Combine first 4 ingredients, stirring until well blended (batter will be thick). Spread evenly into a greased and floured sheet pan. Bake at 350 degrees for 25 minutes. Cool in pan 15 minutes. Pour chocolate glaze on cake.
Combine milk and chocolate chips in a heavy pan. Cook over medium heat until chocolate melts. Remove from heat.Stir in sugar. Mix thoroughly until smooth and pour over cake to glaze.