In large mixing bowl cream together 1 1/4 cups of the sugar and the butter till very light and fluffy. Add egg yolks, one at a time, beating well after each; continue beating till very fluffy, about 5 minutes. Sift together flour, baking powder, and 1/2 teaspoon salt; stir into creamed mixture. Beat egg whites till soft peaks form; gradually add remaining 1/2 cup sugar, beating to stiff peaks. Fold into creamed mixture. Pour into 3 lightly greased and floured 9 x 1 1/2-inch round baking pans. Bake at 350 till done, about 20 minutes. Cool 10 minutes; remove from pans. Cool on rack. Whip cream and vanilla just to soft peaks. Place a cake layer on serving plate. Spread with currant jelly and then with 1 cup of the whipped cream. Sprinkle with 2 tablespoons pecans. Spread second layer with 1/3 cup of the strawberry preserves, then with 1 cup of the whipped cream; sprinkle with 2 tablespoons pecans. Gently place atop first layer. Carefully top with third layer. Frost top and sides with remaining whipped cream; coat sides with remaining pecans. Using tip of a small spoon, dot top with remaining strawberry preserves. ----