Sprinkle the meat with salt and pepper and dredge with flour. Brown on all sides in the oil in a heavy skillet or Dutch oven.
Add the stock, celery, bay leaf and onions. Season to taste with salt and pepper. Cover, bring to a boil, and simmer for one and one-half hours, or until the meat is tender. Add the olives and cook for fifteen minutes longer. Remove the meat to a warm platter.
Mix one and one-half tablespoons flour with a little cold water and add to the broth. Cook, stirring, until thickened. Spoon some sauce over the meat and serve the remainder separately.