In a recent bullish report on Bank of Boston, PaineWebber Inc. analyst Lawrence W. Cohn took aim at the Federal Reserve Board for equivocating before permitting the company to purchase two smaller New England companies. Below are excerpts from the report.

The Federal Reserve Board has approved Bank of Boston's applications to acquire Society for Savings and Multibank Financial, subject to the company's raising an additional $70 million in preferred stock and $100 million in subordinated debt.

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