In bowl, cream together butter and sugar. Blend in milk and rum extract. Stir in flour, candied cherries and pecans. Form in 2 rolls, each 2×8 inches long. Roll in coconut. Wrap in wax paper and chill overnight. Slice 1/4-inch thick. Place on ungreased cookie sheet. Bake in 375° oven 12 minutes or until edges are golden. Makes 5 dozen.