price of Telco shares.

The telephone company's shares soared to their high of the year at $38.25 on volume of just 150 shares.

But the gain and a 25 cent rise in BF&M shares to $6.75 on volume of 5,079 -- falied to offset a 25 cent drop n the Bank of Bermuda, which closed at $18.25 on volume of 3,507.

The index closed at 1,025.13, down .21 points or .02 percent from yesterday on volume of 11,252 shares worth $114,696.25.

In other trading, Bermuda Commercial Bank warrants closed down 25 cents at 75 cents on volume of 1,500 and trading unchanged were: Bank of Butterfield, $11.25, 216; Argus, $11.50, 300; and Staples preferred, $9.375, 500. Chart: Page 10 .

Tomorrow is the final day for submissions by interested parties on the Bermuda Stock Exchange's draft new listing regulations.

The public consultation period, set up for comments and requests, was earlier extended to August 25 from July 28.

The date was pushed forward after many who attended the seminars said they wanted more time to review the draft rules.

Listed company directors and representatives, lawyers, accountants, professional administrators, investment advisers, brokers and fund managers attended a series of hour-long rules' seminars at the Bank of Bermuda's Compass Point branch.

The draft regulations describe requirements which have to be met before securities can be listed on the Island's stock exchange.