1
: Preheat oven to 350°F (180°C). Grease an 8½” or 9” (21 cm or 23 cm) spring form pan.
2
: Cake: Beat shortening and sugar in large bowl until light and fluffy in texture. Beat in egg.
3
: Combine flour, baking soda, salt and cinnamon in a separate large bowl. Stir into shortening mixture alternating with applesauce, making 3 additions of dry ingredients and 2 of applesauce. Fold in raisins and walnuts. Pour into prepared pan.
4
: Bake in preheated oven about 60 to 65 minutes or until deep golden and a toothpick inserted in center of cake comes out clean. Cool in pan for 20 minutes; remove from pan and cool completely on wire rack.
5
: Caramel Icing: Melt shortening over low heat in saucepan. Stir in flour for 1 minute. Whisk in sugar and evaporated milk, whisking until melted and smooth. Bring to boil. Boil 5 minutes, stirring constantly until thickened. Let cool 5 minutes. Pour over cake letting excess drip down sides. Garnish with walnut halves.