In a large pot, combine first twelve ingredients, bring to boil and boil for 10 minutes.
Remove from heat and add rum, if desired; let cool overnight.
When ready to finish the cake, pre-heat oven to 325° F.
To the boiled fruit mixture, add 3 cups flour, baking powder, baking soda and salt; thoroughly combine all ingredients.
Grease and flour a tube pan.
Place cake batter in pan and arrange the green and red decorative cherries and pecans on the top of the batter, arranging them carefully.
Place cake in oven and bake for 40 minutes.
Reduce oven temperature to 300°F and continue baking for another 1-1/2 hours.
Remove from oven, immediately invert cake onto a wire rack and remove to cool completely on rack.