Scald milk in a medium saucepan. Add cold water to the scalded milk. Remove 1/4 cup liquid and mix yeast into liquid when cooled to lukewarm. Add salt, sugar, shortening, and eggs to the remaining liquid in the 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 the bowl using swinging rotary motion. Gradually form dough into a smooth ball, then knead in the bowl for 2 minutes. Brush the top with melted shortening. Cover and allow dough to rise at room temperature until doubled in bulk, about 2 hours.