on the Bermuda Stock Exchange.

Preferred shares of Staples Holdings Ltd., set up to include the merged companies Staples Ltd. and Chips Ltd., closed at $9.125 on volume of 1,500 in its first trade. Bid and ask for the office equipment company's stock was $9.125 and $9.50. Belco closed up $1 at $20 on volume of 6,187 while Telco closed up $1 at $37 on volume of 1,273.

Argus gained 37.5 cents to close at $11 on volume of 1,164. Bermuda Commercial Bank closed down 1.25 at $6.75 on volume of 12,795. Bank of Bermuda dropped 37.5 cents to close at $18.875 on volume of 458.

Bermuda Container Line closed unchanged at $4.625 on volume of 500.

The exchange closed down 1.19 points or .11 percent at 1,042.55. Share volume was 50,949 which included 27,075 Bermuda Commercial Bank rights which closed at $3.25.

Share value was $382,477. Dividends announced yesterday were: Belco, 27.5 cents per share for shareholders of record June 15, payable May 30; Bank of Bermuda, 20 cents to common shareholders of record June 30, payable July 14; Argus, 14 cents to shareholders of record June 30 payable July 14.