Soften yeast in the 1/2 cup warm water and set aside.
Bring the 2 cups of water to a boil and gradually pour in rolled oats, stirring constantly for 1 minute; add molasses, the butter, and salt; stir until butter is melted.
Stir in the 1/2 cup cold water and let stand until lukewarm.
Sift flour, measure, then sift powdered milk with half the flour.
Stir yeast into cool oatmeal; gradually beat in flour sifted with powdered milk, then enough more flour to make a soft dough.
Add nut meats and raisins and mix well.
Turn out on a lightly floured board, cover dough, and let rest 10 minutes.
Knead thoroughly, using as little additional flour as possible.
Place dough in a large greased mixing bowl, cover, and set in a warm place to rise.
When nearly doubled in bulk, punch down and turn out on a lightly floured board.
Divide into 3 parts and form into loaves.
Place in 3 greased 9 by 5-inch loaf pans, cover tops with a thin coating of salad oil, and allow to rise until nearly doubled in bulk.
Bake in a hot oven (425°) for 10 minutes, reduce heat to moderate (350°) for 45 minutes, or until loaves are nicely browned