Business & Finance: Smoke Rings

Alfred E. Lyon, board chairman of Philip Morris & Co., Ltd., returned from a European trip last week with some eye-popping estimates of the market for American tobacco—providing a way could be found around the dollar shortage, possibly by barter deals (e.g., U.S. tobacco for French cigarette paper). Item: “Workingmen in England spend a quarter of their average weekly earnings of £5 on cigarettes.”