Combine 1-1/2 cups flour, sugar, undissolved yeast, and salt in large mixer bowl. Heat water, milk, and butter until very warm (120o to 130oF); add to flour mixture. Beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add eggs and 1/2 cup flour; beat 2 minutes at high speed. Stir in remaining, 2cups flour to make a stiff batter. Cover; let rest 10 minutes.
Stir batter down, and beat well for about 30 seconds. Spoon into greased 12-cup tube pan. Cover; let rise in warm, draft-free place until doubled in size, about 1 hour.
Bake at 325oF for 35 to 40 minutes or until done. Let cool 5 minutes in pan. Turn out onto rack to complete cooling.