FOR CAKE:
1. Cover cherries and raisins in hot water and soak for 15 minutes.
2. Preheat oven to 325°F. Grease an 8- or 9-inch tube pan, line with wax paper, and grease wax paper.
3. In a bowl, add butter and sugar and beat until creamy. Add cocoa powder, egg yolks, and vanilla and beat until smooth.
4. In a separate bowl, combine flour, baking powder, and cinnamon and whisk to blend. Beat the flour mixture into the cocoa mixture alternately with ½ cup of water, until smooth.
5. Beat egg whites until stiff and gently fold into the batter.
6. Drain cherries and raisins and stir them, along with nuts, into the batter.
7. Pour batter into prepared pan. Bake for 1 hour, or until a toothpick inserted into the center comes out clean. Cool and frost with chocolate glaze.

FOR GLAZE:
Melt unsweetened chocolate and chocolate chips in a double boiler over hot water. Stir in butter, one tablespoon at a time. Add corn syrup, stirring mixture until it reaches spreading consistency.