Preheat oven to 350 degrees. Grease a loaf pan well.
In a bowl, cream together shortening and sugar. Add eggs and mix well. Sift together dry ingredients and gradually add to mixture. Stir until well mixed and fold in applesauce and nuts.
Bake in preheated oven for 1 hour or until toothpick inserted in the center comes out clean. Cool for 15 minutes on wire rack, then remove from pan and allow to cool.
Meanwhile, in a small bowl combine powdered sugar and water to make the glaze. Spoon glaze over loaf and allow to completely cool. Makes 1 loaf. Enjoy!