Beat egg whites until frothy. Gradually beat in ½ c. sugar. Continue beating until very stiff and glossy.
In another bowl, stir lard to soften. Add sifted dry ingredients and ¾ c. buttermilk. Beat 1 minute, medium speed on mixer. Scrape bottom and sides of bowl constantly.
Add remaining buttermilk and egg
yolks. Beat 1 minute, scraping bowl constantly.
Fold in egg white mixture.
Pour into 2 greased and floured 8" round layer cake pans, or a 13 X 9 X 2" pan. Bake in moderate oven (350°) 30 to 35 minutes. Cool on rack 10 minutes, then remove from pans. Frost with Peanut Butter Frosting or Broiled Caramel Glaze.