Preheat oven to 350 degrees F. In a large bowl, cream butter and sugar until light and fluffy. Add eggs, one at a time, beating well after each addition.
Combine flour, baking powder, salt, cinnamon and nutmeg; set aside. Combine applesauce and molasses.
Add dry ingredients alternately with applesauce mixture to egg mixture. Fold in raisins and nuts. Pour into a greased 9 1/4 x 5 1/4 x 2 3/4 inch loaf pan.
Bake at 350 degrees F. for 1 hour, or until a toothpick inserted into the center comes out clean.
Cool 10 minutes, remove from pan and continue cooling on a wire rack.