Scald milk in a medium saucepan. Add cold water to scalded milk. Remove 1/4 cup liquid; mix yeast into liquid when cooled to lukewarm. To liquid in saucepan, add salt, sugar, shortening, and eggs. Add dissolved yeast to saucepan. Mix well.
Sift and measure the flour into a large bowl. Make a well in the flour, and pour the liquids into the well. Stir with a large wooden spoon until liquid disappears.
With one hand, mix dough in bowl using swinging rotary motion. Gradually form dough into smooth ball, then knead in bowl for 2 minutes. Brush top with melted shortening. Cover, and allow dough to rise at room temperature for 2 hours. Do not set bowl on radiator or in hot place. Keep away from draughts. Allow dough to rise until doubled in bulk.
Punch down dough. Use dough for any sweet bread recipe.