Dissolve yeast in water; combine with milk mixture.
Stir in half the flour; add eggs; beat well.
Add enough of remaining flour to make a soft dough.
Turn out on lightly floured board; knead till smooth and elastic.
(See a recipe for white bread) put in a greased bowl; brush with shortening; cover; let rise in a warm place, 80°-85°F (25°-30°C) till double in bulk (about 2 hours).
Turn out on floured board; roll into a rectangle 8 by 12 inches.
Brush with butter.
Sprinkle with brown sugar and cinnamon.
Roll up like jelly roll; shape into a ring on greased baking sheet; pinch ends.
From the outside, cut through the ring toward center almost all the way through in 1- inch slices.
Fan out slices slightly to side.
Brush with shortening; cover; let it rise for about 45 minutes or till double in bulk.
Meanwhile set oven for moderate 375°F (190°C).
Bake 25 to 30 minutes.
While warm spread with confectioners’ sugar icing; sprinkle with chopped walnuts.