When most companies are about to pay a dividend, they announce the event at least ten days beforehand, thus permitting brokerage-house cashiers to check up, make sure all stockholders are properly listed on the company's books. But one day last week Thompson Automatic Arms Corp. ("Tommy" submachine guns) blandly announced it had declared and paid a dividend the day before. Moreover, it was a big dividend—$5.50 a share, a total of $1,391,500. This windfall came from sales to the U. S. Army, France and Great Britain of 4,700 Thompson guns and parts.
The over-the-counter market, where Tommy shares are traded,...
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