In a separate medium bowl, stir together the dry ingredients: flour, soda, salt, cinnamon, baking powder, and nutmeg (if you’re using nutmeg). Pour this mixture into the large bowl with the wet ingredients. Stir together, fold in chopped nuts and raisins, and stir again until well incorporated.
Divide batter into two well-greased loaf pans and bake at 350 for an hour or until a toothpick inserted into the center comes out clean. Allow them to cool in the pans for 10 minutes before turning out to cool completely.