Cream together butter with sugar. Add well-beaten eggs and mix.
Coarsely chop pineapple and break pecans (may substitute walnuts).
Dredge pineapple, nuts, and candied cherries in the 3/4 cup of flour.
Combine the remaining flour (leftover from dredging) with baking powder. Mix with creamed butter mixture, adding lemon extract and vanilla.
Grease and flour an angel food pan well, tapping out excess flour.
Bake for 30 minutes at 300°F. Reduce temperature to 250°F and continue cooking for an additional 2 1/4 hours.
When cake has cooled, place into a tin with a tight fitting cover.
Place a small glass into the center of cake and fill with rum.
Allow cake to absorb. Refill glass as necessary, allowing to run over. Let cake age for about 10 days. Cut into very thin slices to serve
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