STATE OF BUSINESS: Facts & Figures, Aug. 4, 1947

Soothing Oil. The Federal Government, which recently won title to California's oil-rich marginal sea lands, tempered victory with mercy. The Department of Justice said that it will permit oil companies now operating offshore to continue drilling, and it waived any governmental claim to certain municipally owned areas in San Francisco, San Diego and San Pedro Bays. This was to "reassure other coastal states whose problems are comparable to those in California."

Curtain Up. In Leningrad, the Russian fur trust held its first public postwar auction. The Russians, who frown on large foreign embassy staffs...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!