Combine oats, water, and milk; set aside. Cream shortening; gradually add sugar, beating well. Add eggs, one at a time, beating well after each addition.
Combine 1 cup flour, soda, salt, cinnamon, and cloves; add to creamed mixture alternately with oat mixture, beginning and ending with flour mixture. Dredge raisins and chopped pecans in remaining 1/2 cup flour; stir into batter.
Pour batter into a greased and floured 9-inch square pan. Bake at 350° for 50 minutes or until a wooden pick inserted in center comes out clean. Cool. Cut into squares to serve.