Cream butter, shortening and sugar well. Mix in water and vanilla then the flour and nuts. Chill dough 3 - 4 hrs. Form dough into long rolls about 1/2 inch across. Cut dough into 3 inch lengths. Shape into a crescent. Bake on a un-greased cookie sheet 325 F. for 15 minutes. DO NOT LET THEM BROWN. Cool slightly and turn in powdered sugar.
Makes about 4 dozen.