HOW TOBACCO FIRMS WILL MANAGE

In a memo to employees only hours after the deal was sealed, Steven Goldstone, CEO of RJR Nabisco, wrote that the historic agreement "radically changes the way we do business." No kidding. The tobacco industry in the U.S. will have to adjust from being a cash-rich, freewheeling marketer to one of the most regulated businesses in the U.S.; from an industry that can't advertise enough to one that can barely show its face. And to pay for the agreement, tobacco executives are going to install one of the biggest price increases in the history of consumer products: possibly more than $1...

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