Cream shortening; add sugar gradually, beating until light and fluffy. Add applesauce. Sift together dry ingredients and add to creamed mixture. Fold in nuts. Pour into loaf pan (9 x 5 x 3 inches) lined on the bottom with greased wax paper. Bake in preheated slow oven (325 degrees F.) for about 1 hour. Cool for 5 minutes. Turn out on rack and peel off paper. Cool, and frost as desired.