Dredge steak in seasoned flour, coat well. Transfer steak to a cutting board and using the "teeth" side of a meat mallet, pound the flour into the steak. The object is to bread the steak thoroughly. In a deep skillet heat enough oil and butter or lard and shortening to immerse steak until fairly hot. Immerse steak in oil and when nicely browned, cover, and simmer for a few moments, as when frying chicken. Repeat frying process until all steaks are cooked. Transfer steak(s) to a hot platter. Pour off all but 3 tablespoons of fat from the pan, add the flour and whisking constantly add milk or water. Scrape up any brown particles left on the bottom of the pan and incorporate them into the gravy. Season with salt and pepper or ketchup to taste. Serve steaks with mashed potatoes and gravy.
Adapted from American Century Cookbook, by Jean Anderson