High Finance in Boston.

In a recent decision Judge John J. Burns of the Massachusetts Superior Court declared that the former board of Beacon Participations Inc., all of whose members, with one exception, were directors of the Beacon Trust Company, must pay for losses sustained when they allowed the bank to use the affiliate as a dumping ground and for those resulting from the juggling of its funds in other ways, to which he applied such terms as reckless expenditure, flagrant breach of fiduciary duty and deliberate misapplication of other people's money. The case has already become a classic, for it is the first in which a court has held directors of a security affiliate responsible for bad faith to the corporation on account of their zeal in protecting the interests of the bank.