ADVERTISING: In a Rabbit's Eye

The Federal Trade Commission has developed a slow burn over the claims of U.S. cigarette manufacturers. In two years, it has forbidden Old Golds to claim that they contain less nicotine, Camels that they aid digestion or relieve fatigue, Luckies that they are preferred by men who know tobacco best. Last week FTC turned its beady eye on Philip Morris, which advertises "no cigarette hangover" because its cigarettes are "definitely less irritating."

At stake was Philip Morris' chief stock in trade. In 18 years, its sales have shot from $2.6 million to $305 million, largely on the strength of...

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