In a large mixing bowl, combine 1-1/4 cups of the all-purpose flour and the yeast; set aside. In a medium saucepan, heat and stir butter or margarine, milk, sugar, and salt until just warm (120 degree F to 130 degree F) and butter almost melts.
Add heated mixture to flour mixture. Add the eggs, rum or orange juice, and vanilla. Beat with an electric mixer on low to medium speed for 30 seconds, scraping sides of bowl. Beat on high speed for 3 minutes.
Using a wooden spoon, stir in the candied orange peel, dark raisins, golden raisins, lemon peel, and the remaining flour to make a moderately soft dough. Cover dough and let rise in a warm place until doubled (about 1 hour).
Stir down and turn into a well-greased 10-cup fluted tube pan. Cover loosely and let rise in a warm place until nearly doubled (about 45 minutes).
Bake the bread in a 375 degree F oven for 35 to 40 minutes or until a wooden toothpick inserted near the center comes out clean and bread sounds hollow when tapped. (If necessary, cover the bread lightly with foil after 25 or 30 minutes to prevent overbrowning.)
Remove from pan. Cool slightly on a wire rack. Drizzle with Powdered Sugar Icing. Serve warm or at room temperature. Makes 12 servings.