ng the Revolutionary War. However, in today's society the industry must constantly fight battles over the health issues associated with tobacco. Despite the health problems, lawsuits, regulations, and rising prices, the tobacco industry still continues to prosper. Phillip Morris is the world's largest tobacco firm, followed by the British American Tobacco Company and the Japan Tobacco Company. Together these companies account for about 40% of worldwide annual tobacco sales. Phillip Morris controls about half of the US tobacco market. According to the Wall Street Journal, Phillip Morris' operating earnings in their tobacco division rose 6.7% in the fourth quarter of 2001. This substantial increase occurred even though their cigarette shipments decreased sharply by 4%. This is actually quite good when compared with the 5.2% decline in shipments suffered by the industry as a whole during the fourth quarter. Wholesalers reduced their inventory to very low levels in advance of a federal excise tax increase that took p
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