7868. Cosmopolitan Trust Company (Boston, MA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
September 24, 1920
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
fc0f2782

Response Measures

Full suspension

Other: Commissioner Allen took possession (state closure). Prosecutorial actions later against president for larceny/conversion mentioned.

Description

Cosmopolitan experienced heavy withdrawals (over $3,000,000 between Sept. 8 and Sept. 24) and was closed by State Bank Commissioner Joseph C. Allen on Sept. 25, 1920. Commissioner cited slow loans and inability to meet a continued heavy withdrawal of deposits. Closure appears permanent (commissioner took possession; later criminal charges against president), and runs on other banks followed the closing.

Events (4)

1. September 24, 1920 Run
Cause
Bank Specific Adverse Info
Cause Details
Large withdrawals over several weeks as deposits drained and loans were slow/difficult to convert to cash; heavy withdrawals of deposits (>$3,000,000 between Sept. 8 and Sept. 24) weakened liquidity.
Measures
None reported by the bank to stop withdrawals prior to commissioner action.
Newspaper Excerpt
Between Sept. 8 and yesterday withdrawals amounted to more than $3,000,000
Source
newspapers
2. September 25, 1920 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Commissioner Allen cited slow loans and inability to meet a continued heavy withdrawal of deposits as the reason for taking possession and closing the institution; commissioner took charge under state law.
Newspaper Excerpt
The Cosmopolitan Trust Co., of this city ... was closed by Bank Commissioner Joseph C. Allen at 9 o'clock this morning.
Source
newspapers
3. August 17, 1922 Other
Newspaper Excerpt
The trial of Max Mitchell, president of the closed Cosmopolitan Trust Company, Boston has been assigned to start in the superior criminal court Oct. 2. Mitchell is charged with larceny and conversion of funds in 51 counts.
Source
newspapers
4. * Other
Newspaper Excerpt
After the Cosmopolitan Trust Company was closed there was a run on the Tremont Trust Company, which continued until the day's business was ended at 10 o'clock to-night.
Source
newspapers

Newspaper Articles (16)

Article from Daily Kennebec Journal, August 23, 1920

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# CHIEF DEVELOPMENTS # AT SATURDAY HEARING 1-The voluntary statement by Attorney McIsaac, after Ponzi had refused to give the information, that Daniel H. Coakley and he (Mr. McIsaac) received $25,000 each from Ponzi as lawyers' fees. 2-Disclosure for the first time of the amount Ponzi paid for settlement of the $1,000,000 Daniels partnership suit. The financier testified that he paid $50.000 and $5000 additional to lawyers who effected the settlement. 3-Ponzi's attempt, stopped by the abrupt raising of his attorney's hand, to name the "high bank official" whom he has repeatedly charged with betraying him. The witness said he withdrew more than half a million dollars from the Tremont and Cosmopolitan Trust Companies during "the run" on the Securities Exchange Company in cash, rather than by check, because he distrusted the banks. Atty Dodge then asked if Ponzi distrusted any banker particularlly, but the witness was prevented from replying. 4-Federal Auditor Pride's statement that in his examination of Ponzi's liabilities, which he estimated at $7.000,000, he had found no evidence of dealing in international reply coupons and also his testimony that, so far as he knew, the only business transacted by the "wizard" was the issue of notes and payment of creditors upon maturity with the proceeds of new issues. 5.-Mr. Thurston's sharp examination of Auditor Pride, as to when he first formed the opinion that Ponzi was paying creditors from money invested by others, and Mr. Pride's reply, "Three weeks," and the auditor's explanation that until he had completed an examination of Ponzi's liabilities, he could form no opinion, whatever.


Article from Evening Public Ledger, September 25, 1920

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CLOSE ANOTHER BANK Cosmopolitan Trust Co., of Boston, Fifth to Suspend in Five Weeks Boston, Sept. 25 The Cosmopolitan Trust Co., of this city, with a savings and banking department and agencies abroad, was closed by Bank Commissioner Joseph C. Allen at 9 o'clock this morning. The Cosmopolitan is the fifth bank in this city to be closed by Commissioner Allen in the last five weeks. The first of these was the Hanover Trust Co., which went to the wall with the collapse of the get-rich-quick scheme of Charles Ponzi. its largest individual depositor. The Prudential Trust Co. was closed later, as were two smaller private banks. The commissioner gave no reason for the closing. and bank 01/20/als refused to comment. At the state house it was said the commissioner would later issue a formal statement. The state has $500,000 on deposit with the Cosmopolitan Trust Co., it was announced by State Treasurer James Jackson. He added "there is every reason to safe." suppose that the money is absolutely The Cosmopolitan has advertised its capital and surplus as $3,000,000. and its resources as $20,000,000 for the combined general banking and saving departments. The president is Max Mitchell. a leader in the credit union movement in the state, and formerly an ol/acial of organized charities activitles. The bank has specialized in the accounts of members of the several foreign colonies in the city, and has conducted thrift and Christmas savings clubs for persons of small means. It has advertised a list of correspondent banks in nearly every capital and large city in Europe, Asia and Africa.


Article from The Brattleboro Daily Reformer, September 25, 1920

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Fifth Boston Banking Institution to Be Closed By Bank Commissioner HAS $500,000 STATE DEPOSITS Has Conducted Thrift and Christmas Savings Clubs for Small Depositors -Commissioner Allen Says It Could Not Meet Demands of Depositors. BOSTON, Sept. 25. - The Cosmopolitan Trust Co. of this city with a savings and banking department and agencies abroad was closed by Bank Commissioner Allen this morning. The Cosmopolitan is the fifth bank to be closed by Commissioner Allen in this city in the past five weeks. The first of these was the Hanover Trust Co. which went to the wall with the collapse of Charles Ponzi, the largest individual depositor. The Prudential Trust Co. was closed later as were two smaller private banks. The state has $500,000 on deposit I with the Cosmopolitan Trust Co., it was announced by the state treasurer's of fice. The Cosmopolitan has advertised its capital and surplus as $3,000,000 and its resources as $20,000,000 for the comle bined general banking and savings det partment. The president is Max e Mitchell, a leader in the crédit union movement in the state and formerly an official of Organized Charities activi, ties. o The bank has specialized in accounts e of members of several foreign colonies is in the city and has conducted thrift and d Christmas savings clubs for persons of small means. It has advertised a list of correspondent banks in nearly every capital and large city in Europe, Asia and Africa. The Cosmopolitan Trust Co. had deposits of nearly $13,000,000 in its banking and savings department. Bad loans and inability to meet a heavy withdrawal of deposits were given by the commissioner d, as the cause of the bank's difficulties and r, the reason for his action. The bank m commissioner in a formal statement def clared that no other bank or Trust Co. was involved in any way. c The continued drain on the company's resources which had been advertised as $20,000,000 was shown in the statement of deposits on several dates. Between Sept. 8 and yesterday withdrawals amounted to more than $3,000,000, accord ning to his figures. "With loans which of could not be converted into cash when needed," the commissioner's statement continued, "the bank was unable to meet the steady and continued withdrawal o deposits and it became necessary in th interests of depositors and of the pub lic for the commissioner to take posses sion." A small crowd gathered outside th closed doors of the Cosmopolitan with in an hour after the notice was firs posted, but as it was prior to bankini (Continued on Page 8.)


Article from The Caledonian-Record, September 25, 1920

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is the fifth bank to be closed by Commissioner Allen in this city in the past five weeks. The first bank closed was the Hanover Trust Company, which went to the wall with the collapse of Charles Ponzi, its largest individual depos tor The Prudential Trust Company was closed later, as were two smaller private banks. The state has $500,000 on deposit with the Cosmopolitan Trust Company, is was announced by the state treasurer's office. The Cosmopolitan has advertised its capital and surplus as $3,000,000 and its resources as $20,000,000, for the combined general banking and sav.ngs departments. The president is Max Mitchell, a leader in the credit union movement in the state and formerly an official of the organized charities activities. The bank has been a specialist in accounts of members of the several foreign colonies in this city and has conducted thr.i and Christmas clubs for persons of small means. It has advertised a list of correspondent banks in nearly every capital and large city in Europe, Asia and Africa. The notice, as posted on the doors of the bank announced only that the bank commisisoner, acting under the law, had taken possession of the institution. No reason for the closing was given. Bank officials refused to comment on the action of the commissioner or to discuss the troubles of the Cosmopolitan, saying that any statement would have to come from Commissioner Allen. A small crowd gathered outside of the closed doors of the building within an hour after the notice had been posted but as it was prior to banking hours there was no excitement. Depositors received a reassuring word from the state treasurer, James Jackson, in a statement announcing the fact that half a million dollars of state funds were on deposit with the Cosmopolitan. "There is every reason to suppose the money is absolutely safe," he said. "It will be tied up for a short time, but there is no reason for anyone to feel disturbed about it." The. Cosmopolitan Trust Company had deposits of nearly $13,000,000 in its banking and saving department. Slow loans and inability to meet a continued heavy withdrawal were given as the cause bv Commissioner Allen for the bank's difficulty, and the reason for his action. The bank commission in a statement declared that no other bank or trust company was involved. The continued drain on the bank's resources which had been advertised as $20,000,000 was shown in the statement of deposits


Article from The Barre Daily Times, September 25, 1920

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Another Boston Bank d B Closed by State Bank Commissioner BANK SPECIALIZED AMONG FOREIGNERS 3 Had Advertised Capital and Surplus at Three Millions Boston, Sept. 25.-The Cosmopolitan Trust Co. of this city was closed by State Bank Commissioner Joseph C. Allen -day with nearly $13,000,000 of deposits in its banking and savings departments. Slow loans and inability to meet a continued heavy withdrawal of deposits were given by the-commissioner as the cause of the bank's dif fieulties. and the reason for his action. An opinion that half a million dollars of state funds that were on de. posit in the bank was absolutely safe, announced by State Treasurer Jackson, gave depositors reason to feel that their money which, in settlement. would be on equal terms with that of the state, was not greatly endangered. The bank commissioner, in his formal statement explanatory of the elosing, declared that no other bank or trust company was involved in any way. His action to-day marked the sixth time within a year, and the fifth time within two months. that the doors of a banking institution in this city were closed. The continued drain on the Cosmopolitan's resources. which have been advertised as $20,000,000, was show in the statement by Bank Commissioner Allen of deposits on several dates. Between Sept. 8 and yesterday, withdrawals of deposits exceeded three millions of dollars, according to his figures, which follow: June 30, total deposits. $16,771,000 Sept. 8, $16,039. 000: Sept. 15, $14,169,000 Sept. 92 $13,443,000 Sept. 24. $12,941,000. "With loans which could not be converted into cash when needed" the commissioner's statement continued, "the bank was unable to meet the steady and continued withdrawal of deposits and it became necessary in the interests of depositors and of the public for the commission of banks to take possession." The Cosmopolitan has advertised its capital and surplus as $3,000,000 and its resources as $20,000,000. for the combined general banking and savings department. The president is Max Mitchell, a leader in the credit union movement in the state and formerly an official of organized charities activities. The bank has specialized in the accounts of members of the several for eign colonies in the city, and has con ca ducted thrift and Christian savings clubs for persons of small means. It ta has advertised a list of correspondent banks in nearly every capital and large city in Europe, Asia and Africa. fo A small crowd gathered outside the w closed doors of the Cosmopolitan with w ing the hour after the notice was first ta posted. but as it prior to banking m hours there was no excitement. el


Article from The Greeneville Daily Sun, September 25, 1920

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Another Boston Bank Closes Doors, Making Fourth Bank Since Ponzi Crash BOSTON, Sept. 25.-The Cosmopolitan Trust Company closed its doors today by order of State Bank Commissioner Allen. This is the fourth bank to suspend since the Ponzi crash.


Article from Great Falls Daily Tribune, September 26, 1920

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COSMOPOLITAN T TRUST COMPANY OF BOSTON CLOSED BY OFFICIAL Fifth Bank in as Many Weeks in Bay State Capital Is Forced to Suspend. Boston, Sept. 25.-The Cosmopolitan Trust company of this city, with a savings and baking department and agencies abroad. was closed by Bank Commissioner Joseph C. Allen Saturday morning. This is the fifth bank in this city to be closed within five weeks. The first was the Hanover Trust company. which went to the wall with the collapse of the scheme of Charles Ponzi.


Article from New-York Tribune, September 26, 1920

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Boston Bank Closed With $500,000 State Deposits Cosmopolitan Trust Company Unable to Meet Constant Drain of Withdrawals BOSTON, Sept. 25.-The Cosmopollo tan Trust Company, of this city, was closed to-day by Joseph C. Allen, State Bank Commissioner, with nearly $13,000,000 of deposits in its banking Slow loans meet a continued savings inability departments. to heavy and and withdrawal of deposits were as the cause the bank's commissioner given of the by difficulties and the reason for his action. An opinion that half a million dole lars of state funds on deposit in the bank was absolutely safe, announced by State Treasurer James Jackson, gave reason to feel that their money was depositors The not greatly endangered. bank commissioner declared that no other bank or trust company was involved. It is the sixth time within a year and the fifth within two months that the doors of a banking institution in this city have been closed by him. The continued drain on the Cosmo politan's resources, which have been advertised as $20,000,000, was shown in the statement by Mr. Allen of depc-sits on several dates. Between September 8 and yesterday withdrawals of deposits amounted to more than $3.000,000, according to his figures, which follow: June 30, total deposits $16,771,000; September 8, $16,039,000; September 15, $14,169,000; September 22, $13,443,000; September 24, $12.941,000. After the Cosmopolitan Trust Company was closed there was a run on the Tremont Trust Company, which continued until the day's business was ended at 10 o'clock to-night. Simon Swig, vice-president of the Tremont Trust Company, announced early in the day that instead of closing at noon, as is customary on Saturdays, the institution would be open until 10 p.m. All who wished to withdraw their accounts were paid, but Mr. Swig made two personal appeals to the line of depositors to leave their money in the bank.


Article from The Ocala Evening Star, September 27, 1920

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BOSTON'S FINANCIAL LEGS ARE SHAKY (Associated Press) Boston, Sept. 27.-Following the closing Saturday of the Cosmopolitan Trust Company, the fifth banking institution to be closed here recently, several big banks this morning were forced to invoke the law in requiring 90 days notice of withdrawal of deposits. The first of these was the Tremont Trust Company, where a run started Saturday and continued today. The depositors are generally uneasy and further runs are feared.


Article from The Lakeland Evening Telegram, September 27, 1920

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BOSTON BANKS REQUIRE 90 DAY WITHDRAWAL NOTICE (By Associated Press.) Boston, Sept. 27.-Following the closing Saturday of the Cosmopolitan Trust Company, the fifth banking institution to be closed here recently, several big banks this morning were forced to invoke the law requiring ninety days' notice of withdrawals of deposits. The first of these was the Tremont Trust Company where a run started Saturday and continued today. Depositors generally are uneasy and further runs are feared.


Article from Evening Public Ledger, September 27, 1920

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TWO BOSTON BANKS RESIST HEAVY RUNS Clamor of Depositors Causes Them to Enforce NinetyDay Rule FOR PATRONS' PROTECTION By the Associated Press Boston, Sept. Several hundred persons gathered outside the offices of the Tremont Trust Co. here today when the doors were opened at 8:45 a. m., fifteen minutes before the usual hour, and lines quickly formed before the several paying tellers' windows. After withdrawals had been going on steadily for nearly an hour with the crowds constantly increasing the bank officials announced that the law-permitting a bank to require ninety days notice for withdrawals from the savings departments would be invoked forthwith "for the protection of the depositors." The regulation would be withdrawn "as soon as the public calmed itself,' it was announced. "We have plenty of money to pay everybody," officials said, "and were prepared to do so this morning, but the crowd became so large that it was impossible to handle it and we invoked the law for the protection of the depositors, not for our own protection." Upon opening for business today the Fidelity Trust Co. served noticed on depositors that it would take advantage of the law permitting it to require ninety days' notice of withdrawals from the savings department. It was stated at the bank that this was done upon the direction of Joseph C. Allen. state bank commissioner. At his office it was said that the taking of this action was optional with the banks.' Several banks opened their doors with large amounts of ready cash piled high within the tellers' cages as provision against a repetition of the runs which developed Saturday out of the closing of the Cosmopolitan Trust Co. Bank officials in several instances announced by statement or advertisement that there was no connection between the Cosmpolitan, which was the fifth bank to be closed here within two months. and their institutions, and Bank Commissioner Allen declared that no other banking institution was involved in the Cosmopolitan's troubles. Nevertheless a, recurrence of the runs in some degree was anticipated, depositors having become alarmed, and in the case of the Tremont Trust Co., having made constant withdrawals from early morning to nearly midnight Saturday. the management extending the closing hour from noon to accommodate them. The feeling of uncertainty over the banking situation was the subject of discussion by Governor Coolidge and bankers yesterday, but without an-


Article from The Bridgeport Times and Evening Farmer, September 27, 1920

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PEOPLE DEMAND SAVINGS FROM BOSTON BANKS Boston, Sept. & 27.-The Tremont Trust company and the Dorchester Trust comapny today established moratoriums, by which depositors will be required to wait 90 days before withdrawing funds. Officials of both companies declared their institutions were sound and that the moratoriums were established to "protect the people from themselves.' Payment of funds was stopped at the Tremont Trust company branch on Warren street, Roxbury, shortly after the opening hour., Crowds of apprehensive depositors had gathered outside the Tremont company's Court street office and the State street headquarters of the Fidelity hours before the opening time. will be greeted by the flower The run on the Tremont Trust Co. started Saturday following the closing by State order of the Cosmopolitan company, the fourth bank to be closed since the bursting of Charles Ponzi's get-rich-quick bubble. A crowd of men and women was lined up outside the Tremont Trust company in Courts treet today. Thirty police were on duty keeping the people in order and protecting them from pickpockets. Mounted police kept a lane through Court St. clear for traffic. The line extended in twos from the bank down Court street and Franklin avenue to Cornhill and in the other direction up Court street to Tremont Row. Smaller and somewhat less demonstrative crowds were gathered outside the Tremont Trust branch in Roxbury and the Fidelity Trust company on Summer street. Thomas J. Boynton former United State's Attorney and an officer of the Tremont Trust addressed the gathering on Court street, assuring them that the 90 day close was invoked for their protection and that all would get their money. Applause greeted soynton's re. marks but the crowd did not move away. Several more "inactive" officials connected with Boston banks are likely to be dropped it was learned today following the order of Bank Commissioner Allen that the Old South Trust company dispense with the services of former Governor Samuel W. McCall recently named on the federal tariff commission. McCall was appointed chairman of the Old South's board of directors shortly before the bank reopened on July. receives a salary of $8,000 for his services.


Article from The Bismarck Tribune, September 28, 1920

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SIXTH BANK IN BOSTON CLOSED BY COMMISSIONER Boston, Sept. 28. - Bank Commissioner Joseph C. Allen today took over the affairs of the Fidelity Trust company. His action marked the closing of the sixth banking institution in this city within two months. The others were the Hanover Trust company, of which Charles Ponzi, the financial wizard, was a director and largest individual depositor, the Prudential and Cosmopolitan Trust companies and two smaller institutions. The capital of the Fidelity is $3,000,000, and according to the latest statement, had a surplus of $700,000. Its depostis totalled about $18,000,000. The reason for the closing of the bank, Commissioner Allen said, were "the steady withdrawals of deposits and slow and doubtful loans."


Article from The Brattleboro Daily Reformer, September 28, 1920

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FIDELITY TRUST STOPS BUSINESS Bank Commissioner Allen Takes Charge of Institution DECLINING DEPOSITS AND SLOW LOANS They Are Responsible for Commissioner's Action - Its Officials Affiliated With Other Financial and Industrial Concerns. BOSTON, Sept. 28.-Bank Commissioner Joseph Allen took over the affairs of the Fidelity Trust Co. here today. His action marked the closing of the sixth banking institution in this city= within two months. The others were the Hanover Trust Co., of which Charles Ponzi was a director and largest individual depositor, the Prudential and Cosmopolitan Trust companies and two private banks. The canital of the Fidelity was $3,000,000 and according to the latest available statement the company had a surplus of $700,000. Its deposits totalled about $18,000,000. James G. Ferguson, its president, is affiliated with several other financial and industrial institutions, as is Edwin T. McKnight, the vice president. The Fidelity Trust Co. was one of three banks which yesterday invoked the 90-day law for withdrawal of deposits. The reasons for the closing of the bank, Commissioner Allen said, are the steady withdrawal of deposits and slow and doubtful loans. 'Only a few persons were on hand when the formal notice announcing the closing was posted on the door of the Fidelity Trust Co. at 9 a. m. A squad of policement were on duty and extra officers patrolled the financial district but there was no excitement. At the offices of the Tremont Trust Co. a small crowd gathered before the opening hour but police had nothing to do. The bank continued to do business as usual in its commercial department but depositors in the savings department were required to file 90 days' notice of intention to withdraw. The same sitnation existed at. the Dorchester Trust Co.


Article from The Kendrick Gazette, October 1, 1920

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# THE FIFTH BOSTON # BANK SUSPENDS Cosmopolitan Trust Company, After Withdrawals of $3,000,000 Closed by Official. BOSTON.—The Cosmopolitan Trust company of this city, with a savings and banking department, and agencies abroad, was closed by Bank Commissioner Joseph C. Allen Saturday. This is the fifth bank in this city to be closed within five weeks. The first was the Hanover Trust company, which went to the wall with the collapse of the scheme of Charles Ponzi. The Cosmopolitan held nearly $13,000,000 of deposits in its banking and saving departments. Slow loans and inability to meet a continued heavy withdrawal of deposits were given by the commissioner as the cause.


Article from The Independent-Reporter, August 17, 1922

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# NEW ENGLAND NEWS IN TABLOID FORM News of General Interest From the Six States Boston was the third city in the United States to show the largest increase in July postal receipts, according to the postoffice department. The Maine State Fuel administration announced last week there is no anthracite available for distribution and that its arrangements are made exclusively for bituminous coal. The 10th annual convention of the Massachusetts Permanent Fireman's Association was held at Fall River. There were approximately 500 delegates present representing practically every city in the state. Eight cases of infantile paralysis have been reported in Boston since the first of the year, according to figures given out at City Hall. Four of the eight cases resulted fatally. One case has been reported so far this month. It is reported that the potato crop in the vicinity of York Beach, Me., has been nearly ruined by the terrific downpours experienced since last May. In the low lands the potato crop has suffered the greatest, on account of the lack of drainage. The first case of osteomyelitis, a rare disease diagnosed as inflammation of the gray matter of the spine, has been reported at Providence. A child, three years old, is the victim. She is at the Rhode Island State Hospital. More than a million ballots will be printed for the Maine biennial state election which will be held on the second Monday of September. This is double the usual amount, the extra ballots being for a referendum to settle the question of a full-time state highway commission. The trial of Max Mitchell, president of the closed Cosmopolitan Trust Company, Boston has been assigned to start in the superior criminal court Oct. 2. Mitchell is charged with larceny and conversion of funds in 51 counts. His trial will follow that of Charles Ponzi, whose trial is set for Sept. 18. Living models wearing funeral gowns were a feature of the session of the convention of the Maine Undertakers' Association at Augusta, Me. The object of this exhibition was to show the funeral directors as well as the general public the most modern tendencies in this important part of the funeral. A Boston & Maine passenger train from Boston bound west, was stoned at night about a mile west of the Greenfield, Mass., Station by unidentified men. Most of the windows in one coach were smashed. Several passengers were cut by flying glass and two were struck by stones. They were given first aid on the train, which was not halted. The Vermont State fair this fall to be held at White River Junction Sept. 12, 13, 14 and 15, will be remarkable as a cattle exhibition. Not only will the display of high grade cattle include exhibits that will come from other states, but herds from Vermont will be conspicuous both in numbers and high breeding. A big cargo of coal was received at Boston last week—13,00 tons, approximately destined for industrial and municipal consumption in Boston and other New England cities. Trucks began hauling some of it away for use by the city of Boston almost as soon as the electrically operated scoops had begun digging into the black mass in the holds of the vessel. Wasil Wsaxeik, a cobbler of R. I., 28 Cross street, Central Falls, has lost the savings of a lifetime, amounting to $6,500. Two youths inveigled him to place the money in a strong box, supposedly with $1,200 of their own. They gave him a key. When he visited the box all he found was a $5 bill and a note reading: "Buy your self a feed, you'll need it." The population of Boston on July 1, 1922, was 832,678, according to the estimate of the city government made public by Mayor Curley. The finding will be published in "Boston Statistics, 1922" about to be issued. The estimate, which is checked up as correct, gives the city 68,661 more inhabitants than credited by the United States census figure of 764,017. Judge Hildreth is kept busy at York Beach, Me., by the number of speeders who are arrested daily by the state police. Ocean avenue at Short Sands proves to be a great temptation to the tourists and has been closely patroled or watched by the motor cycle cops. As a result quite a number have found themselves before court After the usual fine of $10 and costs they are allowed to continue on their way. Sixty dealers who ordinarily handle 348,858 tons of anthracite and 139,478 tons of soft coal now have on hand