Soak dried apples in water to cover overnight. Drain well. Combine apples and molasses; cook over medium heat, stirring frequently, 20 minutes or until apples absorb molasses. Set aside.
Cream butter; gradually add sugar, beating until light and fluffy. Add eggs, one at a time, beating well after each addition. Set aside.
Dissolve soda in buttermilk, stirring well; set aside. Combine flour, baking powder, and spices; add to creamed mixture alternately with butter milk mixture, beginning and ending with flour mixture. Mix well after each addition. Stir in apple mixture, vanilla, raisins, and pecans.
Pour batter into 3 greased and floured 9 - inch round cake pans. Bake at 350° for 35 to 40 minutes or until a wooden pick inserted comes out clean. Cool in pans 10 minutes. Remove layers from pans; cool completely.
Combine peach and pear preserves, stirring well; spread between layers and on top of cake.