Combine raisins and sherry; set aside.
Cream butter in a large mixing bowl; gradually add 1 cup sugar, beating until light and fluffy. Add egg yolks, beating well. Stir in chopped cherries, pineapple, almonds, and raisin-sherry mixture.
Combine flour and soda, and set aside.
Beat egg whites (at room temperature) in a large mixing bowl until foamy; add salt, beating until stiff peaks form. Gently fold egg whites into batter alternately with flour mixture, beginning and ending with flour mixture.
Spoon batter into 3 waxed paper-lined and greased 9-inch round cake pans. Place a large pan of boiling water on lower oven rack. Bake cake at 275° for 1 hour or until a wooden pick inserted in center comes out clean. Cool in pans 10 minutes; remove layers from pans, and let cool completely.
Spoon apricot preserves into a small saucepan; cook over low heat, stirring frequently, until preserves melt.
Spread preserves between layers and on top and sides of cake. Sprinkle top with powdered sugar. Garnish top of cake with a sprig of fresh rosemary, if desired.