Preheat oven to 275 degrees F (135 degrees C). Grease two 9 inch tube pans.
In a saucepan over medium heat cook apricots in the water until they are mushy. Press them through a sieve and let them cool.
Separate the eggs. Beat the egg yolks until lemony colored. Then beat the egg whites until stiff peaks are formed. Set aside.
Cream the butter or margarine and sugar together. Add the beaten egg yolks and the apricots, and mix thoroughly.
Combine the raisins, candied cherries, candied pineapple, and mixed dried fruits in a bowl coated with one cup of the flour.
Combine the flour, baking soda, and salt. Add this flour mixture alternately to the creamed mixture with the apricot juice. Blend this batter into the mixed fruits. Add the chopped pecans or walnuts and fold in the beaten egg whites. Turn the batter into the prepared pans.
Bake at 275 degrees F (135 degrees C) for 2 hours. Garnish cakes with candied pineapples and cherries. Makes about 24 servings.