Cream shortening in a large mixing bowl; gradually add 1 1/4 cups sugar, beating well. Add egg; beat well. Stir in vanilla.
Combine flour, soda, salt, cinnamon, and allspice; gradually add to creamed mixture alternately with 1/8 cup water, beginning and ending with flour mixture. Stir in raisins and cake crumbs.
Divide dough into 4 equal portions. With floured hands, roll each portion into a 6-inch log. Place 3 inches apart on well-greased cookie sheets; slightly flatten each log. Bake at 350° for 20 minutes.
Combine powdered sugar and 2 tablespoons water in a small mixing bowl; beat until smooth. Drizzle glaze over tops of warm cookies. Slice into bars with a warm knife. Cool on cookie sheets 5 minutes. Remove to wire racks to cool completely.