Combine bay leaf, allspice, and water in a small saucepan; place over medium heat, and bring to a boil. Cook 5 minutes.
Pour tomato juice into a 2- quart stainless steel saucepan, place over medium heat. Strain spice mixture into tomato juice. Discard whole spices.
Add sugar, salt, lemon juice, Worcestershire sauce, and hot sauce to tomato juice mixture; stir well. Cook over medium heat until thoroughly heated. Pour into serving cups, and serve hot.