Stir chocolate in quarter cup water over low heat until melted. Cool and set aside. Cream butter and sugar in large bowl of electri mixer. Add eggs, one at a time, creaming well after each egg. Add melted chocolate. In separate bowl, blend flour, baking powder and salt with a fork. Add flour mixture alternately with milk to creamed mixture in electric mixer. Blend well. Stir in flavorings. Pour into greased and floured Bundt or tube pan. Bake in 325 degree oven for one hour and fifteen minutes. Cool pan on cake rack for 20 minutes. Then loosen around with silver knife. Cool another 30 minutes before removing from cake pan. This cake really doesn't need a frosting, but you might want to dust on a little powdered sugar.