Preheat oven to 350° F.
Grease 9-inch pan or a Bundt pan.
Put raisins in small saucepan and cover with water. Bring to a boil and let simmer for a few minutes.
In a medium bowl, sift dry ingredients together and set aside.
In a large mixing bowl, beat butter and sugar together. I use my stand mixer.
Beat in eggs, one at a time.
Add applesauce and molasses and mix until well combined.
Stir in dry ingredients to moisten.
Drain raisins.
Stir in raisins and nuts.
Pour evenly into prepared pan.
Bake at 350° F for 45-50 minutes. Check doneness by inserting a toothpick into the center of the cake. Toothpick should come out clean. Be sure not to overbake.
Allow to cool for 10-15 minutes before turning out onto a cooling rack.
Add the glaze while the cake is slightly warm.