Word: oil
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Dates: during 1940-1949
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...Henry Koerner, one of the country's most promising young painters. With even more ambiguous symbolism than that which characterized his last exhibition (TIME, Feb. 21), Koerner had painted a girl hauled from the ocean while an uncurious crowd fished from the dock above. Koerner's oil was as stark as a tabloid photo, and more disturbing. Was the Girl a successful channel swimmer, or an unsuccessful suicide? The painting offered no clue...
...market kept right on growing. On three successive days last week, trading topped 2,000,000 shares, making it the most active week since the big rise of May 1948. The Dow-Jones industrial average rose 3.37 points to 198.05, the highest since August 1946. Most spectacular rise: Superior Oil Co. (California) which in three days jumped 69½ points to 227 on the news of a plan to split it into two gas & oil companies. Wall Streeters now expect the next test of the market at 200. If the bull gets over that hurdle, he might run pretty fast...
Oakey L. Alexander, president of Virginia's Pocahontas Fuel Co., Inc., shocked his friends last week as much, he said, as if "Harry Truman had joined the Young Republican Club." The boss of one of the biggest U.S. soft-coal producers went into the oil business. With California Oil Co., a subsidiary of Standard of California, Pocahontas plans to spend about $1,500,000 building an oil terminal at Portland, Me. The 192,000-bbl. terminal will be supplied by Cal-Standard tankers...
Pocahontas is going into a competing business, said Alexander, because "our customers are thoroughly disgusted with interruptions year after year because of [John L.] Lewis' attitude. We are going into oil where oil is available in order to hold on to our business...
Coalmen everywhere were finding business harder & harder to hold on to. This was due to: 1) Lewis, whom coalmen call "the best oil salesman in the country"; 2) the greater efficiencies and cleanliness of oil and natural gas; 3) the rise in coal prices and drop in oil prices, which has put oil on a competitive footing with coal. On the East Coast alone switchovers from coal to oil have cut this year's coal sales at least 20% below...