Preheat oven to 275 degrees F. In a medium bowl, mix applesauce with soda. In another separate bowl, combine raisins with 1 cup flour.
In a large bowl, combine all ingredients except cherries and walnuts; mix well. Pour batter into a large bundt pan. Top cake with cherries and walnuts. Bake two hours, or until toothpick inserted into center of cake comes out clean.