Center a rack in the oven and pre-heat the oven to 350°F.
Butter and flour an 8" x 4" x 2 and 1/2" loaf pan and fit a piece of parchment paper across the bottom of the pan, allowing an extra inch or two to drape over the opposite ends (this will allow for easy removal of the cake).
Plump the raisins in a little boiling water, drain them well and place them to soak with a tablespoon of the rum.
Cut one apple into 12 wedges and set aside.
Cut the other apple into 8 wedges and then cut each of the 8 wedges in half crosswise and set aside.
Sift together the flour and baking powderand set aside.
In a mixing bowl, beat the butter until it is smooth.
Slowly add one cup of the sugar and beat until creamy.
Add the eggs one at a time, beating until mixture is well belnded.
Fold the sifter flour mixture into the egg mixture just until blended.
Fold the rasins into the batter.
Spoon half the batter into the prepared pan and smooth the top.
Lay the 12 apple wedges down the center of the pan so that their sides touch and the domed side of each wedge is on top (there will be a thin strip of exposed batter on each side).
Spoon the rest of the batter over and around the apples and again smooth the top.
Arrange the halved apple slices in a single row along each long side of the pan, pressing the center cut sides of the apples against the sides of the pan.
There will be two rows of apple slices, with their points towards the center of the pan, and exposed batter in the center.
Gently push the apples into the batter, leaving the top of the apples exposed (mixture in the center of the pan will be slightly shallower than the sides).
Let rest for ten minutes.
Place pan in the oven and bake for ten minutes; using a sharp knife cut a slit down the center of the batter to help it rise evenly.
Continue to bake until a knife inserted in the center comes out clean (another 40 to 50 minutes).
Remove cake from oven and turn off oven.
Gently brush the warm apricot jam over the hot cake and allow glaze to dry for five minutes.
While the glaze is drying, combine the 2 and 1/2 teaspoons of rum and the 1/3 cup of confectioners' sugar in a small pan and warm over low heat, stirring until the icing is smooth.
Brush the icing over the dried apricot glaze and return the cake, in its pan to the still warm oven just until the rum icing is dry--about two minutes.
Place the cake, in its pan, on a rack until it cools to room temperature (keeping it in its pan will keep the cake moist).
To remove the cake from the pan, lift it by the edges of the parchment paper, carefully remove the paper, and transfer to a platter.