yesterday, falling by 50 cents to $23 on a volume of 100. Also going down was Belco, which fell by 25 cents to $20.50 on a volume of 25 cents.

The highest volume of the day was in the Bank of Butterfield, with 31,058 shares changing hands at $27.50 each, unchanged on the bank's last traded price.

The only riser on the Exchange was Bermuda Commercial Bank, which went up by 25 cents on a volume of 300.

Trading unchanged were: Bank of Bermuda nine percent notes, which closed at 1075 , with a volume of 17,000; BF&M preferred stock, $12, 10,000; and Telco, $38,941.

The Exchange Index ended the day at 1,160.14 -- down by 11.59.