Preheat oven to 350 degrees. Sift first 7 ingredients together and set aside.
Cream the butter, shortening and sugar together. Add eggs and beat well.
Turn mixer on low speed and add vanilla extract and applesauce.
Add raisins and walnuts. Keeping the mixture at low speed, start adding the dry ingredients.
Do not over-mix. Just make sure the flour is all combined, then stop mixing.
Pour into a greased and floured 9 x 13-inch pan.
Place on the middle rack of the oven and bake for 40 minutes or until center tests done.

When cool, frost.

Cream Cheese Icing:

8 ounces cream cheese, softened
4 tablespoons butter, softened
2 tsp. vanilla extract
2 1/2 cups confectioner's sugar
1/3 cup milk
1 tablespoon fresh lemon juice

Combine all ingredients and beat well.  Add more milk or confectioner's sugar to make it smooth and easier to spread.

*Sometimes called "Rasin Cake," this recipe is the version that the A&P Grocery stores baked and sold in their stores back in the day.