook 1 c milk and 1/4 c flour until thick, and cool. Add a pinch of salt. In a large bowl whip 1 c sugar, 1 tsp vanilla and 1 c Crisco on high until fluffy. combine with flour mixture and beat again until very fluffy. Garnish w/ coconut.