chapter  XXX
7 Pages

NlEW SECURITIES (continued)-THE SALE OF HIGH-CLASS SECURITIES

But at this point arises the difficulty that the knowledge and judgment of investors vary as widely as the character of securities offered, that it would be absurd to postulate an investor whose bargaining knowledge might be regarded as representative. There is no need for concern as to the welfare of Insurance, Trust and Finance companies, the banks and other experts; they are not likely to suffer from imperfect bargaining knowledge. The parties of whose interests we need to take account are the outside public; and the investor of whom we speak must be conceived to be that part of the investing and speculating public who do in fact compose the market for the particular kind of security of which at the time we are speaking.