Makes 2 loaves
Dissolve yeast in lukewarm water.
Add butter to scalded milk, stir until melted. Add cold water and molasses.
Set aside 1 cup of white flour. Combine all the remaining ingredients in a large mixing bowl. Blend thoroughly. In th ecenter make a well. Into this pour the cooled liquids and dissolved yeast. Blend well. Work in the rest of the flour and turn the dough onto a floured board, kneading until smooth and elastic. Put into a greased bowl, cover, and let rise until doubled in bulk, about 2 hours.
Shape into loaves and place in 2 greased pans (9×5×3). Let rise again until twice their size.
Bake 1 hour in a preheated 375° oven.