Sift sugar, flour and soda over eggs. Add fruit cocktail; beat with a spoon. Bake at 300° in greased loaf pan for 45 min.
Icing: 1 stick margarine 1 c. sugar 1/2 c. evaporated milk 1/2 c. nuts 1/2 c. coconut
Boil all ingredients 2 min.; spread on cake immediately after it comes from the oven. Serves 24.