New York State last year passed the "prudent man" rule. It allows trustees to buy common stocks, up to 35% of the trust's value, which a prudent man might buy for his own investment. Last week Irving Trust Co. Vice President Earl S. MacNeill reported that of $350 to $400 million eligible for such purchases in New York, trustees had invested not much more than half in common stocks. Reason: trustees think that stock prices are too high, are waiting to buy when they drop.
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