Set a rack in the lower third of the oven and preheat to 325 degrees. Butter a 12-cup Bundt pan and flour the buttered surface, shaking out the excess.
Combine butter, sugar, flour and baking powder in mixer with paddle. Beat on low speed 2 minutes.
Combine remaining ingredients and add to mixer in three additions, beating 1 minute between each addition.
Scrape batter into prepared pan and bake for about one hour, until cake is well risen and well colored and a knife inserted between the edge and tube emerges clean. Place cake on a rack in pan.
For glaze, combine water and sugar and bring to a boil in a saucepan. Remove from heat and add lemon juice and vanilla. Unmold cake and brush glaze evenly all over outside of cake. Cool and