Preheat oven to 325 degrees.
Grease and flour 10" tube or 12-cup Bundt pan.
Sprinkle nuts over bottom of pan.
Mix all cake ingredients together. Pour batter over
nuts.
Bake 1 hour. Cool. Invert on serving plate. Prick top.
Drizzle and smooth glaze evenly over top and sides.
Allow cake to absorb
glaze. Repeat till glaze is used up.
GLAZE:
Melt butter in saucepan. Stir in water and sugar. Boil
5 minutes,
stirring constantly. Remove from heat. Stir in rum.
OPTIONAL:
Decorate with whole maraschino cherries and border of
sugar frosting or
whipped cream. Serve with seedless green grapes dusted
with powdered
sugar.