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Soften yeast. Heat milk and add shortening, salt, sugar, and molasses; cool to lukewarm (115°F.).
Beat 2 cups flour into milk, add yeast and oats. Stir in remainder of flour to make a soft dough.
Knead until smooth and elastic, about 8 to 10 minutes. Round dough into a ball and place in a greased bowl; turn dough to grease top of ball. Cover and let rise until double.
Punch dough down; cover and let rise 10 minutes. Cut dough in half and place in two 9x5x3 inch greased and floured loaf pans. Cover and let rise until nearly double (about 45 minutes).
Bake at 350°F. for 45 to 50 minutes, until golden brown and loaf sounds hollow when tapped. Cool 10 minutes in pans and then turn out on cooling racks; brush with butter.