1Heat oil in 4-quart Dutch oven over medium heat. Cook beef and onion in oil until beef is brown on both sides. Add water; heat to boiling. Skim foam from broth. Stir in salt, bay leaf and pickling spice; reduce heat. Cover and simmer 3 hours.
2Remove beef from broth. Cool beef about 10 minutes or just until cool enough to handle. Strain broth; discard vegetables and seasonings. Remove beef from bones. Cut beef into 1/2-inch pieces. Skim fat from broth.
3Add enough canned broth to broth from beef to measure 5 cups. Return broth and beef to Dutch oven. Stir in potatoes, carrots, celery, cabbage, ketchup and beets. Heat to boiling; reduce heat. Cover and simmer about 30 minutes or until vegetables are tender. Cool 10 minutes. Stir in whipping cream.