Combine 1/3 cup flour, salt, and pepper; coat meat evenly.
Melt Crisco in a Dutch oven over medium heat. Brown meat well on all sides.
Add 2 cups water and bay leaf. Cover and simmer for 2 hours; do not boil. If needed, add water during cooking.
Peel onions and pare potatoes, carrots, and turnips.
When meat has simmered for 2 hours, add vegetables to Dutch oven. Cover and simmer for 1 hour or until meat and vegetables are tender.
Remove meat and vegetables and arrange on a heated platter; keep warm. Strain liquid and add water, if necessary, to make 1-1/2 cups liquid. Return to Dutch oven.
Blend 1/2 cup cold water and 1/4 cup flour until smooth. Slowly stir into pot roast liquid. Cook and stir until gravy thickens and comes to boiling. Cook and stir for 1 minute.