further below its highs of the week in active trading marked by a big trade in Bank of Bermuda 9 percent notes.

The index slipped .45 points to close at 1013.62 as a jump in the price of Long Botham Boats Co. was not enough to offset a decline in Telco shares.

The most active item on the exchange were the Bank notes which saw 250,000 trade at $1071 -- the notes have a nominal value of $1.071 giving a value of more than $267,000 for the trade. The notes are also traded over the counter and analysts said the deal was not unusual.

Long Botham, which went public earlier in the year, traded at $101 , up 25 cents for a new high on volume of 1,000 shares. But Telco shares dropped 25 cents to $35 on volume of 250.

Issues remaining unchanged on the day were: Argus, $11.50 on volume of 1,706; Bank of Bermuda, $46.50 on volume of 258; Bank of Butterfield, 251 with volume of 595; BF&M, $10.50 on volume of 100; BF&M 9%, $12 on volume of 8,200; Masters Ltd., $10.25 on volume of 180 shares.