Beef Tenderloin with Roasted Shallots

    1 1/2 pounds large shallots (about 24), halved lengthwise, peeled
    3 tablespoons olive oil
    6 cups canned beef broth
    1 1/2 cups tawny Port
    1 tablespoon tomato paste
    2 (3 to 3 1/4-pound) beef tenderloins (large ends), trimmed
    2 teaspoons dried thyme
    7 bacon slices, chopped
    6 tablespoons (3/4 stick) butter
    1 1/2 tablespoons all purpose flour
    1 large bunch watercress

Position rack in center of oven and preheat to 375F. In 9 inch
diameter pie pan, toss shallots with oil to coat. Season with salt
and pepper. Roast until shallots are deep brown and very tender,
stirring occasionally, about 30 minutes.

Boil broth and Port in large saucepan until reduced to 3 3/4 cups,
about 30 minutes. Whisk in tomato paste.

Pat beef dry; sprinkle with thyme, salt and pepper. In large
roasting pan set over medium heat, saute bacon until golden, about
4 minutes. Using slotted spoon, transfer bacon to paper towels. Add
beef to pan; brown on all sides over medium-high heat, about 7
minutes. Transfer pan to oven; roast beef until meat thermometer
inserted into center registers 125F for medium-rare, about 45
minutes. Transfer beef to platter. Tent loosely with foil.

Spoon fat off top of pan drippings in roasting pan. Place roasting
pan over high heat. Add broth mixture and bring to boil, scraping up
any browned bits. Transfer to medium saucepan; bring to simmer. Mix
3 tablespoons butter and flour in small bowl to form smooth paste;
whisk into broth mixture and simmer until sauce thickens, about 2
minutes. Whisk in 3 tablespoons butter. Stir in roasted shallots and
reserved bacon. Season sauce with salt and pepper. Cut beef into
1/2-inch-thick slices. Spoon sauce over. Garnish with watercress.
Pass remaining sauce.