points as just four issues traded.

The Exchange Index closed down 3.74 points to 1170.94 on volume of 1,120 shares worth $31,485.

Watlington Waterworks was the day's big loser, falling $1 on volume of just 94 shares. Bank of Butterfield shares fell 37.5 cents to close at $32.75 on the day's biggest volume -- 729 shares.

Trading unchanged were Bank of Bermuda, at $22.75 on volume of 197, and Belco, $20, 100.

Chart -- Page 14