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The Royal Gazette/Bermuda Stock Exchange Index dropped 10.31 points to close at 1,409.45. Bank of Bermuda shares fell 50 cents to close at $28.50 on volume

12,500 shares, while the BF&M 9% Conv. Cum. Red. Preferred shares gained 75 cents to close at $10 on volume of 8,100 shares. In all, some Bda$229,495 and US$83,000 worth of shares traded hands.