Combine apples and sugar in a bowl and allow to sit at room temperature for 1 hour.
Sift together flour, soda, salt and cinnamon. Stir in the nuts.
Fold together the dry ingredients with the apples, eggs, oil and vanilla.
Pour into a greased and floured tube cake pan.
Bake in a preheated 350 °F. oven for about 1 hour.
Cool slightly, remove from pan.
Sift over powdered sugar.