Stir together flour, oats, salt, baking powder, and spices.
In a large bowl, cream the butter or margarine with the sugar. Beat in the eggs, then the applesauce and milk. Beat flour mixture into applesauce mixture. Stir in the raisins and nuts. Turn the batter into a greased and floured tube pan.
Bake the cake in a preheated oven at 350 degrees F (175 degrees C) for 65 minutes, or until it tests done. Let cake cool on a wire rack.