Place butter and sugar in the mixer and beat until soft. Add egg yolks gradually and continue beating.
Sift flour with baking powder, cinnamon, nutmeg and salt. Add, alternating with milk to butter mixture and continue beating until mixture is soft.
Fold in fruits, raisins, nuts and vanilla. Reserve.
Whip egg whites until stiff and fold into mixture. Transfer all to a greased and floured tube mold. Bake in preheated moderate oven to 350ºF (180ºC) for 45 minutes or until tester comes out clean. Remove from the oven and let cake cool.
To serve invert onto a cake platter and decorate with maraschino cherries, and halved nuts or pecans.
Serve with Vanilla cream.
Dilute flour in ½ cup milk.
Beat egg yolks with sugar until lemon colored and add 1 ½ cup milk. Pour into a medium saucepan together with milk and flour mixture. Bring to a boil, stirring until sauce thickens.
Remove from the heat and cool completely.
Beat whipping cream and fold into sauce.