"What a nasty muddle!" exclaimed British businessmen last week. And the more they thought about it the more they fumed.

Maker of the muddle for clear-headed reasons was tall, scrawny-necked, gimlet-eyed Rt. Hon. Arthur Neville Chamberlain, Chancellor of the Exchequer. Muddled were Philip Ernest Hill, a most successful young British financier, and Boston's Louis Kroh Liggett.

Mr. Liggett is chairman of Drug, Inc., one of the biggest U. S. industrial concerns (1931 earnings: $19,000,000; assets: $175,000,000). Although Drug owns the Liggett drugstores, its chief source of income is from making and selling...

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