Word: reefed
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...Canyon Reef. The Joe York No. i well last week was important not only to Joe York, his wife and four children, who would soon be getting an estimated $10,000 to $15,000 a month for life from the royalties of it and other wells. It had also proved up another big area in Scurry County's incredible Canyon Reef oilfield, where movie stars and other hopeful wildcatters had been prospecting for months (TIME, Oct. 10). To oilmen it looked as if the Scurry pool was the biggest since the East Texas field came in in 1930. Estimates...
Baffled Experts. Until a year ago, the U.S. oil industry's geologists and geophysicists, who had long since reduced oil prospecting to a science, had been completely fooled by Scurry County. None of their blasts and echo-measurements had shown the existence of its oil-laden limestone reef some 6,500 ft. down. Humble Oil & Refining Co., biggest oil leaseholder on the continent, had once held leases all over Scurry, but had let most of them lapse. Even the first wells drilled in what later proved to be the heart of the pool did not turn out well...
...field's biggest oil deals have been closed. Veteran Oilman C. T. McLaughlin came to Scurry County 15 years ago to get away from the business, struck it rich also. He found that his 5,200-acre Diamond M ranch was right above the heart of the Canyon Reef...
...Hawaii, the iron-fisted embargo that Harry Bridges' C.I.O. longshoremen had clamped around Honolulu's reef-ringed harbor last May (TIME, July 4) was beginning to rust through in several places. The trickle of cargo that had begun when the territorial government seized the docks seven weeks ago was growing to a stream. Freighters arrived and unloaded autos, Christmas tinsel, cattle feed, canned soup and nylons, left the same day with their holds crammed with bagged raw sugar and cases of pineapple. But when the pineapple-laden freighters hit the U.S. West Coast, their "hot" cargoes found...
...properly be called socialism . . . The change in the relationship between the old industrial nations of Europe and the new industrial giant in the New World has been on the way for the last 30 years . . . Now, in 1949, the underlying maladjustment between Europe and America is emerging like a reef hidden for a time under a spring tide...