Field & Stream really did get out of control with those covers in the 1940s.
HA! Is joke! This is called Bad Day on the High Sea, by Brandon Bird. Here’s what he has to say:
“Here, raw sexual aggression is symbolized by the sperm whale, while the squid acts as a thinly-disguised metaphor for the multi-armed oligarchies of Rockefeller, Hearst, and Morgan. Their battle plays against the backdrop of the sea, standing in for–what else?–the vastness of the unconscious mind.”