That is what old Lithium grease looks like......since that unit shows a 1942 date that would have been , more than likely, bearing grease due to it being readily available during the material rationing that took place. Clean the old grease off and re-grease it....should work for another 75 years!
A lubricating oil would not have been used as it would have seeped out OR the cotton wick would always be saturated with oil, constantly dripping until it dripped dry. Oil that old would be very dark, like engine sludge, due to the break down of its properties and being exposed (even if very limited) to moisture.
Rheems1 wrote: I petition that everyone who joins the board should have to put there age or year of birth in thier signature...32 here
....53 and not too old to still have fun 8)