Apple Sauce Loaf

1/2 c. shortening
1 c. sugar
2 eggs
1 3/4 c. flour
1 tsp. salt
1 tsp. baking powder
1/2 tsp. soda
1/2 tsp. cinnamon
1/2 tsp. nutmeg
1 c. applesauce
1/2 c. nuts

Cream together shortening and sugar. Add eggs and mix well. Sift together dry ingredients and gradually add to mixture. Stir until well mixed and add applesauce and nuts. Bake at 350 for 1 hour. Mix together 1/2 cups powdered sugar and 1 tbsp. water and pour on cake while still warm.