The decade of the fifties is aptly described as the decade of common stocks. For many years, trustees could not invest in common stocks unless specifically authorized to do so. Gradually, many states adopted the so-called prudent man rule, which gave trustees greater latitude and permitted them to invest not only in bonds but also in common stocks that met certain tests. In 1951, New York State life insurance companies were permitted to make limited investments in common stocks, a practice which had been beyond the pale since the insurance scandals in the early years of this century. In 1952, mutual savings banks were granted similar authority. In fact, such banks were authorized to organize an investment company.

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