Soak raisins in sherry 8 hours; drain and set aside.
Combine pineapple, candied cherries, pecans, and 1 cup flour, tossing to coat. Set aside.
Beat butter at medium speed with an electric mixer until fluffy; gradually add sugars, beating well. Add eggs, 1 at a time, beating well after each addition.
Combine remaining 2 cups flour, salt, allspice, cinnamon, and, if desired, mace. Add to butter mixture alternately with whipping cream, beginning and ending with flour mixture. Beat at low speed just until blended after each addition. Add preserves and extracts, beating well. Stir in reserved raisins and fruit mixture. Spoon into a greased and floured 10-inch tube pan.
Bake at 275° for 3 hours or until a long wooden pick inserted in center comes out clean. Cool in pan on a wire rack 20 minutes; remove from pan, and cool completely on wire rack. If desired, soak cheesecloth in 2/3 cup dry sherry, wrap around cake, and place in an airtight container; refrigerate 7 to 10 days.